Myers Industries (NYSE:MYE) Lowered to Hold at Zacks Investment Research

Zacks Investment Research lowered shares of Myers Industries (NYSE:MYE) from a strong-buy rating to a hold rating in a research note released on Wednesday, Zacks.com reports.

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. “

NYSE:MYE traded down $0.17 during mid-day trading on Wednesday, hitting $18.33. 62,600 shares of the stock were exchanged, compared to its average volume of 108,007. The stock has a market cap of $676.61 million, a PE ratio of 24.12 and a beta of 1.65. The stock’s 50-day moving average price is $18.31. The company has a debt-to-equity ratio of 0.51, a current ratio of 2.10 and a quick ratio of 1.61. Myers Industries has a fifty-two week low of $14.24 and a fifty-two week high of $25.70.

Myers Industries (NYSE:MYE) last released its quarterly earnings results on Wednesday, May 8th. The industrial products company reported $0.23 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.20 by $0.03. The business had revenue of $139.12 million during the quarter, compared to analysts’ expectations 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 for the quarter was down 8.8% compared to the same quarter last year. During the same period last year, the firm posted $0.24 EPS. As a group, equities analysts anticipate that Myers Industries will post 0.81 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 2nd. Investors of record on Friday, June 14th were issued a dividend of $0.135 per share. The ex-dividend date of this dividend was Thursday, June 13th. This represents a $0.54 annualized dividend and a yield of 2.95%. Myers Industries’s payout ratio is currently 71.05%.

A number of large investors have recently added to or reduced their stakes in MYE. Norges Bank acquired a new stake in Myers Industries during the 4th quarter worth approximately $10,933,000. Bank of America Corp DE raised its holdings in Myers Industries by 858.2% in the 4th quarter. Bank of America Corp DE now owns 91,123 shares of the industrial products company’s stock valued at $1,377,000 after acquiring an additional 81,613 shares in the last quarter. BlackRock Inc. raised its holdings in Myers Industries by 1.1% in the 4th quarter. BlackRock Inc. now owns 5,137,165 shares of the industrial products company’s stock valued at $77,622,000 after acquiring an additional 57,704 shares in the last quarter. Moors & Cabot Inc. raised its holdings in Myers Industries by 97.9% in the 1st quarter. Moors & Cabot Inc. now owns 93,866 shares of the industrial products company’s stock valued at $1,608,000 after acquiring an additional 46,446 shares in the last quarter. Finally, Municipal Employees Retirement System of Michigan acquired a new position in Myers Industries in the 4th quarter valued at $702,000. 87.10% of the stock is owned by institutional investors and hedge funds.

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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