Myers Industries (NYSE:MYE) Downgraded by Wall Street Zen to Hold

Wall Street Zen downgraded shares of Myers Industries (NYSE:MYE) from a buy rating to a hold rating in a research report released on Saturday.

Separately, Weiss Ratings restated a “hold (c)” rating on shares of Myers Industries in a research note on Thursday, January 22nd. One research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, Myers Industries presently has a consensus rating of “Hold” and a consensus target price of $21.00.

Myers Industries Trading Up 2.5%

MYE stock opened at $22.97 on Friday. Myers Industries has a 1-year low of $11.86 and a 1-year high of $24.25. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.65 and a quick ratio of 1.16. The company has a market capitalization of $859.08 million, a price-to-earnings ratio of 32.81 and a beta of 0.96. The business has a 50 day simple moving average of $21.34 and a two-hundred day simple moving average of $19.99.

Myers Industries (NYSE:MYE) last posted its quarterly earnings results on Thursday, May 7th. The industrial products company reported $0.44 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.16. Myers Industries had a return on equity of 17.23% and a net margin of 3.36%.The business had revenue of $164.58 million during the quarter, compared to the consensus estimate of $209.30 million.

Myers Industries Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, April 3rd. Shareholders of record on Friday, March 13th were paid a $0.135 dividend. This represents a $0.54 annualized dividend and a yield of 2.4%. The ex-dividend date was Friday, March 13th. Myers Industries’s dividend payout ratio is presently 77.14%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. State of Alaska Department of Revenue bought a new position in shares of Myers Industries during the 3rd quarter valued at approximately $25,000. EverSource Wealth Advisors LLC boosted its position in shares of Myers Industries by 372.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,900 shares of the industrial products company’s stock valued at $28,000 after acquiring an additional 1,498 shares during the last quarter. Kestra Advisory Services LLC bought a new position in shares of Myers Industries during the 4th quarter valued at approximately $38,000. Quarry LP bought a new position in shares of Myers Industries during the 3rd quarter valued at approximately $48,000. Finally, New York State Teachers Retirement System bought a new position in shares of Myers Industries during the 3rd quarter valued at approximately $57,000. 90.82% of the stock is currently owned by institutional investors.

Myers Industries Company Profile

Myers Industries, Inc is a diversified manufacturer of polymer products serving industrial, commercial and consumer markets. The company designs, produces and markets a broad range of molded and fabricated plastic components, including pallets, bulk containers, tanks and drums used in material handling and storage applications. Myers Industries leverages proprietary polymer technologies to provide durable, reusable solutions that help customers optimize supply chain efficiency and reduce environmental impact.

Myers operates primarily through two business segments.