Myers Industries, Inc. (MYE) Given Consensus Recommendation of “Hold” by Analysts

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Shares of Myers Industries, Inc. (NYSE:MYE) have been given an average rating of “Hold” by the six research firms that are presently covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $20.50.

MYE has been the subject of several research analyst reports. ValuEngine lowered shares of Myers Industries from a “buy” rating to a “hold” rating in a research report on Friday, May 18th. JPMorgan Chase & Co. initiated coverage on shares of Myers Industries in a research report on Wednesday, July 11th. They set a “neutral” rating and a $22.00 price target for the company. Zacks Investment Research lowered shares of Myers Industries from a “buy” rating to a “hold” rating in a research report on Wednesday, May 9th. Finally, Robert W. Baird initiated coverage on shares of Myers Industries in a research report on Wednesday, July 11th. They issued a “neutral” rating and a $21.00 price objective for the company.

Myers Industries traded down $0.15, hitting $21.70, on Friday, MarketBeat Ratings reports. 108,503 shares of the company were exchanged, compared to its average volume of 164,320. Myers Industries has a twelve month low of $17.10 and a twelve month high of $24.60. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.34 and a current ratio of 1.90. The firm has a market capitalization of $769.21 million, a price-to-earnings ratio of 42.55 and a beta of 1.60.

Myers Industries (NYSE:MYE) last issued its quarterly earnings results on Monday, July 30th. The industrial products company reported $0.27 EPS for the quarter, topping the consensus estimate of $0.25 by $0.02. Myers Industries had a net margin of 0.08% and a return on equity of 19.11%. The firm had revenue of $140.60 million during the quarter, compared to analyst estimates of $144.30 million. During the same quarter in the prior year, the business posted $0.17 earnings per share. Myers Industries’s revenue for the quarter was up 3.9% compared to the same quarter last year. equities analysts forecast that Myers Industries will post 0.88 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 2nd. Stockholders of record on Friday, September 7th will be given a $0.135 dividend. This represents a $0.54 annualized dividend and a dividend yield of 2.49%. The ex-dividend date is Thursday, September 6th. Myers Industries’s payout ratio is currently 105.88%.

Several institutional investors have recently added to or reduced their stakes in the company. Citadel Advisors LLC acquired a new stake in shares of Myers Industries in the second quarter worth $3,784,000. Teton Advisors Inc. grew its holdings in Myers Industries by 57.4% during the 2nd quarter. Teton Advisors Inc. now owns 1,027,900 shares of the industrial products company’s stock valued at $19,736,000 after purchasing an additional 374,836 shares in the last quarter. Gabelli Funds LLC grew its holdings in Myers Industries by 26.1% during the 2nd quarter. Gabelli Funds LLC now owns 1,860,676 shares of the industrial products company’s stock valued at $35,725,000 after purchasing an additional 385,200 shares in the last quarter. Federated Investors Inc. PA grew its holdings in Myers Industries by 7,873.5% during the 2nd quarter. Federated Investors Inc. PA now owns 183,071 shares of the industrial products company’s stock valued at $3,515,000 after purchasing an additional 180,775 shares in the last quarter. Finally, Great West Life Assurance Co. Can grew its holdings in Myers Industries by 16.9% during the 2nd quarter. Great West Life Assurance Co. Can now owns 34,520 shares of the industrial products company’s stock valued at $663,000 after purchasing an additional 4,990 shares in the last quarter. 75.46% of the stock is owned by institutional investors.

About Myers Industries

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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