Myers Industries (NYSE:MYE) Shares Gap Up After Analyst Upgrade

Myers Industries, Inc. (NYSE:MYE)’s stock price gapped up before the market opened on Tuesday after KeyCorp raised their price target on the stock to $37.00. The stock had previously closed at $30.86, but opened at $32.40. KeyCorp currently has an overweight rating on the stock. Myers Industries shares last traded at $33.7660, with a volume of 180,929 shares.

A number of other analysts also recently issued reports on MYE. Weiss Ratings downgraded shares of Myers Industries from a “hold (c+)” rating to a “hold (c)” rating in a report on Monday, May 11th. Wall Street Zen cut Myers Industries from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. One analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Myers Industries currently has an average rating of “Hold” and a consensus target price of $37.00.

Institutional Investors Weigh In On Myers Industries

A number of large investors have recently bought and sold shares of the company. EverSource Wealth Advisors LLC lifted its holdings 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 worth $28,000 after acquiring an additional 1,498 shares during the period. Kestra Advisory Services LLC bought a new position in Myers Industries in the fourth quarter valued at approximately $38,000. NewEdge Advisors LLC bought a new position in Myers Industries in the first quarter valued at approximately $43,000. Quarry LP acquired a new position in Myers Industries during the third quarter valued at approximately $48,000. Finally, Aquatic Capital Management LLC acquired a new position in Myers Industries during the third quarter valued at approximately $61,000. 90.82% of the stock is currently owned by institutional investors and hedge funds.

Myers Industries Stock Up 12.3%

The firm has a 50 day simple moving average of $23.93 and a two-hundred day simple moving average of $21.89. The company has a quick ratio of 1.29, a current ratio of 1.65 and a debt-to-equity ratio of 1.04. The stock has a market capitalization of $1.30 billion, a P/E ratio of 49.32 and a beta of 0.98.

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

Myers Industries Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 2nd. Stockholders of record on Wednesday, June 17th will be issued a $0.135 dividend. The ex-dividend date of this dividend is Wednesday, June 17th. This represents a $0.54 dividend on an annualized basis and a dividend yield of 1.6%. Myers Industries’s dividend payout ratio is 77.14%.

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.