Myers Industries, Inc. (MYE) Rating Reiterated by KeyCorp
Myers Industries, Inc. (NYSE:MYE)‘s stock had its “sell” rating reiterated by stock analysts at KeyCorp in a report issued on Tuesday. They currently have a $15.00 target price on the industrial products company’s stock. KeyCorp’s price objective points to a potential downside of 30.07% from the stock’s current price.
The analysts wrote, “We are slightly increasing our 2017 adj. EPS estimate from $0.48 to $0.50 on lower D&A expense, while we are increasing our 2018 estimate from $0.51 to $0.59 on higher EBITDA; the Company called out a better agricultural market heading into 2018 and some new food processing customers. MYE also talked about robust” M&A discussions it’s having, while acknowledging that it’s a seller’s market. Key Investment Points On our 2017 estimate, MYE is trading at an EV/EBITDA multiple of ~12x compared to the 10-year average of ~8x. MYE is generating good cash flow and making itself a more efficient company, and we think management deserves credit. That said, we don’t think these steps warrant the multiple at which the stock is trading. Consequently, we reiterate our UW rating on valuation.””
Other equities analysts have also recently issued research reports about the stock. Zacks Investment Research raised shares of Myers Industries from a “hold” rating to a “buy” rating and set a $20.00 target price on the stock in a research report on Friday, August 4th. BidaskClub cut shares of Myers Industries from a “hold” rating to a “sell” rating in a research report on Monday, July 31st. Two research analysts have rated the stock with a sell rating, one has given a hold rating and one has issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $17.50.
Myers Industries (NYSE:MYE) traded down $0.05 during trading on Tuesday, hitting $21.45. 105,639 shares of the company’s stock traded hands, compared to its average volume of 94,851. Myers Industries has a 1 year low of $11.60 and a 1 year high of $22.65. The company has a debt-to-equity ratio of 1.79, a quick ratio of 1.10 and a current ratio of 1.65. The company has a market cap of $612.67, a PE ratio of 63.24, a P/E/G ratio of 15.09 and a beta of 1.77.
Myers Industries (NYSE:MYE) last posted its earnings results on Tuesday, November 7th. The industrial products company reported $0.11 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.11. Myers Industries had a net margin of 0.74% and a return on equity of 10.71%. The firm had revenue of $144.10 million for the quarter, compared to analysts’ expectations of $138.93 million. During the same quarter last year, the firm earned $0.04 EPS. The company’s quarterly revenue was up 8.6% compared to the same quarter last year. sell-side analysts expect that Myers Industries will post 0.47 EPS for the current fiscal year.
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Large investors have recently bought and sold shares of the stock. Prudential Financial Inc. raised its holdings in shares of Myers Industries by 14.3% in the 2nd quarter. Prudential Financial Inc. now owns 42,252 shares of the industrial products company’s stock worth $758,000 after purchasing an additional 5,270 shares during the period. Principal Financial Group Inc. raised its holdings in shares of Myers Industries by 3.6% in the 1st quarter. Principal Financial Group Inc. now owns 166,212 shares of the industrial products company’s stock worth $2,634,000 after purchasing an additional 5,836 shares during the period. Texas Permanent School Fund raised its holdings in shares of Myers Industries by 1.4% in the 2nd quarter. Texas Permanent School Fund now owns 16,031 shares of the industrial products company’s stock worth $288,000 after purchasing an additional 216 shares during the period. North Star Investment Management Corp. raised its holdings in shares of Myers Industries by 0.4% in the 2nd quarter. North Star Investment Management Corp. now owns 157,116 shares of the industrial products company’s stock worth $2,820,000 after purchasing an additional 654 shares during the period. Finally, Vanguard Group Inc. raised its holdings in shares of Myers Industries by 4.5% in the 1st quarter. Vanguard Group Inc. now owns 1,400,774 shares of the industrial products company’s stock worth $22,202,000 after purchasing an additional 59,870 shares during the period. 85.07% of the stock is currently owned by institutional investors.
Myers Industries Company Profile
Myers Industries, Inc is an international manufacturing and distribution company. The Company operates through two segments: Material Handling and Distribution. As of December 31, 2016, the Company operated 15 manufacturing facilities, 20 sales offices, four distribution centers and three distribution branches located throughout North, Central and South America.
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