Myers Industries (NYSE:MYE) Downgraded by Wall Street Zen to Hold
by Kim Johansen · The Markets DailyWall Street Zen lowered shares of Myers Industries (NYSE:MYE – Free Report) from a buy rating to a hold rating in a research note published on Sunday morning,Wall Street Zen reports.
Separately, Weiss Ratings upgraded shares of Myers Industries from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, October 27th. Two analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $37.00.
Get Our Latest Stock Analysis on MYE
Myers Industries Stock Performance
MYE stock opened at $27.04 on Friday. The company has a quick ratio of 1.37, a current ratio of 1.89 and a debt-to-equity ratio of 0.94. The company has a market capitalization of $1.02 billion, a price-to-earnings ratio of 35.57 and a beta of 0.84. Myers Industries has a 12 month low of $16.66 and a 12 month high of $37.45. The firm has a 50 day moving average of $30.92 and a two-hundred day moving average of $26.75.
Myers Industries (NYSE:MYE – Get Free Report) last announced its quarterly earnings results on Thursday, October 29th. The industrial products company reported $0.32 EPS for the quarter, missing the consensus estimate of $0.45 by ($0.13). The business had revenue of $171.34 million for the quarter, compared to analyst estimates of $163.80 million. Myers Industries had a return on equity of 20.34% and a net margin of 3.99%. During the same quarter last year, the company earned $0.19 EPS.
Myers Industries Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 6th. Investors of record on Friday, December 4th will be paid a $0.1350 dividend. This represents a $0.54 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend is Friday, December 4th. Myers Industries’s dividend payout ratio (DPR) is presently 71.05%.
Institutional Investors Weigh In On Myers Industries
Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. acquired a new position in Myers Industries during the 2nd quarter worth $104,161,000. Dimensional Fund Advisors LP boosted 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 acquiring 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 acquired a new stake in shares of Myers Industries in the second quarter valued at about $16,321,000. Finally, Arrowstreet Capital Limited Partnership grew its position in shares of 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 valued at $15,095,000 after purchasing an additional 67,080 shares during the last quarter. 90.82% of the stock is currently owned by institutional investors and hedge funds.
Myers Industries Company Profile
Myers Industries, Inc is a manufacturer and distributor of products serving industrial, agricultural, automotive, commercial and consumer markets. Founded in 1933 and headquartered in Akron, Ohio, the company operates primarily in North America.
Through its material-handling businesses, Myers Industries produces reusable plastic containers, totes, pallets, drums, tanks and other molded products. These products are used to store, transport and protect materials across industries such as manufacturing, food processing, agriculture, healthcare and logistics.
The company also distributes tire-service supplies, equipment and related products to tire dealers, retreaders, commercial fleets and automotive service providers.