Myers Industries (NYSE:MYE) Upgraded to “Strong-Buy” at Wall Street Zen

Wall Street Zen upgraded shares of Myers Industries (NYSE:MYE) from a buy rating to a strong-buy rating in a research report released on Saturday,Wall Street Zen reports.

A number of other brokerages also recently commented on MYE. Weiss Ratings downgraded shares of Myers Industries from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday, September 14th. KeyCorp lifted their price target on shares of Myers Industries from $26.00 to $37.00 and gave the company an “overweight” rating in a research note on Tuesday, June 30th. One analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $37.00.

Myers Industries Stock Down 0.5%

Shares of MYE opened at $31.45 on Friday. The firm has a market capitalization of $1.18 billion, a P/E ratio of 32.42 and a beta of 0.87. Myers Industries has a 12-month low of $15.54 and a 12-month 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. The firm has a fifty day moving average price of $32.33 and a 200-day moving average price of $27.05.

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

Myers Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 5th. Investors of record on Friday, September 18th will be issued a $0.1350 dividend. This represents a $0.54 annualized dividend and a dividend yield of 1.7%. The ex-dividend date is Friday, September 18th. Myers Industries’s payout ratio is presently 55.67%.

Institutional Trading of Myers Industries

A number of hedge funds have recently added to or reduced their stakes in the business. Tidal Investments LLC purchased a new position in Myers Industries during the 2nd quarter valued at about $926,000. WINTON GROUP Ltd purchased a new stake in shares of Myers Industries in the 2nd quarter worth approximately $304,000. Integrated Wealth Concepts LLC purchased a new stake in shares of Myers Industries in the 2nd quarter worth approximately $112,000. HighTower Advisors LLC boosted its stake in shares of Myers Industries by 34.7% during the second quarter. HighTower Advisors LLC now owns 16,947 shares of the industrial products company’s stock valued at $598,000 after purchasing an additional 4,363 shares in the last quarter. Finally, AXQ Capital LP bought a new position in shares of Myers Industries during the second quarter valued at approximately $387,000. 90.82% of the stock is owned by hedge funds and other institutional investors.

Myers Industries Company Profile

Myers Industries, Inc is an industrial manufacturing and distribution company headquartered in Akron, Ohio. The company serves customers primarily in North America through two principal business areas: material handling and distribution.

Its material handling business manufactures reusable plastic products used to store, transport and protect materials. Products include pallets, totes, containers, drums, tanks, carts and other custom plastic components for industrial, agricultural, automotive, food processing and commercial applications.

Through its distribution operations, including Myers Tire Supply, the company provides tire service supplies, equipment and related products to tire dealers, automotive service businesses and commercial customers.