Zacks Investment Research downgraded shares of Myers Industries (NYSE:MYE) from a hold rating to a sell rating in a research note published on Wednesday, Zacks.com reports.

According to Zacks, “Myers Industries, Inc. is an international manufacturer of polymer products for industrial, agricultural, automotive, commercial, and consumer markets. The Company is also the largest wholesale distributor of tools, equipment, and supplies for the tire service and undervehicle repair industry in the United States. “

Separately, Cowen upgraded shares of Myers Industries from a market perform rating to an outperform rating and upped their price target for the company from $20.00 to $22.00 in a report on Tuesday, August 27th.

Shares of Myers Industries stock opened at $17.73 on Wednesday. Myers Industries has a 52-week low of $14.24 and a 52-week high of $25.70. The stock has a market capitalization of $635.34 million, a price-to-earnings ratio of 22.95 and a beta of 1.59. The company has a fifty day moving average of $16.37 and a 200-day moving average of $17.61. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.77 and a current ratio of 2.26.

Myers Industries (NYSE:MYE) last posted its quarterly earnings results on Tuesday, July 30th. The industrial products company reported $0.27 EPS for the quarter, beating the Zacks’ consensus estimate of $0.25 by $0.02. Myers Industries had a negative net margin of 0.99% and a positive return on equity of 17.51%. The company had revenue of $134.30 million during the quarter, compared to analyst estimates of $138.00 million. During the same period in the prior year, the business posted $0.27 EPS. The firm’s revenue was down 4.5% compared to the same quarter last year. On average, equities research analysts forecast that Myers Industries will post 0.8 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 2nd. Investors of record on Tuesday, September 3rd will be issued a dividend of $0.135 per share. The ex-dividend date of this dividend is Friday, August 30th. This represents a $0.54 dividend on an annualized basis and a yield of 3.05%. Myers Industries’s dividend payout ratio is currently 71.05%.

Large investors have recently bought and sold shares of the stock. BlackRock Inc. raised its holdings in Myers Industries by 1.9% in the 2nd quarter. BlackRock Inc. now owns 5,270,150 shares of the industrial products company’s stock worth $101,556,000 after purchasing an additional 98,876 shares in the last quarter. Vanguard Group Inc. raised its holdings in Myers Industries by 3.0% in the 2nd quarter. Vanguard Group Inc. now owns 2,380,273 shares of the industrial products company’s stock worth $45,868,000 after purchasing an additional 70,133 shares in the last quarter. Renaissance Technologies LLC raised its holdings in Myers Industries by 24.2% in the 2nd quarter. Renaissance Technologies LLC now owns 1,136,200 shares of the industrial products company’s stock worth $21,895,000 after purchasing an additional 221,700 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in Myers Industries by 0.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 582,483 shares of the industrial products company’s stock worth $11,225,000 after purchasing an additional 2,721 shares in the last quarter. Finally, Federated Investors Inc. PA raised its holdings in Myers Industries by 11.5% in the 1st quarter. Federated Investors Inc. PA now owns 283,204 shares of the industrial products company’s stock worth $4,845,000 after purchasing an additional 29,136 shares in the last quarter. Institutional investors own 87.44% of the company’s stock.

Myers Industries Company Profile

Myers Industries, Inc manufactures and sells polymer products for industrial, agricultural, automotive, commercial, and consumer markets worldwide. The company's Material Handling segment provides plastic reusable material handling containers, pallets, small parts bins, bulk shipping containers, storage and organization products, and rotationally-molded plastic tanks for water, fuel, and waste handling applications; welded steel service carts, platform trucks, mobile work centers, racks, and cabinets; plastic trim and interior parts used in the production of seat components, consoles, and other applications in the recreational vehicle, marine, and industrial markets; and plastic fuel containers, portable marine fuel tanks and water containers, ammunition containers, and storage totes under the Buckhorn, Akro-Mils, Jamco Products, Ameri-Kart, and Scepter brands.

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