Myers Industries (MYE) Raised to “Hold” at Zacks Investment Research

Zacks Investment Research upgraded shares of Myers Industries (NYSE:MYE) from a strong sell rating to a hold rating in a report issued on Wednesday.

According to Zacks, “Myers Industries, Inc. is an international manufacturer of polymer products for industrial, agricultural, automotive, commercial, and consumer markets. The Company is also the largest wholesale distributor of tools, equipment, and supplies for the tire service and undervehicle repair industry in the United States. “

Other research analysts also recently issued research reports about the company. ValuEngine raised Myers Industries from a hold rating to a buy rating in a research note on Friday, December 7th. TheStreet downgraded Myers Industries from a b rating to a c- rating in a research note on Thursday, November 8th. Finally, Cowen started coverage on Myers Industries in a research note on Friday, September 28th. They set a market perform rating for the company. Six investment analysts have rated the stock with a hold rating, The company presently has a consensus rating of Hold and a consensus target price of $23.33.

Shares of NYSE MYE opened at $15.94 on Wednesday. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.97 and a quick ratio of 1.46. The stock has a market cap of $549.38 million, a price-to-earnings ratio of 31.25 and a beta of 1.79. 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 earnings results on Tuesday, November 6th. The industrial products company reported $0.15 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.15. The firm had revenue of $135.22 million during the quarter, compared to the consensus estimate of $135.08 million. Myers Industries had a positive return on equity of 18.40% and a negative net margin of 4.21%. The business’s quarterly revenue was up .1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.11 earnings per share. On average, sell-side analysts predict that Myers Industries will post 0.72 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 3rd. Shareholders of record on Friday, December 7th were paid a dividend of $0.135 per share. This represents a $0.54 annualized dividend and a yield of 3.39%. The ex-dividend date was Thursday, December 6th. Myers Industries’s payout ratio is 105.88%.

A number of hedge funds and other institutional investors have recently modified their holdings of MYE. C M Bidwell & Associates Ltd. bought a new stake in shares of Myers Industries during the third quarter worth about $113,000. SG Americas Securities LLC bought a new stake in shares of Myers Industries during the second quarter worth about $150,000. Metropolitan Life Insurance Co. NY grew its holdings in shares of Myers Industries by 31.2% during the second quarter. Metropolitan Life Insurance Co. NY now owns 10,364 shares of the industrial products company’s stock worth $199,000 after purchasing an additional 2,462 shares during the last quarter. AQR Capital Management LLC bought a new stake in shares of Myers Industries during the third quarter worth about $311,000. Finally, MetLife Investment Advisors LLC grew its holdings in shares of Myers Industries by 37.6% during the second quarter. MetLife Investment Advisors LLC now owns 14,676 shares of the industrial products company’s stock worth $282,000 after purchasing an additional 4,011 shares during the last quarter. 88.33% of the stock is owned by hedge funds and other 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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