Myers Industries (NYSE:MYE) Cut to Hold at Wall Street Zen

Wall Street Zen lowered shares of Myers Industries (NYSE:MYE) from a buy rating to a hold rating in a research note published on Sunday morning,Wall Street Zen reports.

Separately, Weiss Ratings raised shares of Myers Industries from a “buy (b-)” rating to a “buy (b)” rating in a research report on Tuesday, October 27th. Two investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, Myers Industries has an average rating of “Moderate Buy” and an average price target of $37.00.

Myers Industries Stock Down 1.1%

NYSE:MYE opened at $27.94 on Friday. The firm’s 50-day moving average price is $30.75 and its 200-day moving average price is $26.83. The company has a market capitalization of $1.05 billion, a PE ratio of 36.76 and a beta of 0.84. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.89 and a quick ratio of 1.37. Myers Industries has a 1-year low of $16.66 and a 1-year high of $37.45.

Myers Industries (NYSE:MYE) last issued its quarterly earnings results on Thursday, October 29th. The industrial products company reported $0.32 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.13). Myers Industries had a net margin of 3.99% and a return on equity of 20.34%. The business had revenue of $171.34 million for the quarter, compared to analysts’ expectations of $163.80 million. During the same period last year, the business earned $0.19 earnings per share.

Myers Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 6th. Stockholders of record on Friday, December 4th will be paid a dividend of $0.1350 per share. This represents a $0.54 annualized dividend and a dividend yield of 1.9%. The ex-dividend date is Friday, December 4th. Myers Industries’s dividend payout ratio (DPR) is currently 71.05%.

Institutional Investors Weigh In On Myers Industries

Hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. bought a new position in Myers Industries in the 2nd quarter worth $104,161,000. Dimensional Fund Advisors LP grew its holdings in Myers Industries by 2.6% during 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. Pzena Investment Management LLC bought a new stake in Myers Industries during the second quarter valued at about $27,578,000. Tieton Capital Management LLC bought a new stake in Myers Industries during the second quarter valued at about $16,321,000. Finally, Arrowstreet Capital Limited Partnership increased its position in 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 buying an additional 67,080 shares in the last quarter. 90.82% of the stock is currently owned by hedge funds and other institutional investors.

Myers Industries Company Profile

Myers Industries, Inc. is an Ohio-based manufacturer of polymer products and distributor of supplies and equipment for the tire service industry. Founded in 1933, the company has expanded from its origins in tire repair into plastics manufacturing and material handling products. Its products include reusable plastic containers, pallets, bulk storage containers, and other material handling solutions, as well as rotationally molded products for industrial, agricultural, commercial, and consumer uses.