Zacks: Brokerages Set $17.50 Price Target for Myers Industries, Inc. (MYE)

Shares of Myers Industries, Inc. (NYSE:MYE) have been assigned a consensus broker rating score of 4.00 (Sell) from the two brokers that cover the company, Zacks Investment Research reports. One research analyst has rated the stock with a strong sell recommendation and one has assigned a hold recommendation to the company.

Brokers have set a one year consensus price target of $17.50 for the company and are forecasting that the company will post $0.09 EPS for the current quarter, according to Zacks. Zacks has also assigned Myers Industries an industry rank of 36 out of 265 based on the ratings given to its competitors.

A number of analysts have issued reports on MYE shares. Zacks Investment Research upgraded shares of Myers Industries from a “hold” rating to a “buy” rating and set a $24.00 price target on the stock in a report on Wednesday, November 29th. KeyCorp reiterated a “sell” rating and issued a $15.00 price target on shares of Myers Industries in a report on Tuesday, November 7th.

A number of large investors have recently modified their holdings of the stock. Public Employees Retirement System of Ohio bought a new position in Myers Industries during the 3rd quarter valued at about $107,000. Moors & Cabot Inc. lifted its position in shares of Myers Industries by 5.2% in the 3rd quarter. Moors & Cabot Inc. now owns 55,087 shares of the industrial products company’s stock worth $1,155,000 after purchasing an additional 2,710 shares during the period. California Public Employees Retirement System lifted its position in shares of Myers Industries by 11.9% in the 3rd quarter. California Public Employees Retirement System now owns 55,502 shares of the industrial products company’s stock worth $1,163,000 after purchasing an additional 5,902 shares during the period. Cornerstone Capital Management Holdings LLC. lifted its position in shares of Myers Industries by 124.4% in the 3rd quarter. Cornerstone Capital Management Holdings LLC. now owns 9,200 shares of the industrial products company’s stock worth $192,000 after purchasing an additional 5,100 shares during the period. Finally, Convergence Investment Partners LLC purchased a new stake in shares of Myers Industries in the 3rd quarter worth approximately $499,000. Institutional investors own 84.87% of the company’s stock.

Shares of Myers Industries (NYSE:MYE) traded up $0.05 during trading on Friday, hitting $19.55. 40,978 shares of the stock traded hands, compared to its average volume of 88,066. The stock has a market cap of $590.50, a PE ratio of 85.00, a PEG ratio of 13.20 and a beta of 1.76. Myers Industries has a 1-year low of $13.20 and a 1-year high of $22.65. The company has a quick ratio of 1.06, a current ratio of 1.56 and a debt-to-equity ratio of 1.62.

Myers Industries (NYSE:MYE) last issued its quarterly earnings results on Tuesday, November 7th. The industrial products company reported $0.11 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.11. Myers Industries had a net margin of 1.24% and a return on equity of 12.93%. The business had revenue of $144.10 million for the quarter, compared to analysts’ expectations of $138.93 million. During the same quarter last year, the company posted $0.04 EPS. The company’s revenue was up 8.6% compared to the same quarter last year. equities research analysts expect that Myers Industries will post 0.49 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 2nd. Investors of record on Friday, December 1st will be issued a dividend of $0.135 per share. The ex-dividend date of this dividend is Thursday, November 30th. This represents a $0.54 annualized dividend and a yield of 2.76%. Myers Industries’s payout ratio is 234.78%.

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Myers Industries Company Profile

Myers Industries, Inc is an international manufacturing and distribution company. The Company operates through two segments: Material Handling and Distribution. As of December 31, 2016, the Company operated 15 manufacturing facilities, 20 sales offices, four distribution centers and three distribution branches located throughout North, Central and South America.

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