Myers Industries, Inc. (NYSE:MYE) Receives Average Rating of “Hold” from Brokerages

Myers Industries, Inc. (NYSE:MYE) has received a consensus rating of “Hold” from the seven ratings firms that are covering the stock, reports. Five research analysts have rated the stock with a hold rating and one has issued a buy rating on the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $21.00.

Separately, Zacks Investment Research upgraded Myers Industries from a “sell” rating to a “hold” rating in a research report on Saturday, March 2nd.

Shares of MYE opened at $18.59 on Wednesday. The company has a market cap of $663.13 million, a P/E ratio of 24.46 and a beta of 1.60. The stock’s fifty day moving average is $17.97. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.61 and a current ratio of 2.10. Myers Industries has a 12 month low of $14.24 and a 12 month high of $25.70.

Myers Industries (NYSE:MYE) last issued its quarterly earnings data on Wednesday, May 8th. The industrial products company reported $0.23 EPS for the quarter, topping the Zacks’ consensus estimate of $0.20 by $0.03. The firm had revenue of $139.12 million during the quarter, compared to the consensus estimate of $146.90 million. Myers Industries had a positive return on equity of 16.67% and a negative net margin of 0.62%. The firm’s revenue was down 8.8% on a year-over-year basis. During the same period in the prior year, the business earned $0.24 EPS. Equities analysts predict that Myers Industries will post 0.81 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 2nd. Shareholders of record on Friday, June 14th will be given a dividend of $0.135 per share. The ex-dividend date is Thursday, June 13th. This represents a $0.54 dividend on an annualized basis and a yield of 2.90%. Myers Industries’s dividend payout ratio (DPR) is presently 71.05%.

Hedge funds have recently made changes to their positions in the business. Norges Bank bought a new stake in Myers Industries during the fourth quarter worth about $10,933,000. Bank of America Corp DE raised its position in Myers Industries by 858.2% during the fourth quarter. Bank of America Corp DE now owns 91,123 shares of the industrial products company’s stock valued at $1,377,000 after buying an additional 81,613 shares during the period. BlackRock Inc. raised its position in Myers Industries by 1.1% during the fourth quarter. BlackRock Inc. now owns 5,137,165 shares of the industrial products company’s stock valued at $77,622,000 after buying an additional 57,704 shares during the period. Moors & Cabot Inc. raised its position in Myers Industries by 97.9% during the first quarter. Moors & Cabot Inc. now owns 93,866 shares of the industrial products company’s stock valued at $1,608,000 after buying an additional 46,446 shares during the period. Finally, Municipal Employees Retirement System of Michigan acquired a new position in Myers Industries during the fourth quarter valued at $702,000. Institutional investors own 87.10% of the company’s stock.

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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