Myers Industries (NYSE:MYE) Cut to “Buy” at Wall Street Zen

Wall Street Zen downgraded shares of Myers Industries (NYSE:MYE) from a strong-buy rating to a buy rating in a report published on Sunday morning,Wall Street Zen reports.

MYE has been the subject of several other reports. Weiss Ratings cut Myers Industries from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday, September 14th. KeyCorp upped their price objective on Myers Industries from $26.00 to $37.00 and gave the stock an “overweight” rating in a research note on Tuesday, June 30th. Two investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, Myers Industries currently has an average rating of “Moderate Buy” and a consensus price target of $37.00.

Myers Industries Trading Up 0.0%

Shares of NYSE:MYE opened at $31.92 on Friday. The company’s 50-day moving average price is $32.33 and its two-hundred day moving average price is $27.60. Myers Industries has a one year low of $15.54 and a one year high of $37.45. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.61 and a quick ratio of 1.21. The stock has a market capitalization of $1.20 billion, a PE ratio of 32.91 and a beta of 0.83.

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

Myers Industries Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, October 5th. Stockholders of record on Friday, September 18th were issued a $0.1350 dividend. 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 presently 55.67%.

Hedge Funds Weigh In On Myers Industries

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Lazard Asset Management LLC lifted its holdings in Myers Industries by 69.8% during the 1st quarter. Lazard Asset Management LLC now owns 155,766 shares of the industrial products company’s stock valued at $3,299,000 after purchasing an additional 64,018 shares during the last quarter. Sei Investments Co. increased its holdings in shares of Myers Industries by 77.5% in the first quarter. Sei Investments Co. now owns 358,375 shares of the industrial products company’s stock valued at $7,590,000 after purchasing an additional 156,470 shares during the last quarter. Principal Financial Group Inc. increased its holdings in shares of Myers Industries by 86.8% in the first quarter. Principal Financial Group Inc. now owns 69,583 shares of the industrial products company’s stock valued at $1,474,000 after purchasing an additional 32,340 shares during the last quarter. Dimensional Fund Advisors LP raised its position 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 valued at $33,663,000 after purchasing an additional 39,565 shares during the period. Finally, Janney Montgomery Scott LLC bought a new position in shares of Myers Industries in the first quarter valued at about $690,000. Institutional investors own 90.82% of the company’s stock.

About Myers Industries

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.