Myers Industries (MYE) Rating Increased to Buy at ValuEngine

ValuEngine upgraded shares of Myers Industries (NYSE:MYE) from a hold rating to a buy rating in a report released on Monday.

A number of other brokerages also recently weighed in on MYE. Zacks Investment Research upgraded Myers Industries from a hold rating to a buy rating and set a $24.00 price target for the company in a report on Friday, March 30th. Wells Fargo upgraded Myers Industries from a market perform rating to an outperform rating and set a $24.00 price target for the company in a report on Wednesday, January 3rd. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and two have assigned a buy rating to the stock. Myers Industries currently has an average rating of Hold and an average target price of $21.00.

NYSE MYE traded up $0.25 on Monday, reaching $23.60. The company had a trading volume of 60,537 shares, compared to its average volume of 75,678. The company has a market capitalization of $639.20, a price-to-earnings ratio of 46.18, a PEG ratio of 8.24 and a beta of 1.78. Myers Industries has a fifty-two week low of $15.40 and a fifty-two week high of $24.15. The company has a quick ratio of 1.04, a current ratio of 1.52 and a debt-to-equity ratio of 1.61.

Myers Industries (NYSE:MYE) last posted its quarterly earnings data on Tuesday, March 6th. The industrial products company reported $0.09 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.09. The business had revenue of $140.10 million during the quarter, compared to the consensus estimate of $140.70 million. Myers Industries had a positive return on equity of 15.86% and a negative net margin of 1.74%. Myers Industries’s revenue was up 13.6% compared to the same quarter last year. research analysts expect that Myers Industries will post 0.85 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 3rd. Shareholders of record on Tuesday, March 20th were issued a dividend of $0.135 per share. The ex-dividend date was Monday, March 19th. This represents a $0.54 dividend on an annualized basis and a yield of 2.29%. Myers Industries’s payout ratio is currently 105.88%.

In related news, Director Jane Scaccetti acquired 1,500 shares of the business’s stock in a transaction dated Tuesday, March 13th. The shares were bought at an average price of $21.50 per share, with a total value of $32,250.00. Following the transaction, the director now directly owns 13,590 shares of the company’s stock, valued at $292,185. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 0.75% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the company. Loews Corp bought a new position in Myers Industries in the 4th quarter valued at about $6,166,000. Martingale Asset Management L P bought a new position in Myers Industries in the 4th quarter valued at about $648,000. Schwab Charles Investment Management Inc. lifted its position in Myers Industries by 31.2% in the 3rd quarter. Schwab Charles Investment Management Inc. now owns 116,538 shares of the industrial products company’s stock valued at $2,442,000 after acquiring an additional 27,706 shares in the last quarter. SG Americas Securities LLC bought a new position in Myers Industries in the 4th quarter valued at about $393,000. Finally, Pinebridge Investments L.P. lifted its position in Myers Industries by 6.1% in the 4th quarter. Pinebridge Investments L.P. now owns 51,264 shares of the industrial products company’s stock valued at $1,000,000 after acquiring an additional 2,933 shares in the last quarter. 87.33% of the stock is currently owned by institutional investors.

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Myers Industries Company Profile

Myers Industries, Inc manufactures and sells polymer products for industrial, agricultural, automotive, commercial, and consumer markets worldwide. The company's Material Handling segment provides plastic reusable material handling containers, pallets, small parts bins, bulk shipping containers, storage and organization products, and rotationally-molded plastic tanks for water, fuel, and waste handling applications; welded steel service carts, platform trucks, mobile work centers, racks, and cabinets; plastic trim and interior parts used in the production of seat components, consoles, and other applications in the recreational vehicle, marine, and industrial markets; and plastic fuel containers, portable marine fuel tanks and water containers, ammunition containers, and storage totes under the Buckhorn, Akro-Mils, Jamco Products, Ameri-Kart, and Scepter brands.

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