Myers Industries (NYSE:MYE) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Myers Industries (NYSE:MYE) from a hold rating to a buy rating in a report issued on Saturday morning.

Several other equities research analysts have also recently issued reports on the stock. Weiss Ratings cut shares of Myers Industries from a “hold (c+)” rating to a “hold (c)” rating in a research report on Monday, May 11th. KeyCorp increased 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 research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $37.00.

Myers Industries Stock Performance

NYSE MYE opened at $36.66 on Friday. The company has a debt-to-equity ratio of 0.91, a quick ratio of 1.21 and a current ratio of 1.61. The stock’s fifty day moving average is $29.01 and its two-hundred day moving average is $24.11. The firm has a market capitalization of $1.38 billion, a P/E ratio of 37.79 and a beta of 0.89. Myers Industries has a fifty-two week low of $14.95 and a fifty-two week high of $37.10.

Myers Industries (NYSE:MYE) last issued its earnings results on Thursday, July 30th. The industrial products company reported $0.53 earnings per share (EPS) for the quarter, topping 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 business had revenue of $179.20 million during the quarter, compared to the consensus estimate of $166.00 million.

Myers Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 2nd. Stockholders of record on Wednesday, June 17th were issued a dividend of $0.135 per share. The ex-dividend date was Wednesday, June 17th. This represents a $0.54 dividend on an annualized basis and a dividend yield of 1.5%. Myers Industries’s dividend payout ratio is currently 55.67%.

Institutional Trading of Myers Industries

Several institutional investors and hedge funds have recently bought and sold shares of the stock. EverSource Wealth Advisors LLC boosted its holdings in Myers Industries by 36.1% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,904 shares of the industrial products company’s stock valued at $36,000 after acquiring an additional 505 shares during the period. Strs Ohio increased its stake in Myers Industries by 5.5% during the first quarter. Strs Ohio now owns 13,500 shares of the industrial products company’s stock worth $286,000 after purchasing an additional 700 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Myers Industries by 4.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,835 shares of the industrial products company’s stock worth $260,000 after purchasing an additional 936 shares during the period. Diversified Trust Co lifted its position in shares of Myers Industries by 8.9% during the first quarter. Diversified Trust Co now owns 12,981 shares of the industrial products company’s stock worth $275,000 after purchasing an additional 1,063 shares in the last quarter. Finally, Franklin Resources Inc. lifted its position in shares of Myers Industries by 3.9% during the third quarter. Franklin Resources Inc. now owns 28,708 shares of the industrial products company’s stock worth $486,000 after purchasing an additional 1,081 shares in the last quarter. 90.82% of the stock is currently owned by hedge funds and other institutional investors.

About Myers Industries

Myers Industries, Inc is a diversified manufacturer of polymer products serving industrial, commercial and consumer markets. The company designs, produces and markets a broad range of molded and fabricated plastic components, including pallets, bulk containers, tanks and drums used in material handling and storage applications. Myers Industries leverages proprietary polymer technologies to provide durable, reusable solutions that help customers optimize supply chain efficiency and reduce environmental impact.

Myers operates primarily through two business segments.