Myers Industries (NYSE:MYE) Downgraded by Wall Street Zen to “Buy”

Wall Street Zen lowered shares of Myers Industries (NYSE:MYE) from a strong-buy rating to a buy rating in a research report sent to investors on Tuesday,Wall Street Zen reports.

Other equities analysts have also issued reports about the stock. KeyCorp raised their price target on shares of Myers Industries from $26.00 to $37.00 and gave the stock an “overweight” rating in a research report on Tuesday, June 30th. Weiss Ratings raised shares of Myers Industries from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, October 2nd. Two research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, Myers Industries has a consensus rating of “Moderate Buy” and an average target price of $37.00.

Myers Industries Stock Performance

NYSE:MYE opened at $32.34 on Tuesday. The stock has a 50 day simple moving average of $31.64 and a 200 day simple moving average of $28.31. The stock has a market cap of $1.22 billion, a P/E ratio of 33.34 and a beta of 0.83. Myers Industries has a 1-year low of $16.46 and a 1-year high of $37.45. The company has a current ratio of 1.61, a quick ratio of 1.21 and a debt-to-equity ratio of 0.91.

Myers Industries (NYSE:MYE) last issued its quarterly earnings data on Thursday, July 30th. The industrial products company reported $0.53 EPS for the quarter, beating analysts’ consensus estimates of $0.36 by $0.17. Myers Industries had a return on equity of 19.86% and a net margin of 4.86%. The firm had revenue of $179.20 million for the quarter, compared to analyst estimates of $166.00 million.

Myers Industries Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, October 5th. Stockholders of record on Friday, September 18th were issued a dividend of $0.1350 per share. This represents a $0.54 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date of this dividend was Friday, September 18th. Myers Industries’s dividend payout ratio is 55.67%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new stake in Myers Industries in the second quarter valued at about $104,161,000. Dimensional Fund Advisors LP lifted its holdings in shares of Myers Industries by 2.6% in the first quarter. Dimensional Fund Advisors LP now owns 1,589,420 shares of the industrial products company’s stock worth $33,663,000 after acquiring an additional 39,565 shares during the last quarter. Pzena Investment Management LLC bought a new position in shares of Myers Industries in the second quarter worth about $27,578,000. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Myers Industries by 10.4% in the first quarter. Arrowstreet Capital Limited Partnership now owns 712,692 shares of the industrial products company’s stock worth $15,095,000 after acquiring an additional 67,080 shares during the last quarter. Finally, Tieton Capital Management LLC acquired a new stake in shares of Myers Industries in the 2nd quarter valued at approximately $16,321,000. 90.82% of the stock is owned by institutional investors.

Myers Industries Company Profile

Myers Industries, Inc is a diversified manufacturer and distributor headquartered in Akron, Ohio. Founded in 1933, the company serves industrial, commercial, agricultural, automotive, and other end markets through its businesses in material handling and tire service distribution.

Its material handling operations produce reusable plastic products, including pallets, totes, containers, bulk bins, drums, tanks, and other molded components. These products are used for the storage, transport, and handling of materials across manufacturing, supply chain, agricultural, and commercial applications.