Myers Industries (NYSE:MYE) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Myers Industries (NYSE:MYE) from a buy rating to a strong-buy rating in a research report report published on Monday morning,Wall Street Zen reports.

Several other equities analysts also recently weighed in on MYE. KeyCorp raised their target price on Myers Industries from $26.00 to $37.00 and gave the company an “overweight” rating in a research report on Tuesday, June 30th. Weiss Ratings upgraded Myers Industries from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, October 2nd. Two research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $37.00.

Myers Industries Stock Down 2.0%

MYE opened at $29.99 on Monday. Myers Industries has a twelve month low of $16.02 and a twelve month high of $37.45. The company has a quick ratio of 1.21, a current ratio of 1.61 and a debt-to-equity ratio of 0.91. The company has a 50-day moving average price of $31.81 and a 200 day moving average price of $28.02. The company has a market cap of $1.13 billion, a PE ratio of 30.92 and a beta of 0.83.

Myers Industries (NYSE:MYE) last issued its quarterly earnings results on Thursday, July 30th. The industrial products company reported $0.53 earnings per share for the quarter, beating analysts’ consensus estimates of $0.36 by $0.17. Myers Industries had a net margin of 4.86% and a return on equity of 19.86%. The firm had revenue of $179.20 million for the quarter, compared to analyst estimates of $166.00 million.

Myers Industries Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 5th. Investors of record on Friday, September 18th were paid a dividend of $0.1350 per share. This represents a $0.54 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend was Friday, September 18th. Myers Industries’s dividend payout ratio is currently 55.67%.

Institutional Trading of Myers Industries

Hedge funds have recently bought and sold shares of the business. Tidal Investments LLC acquired a new position in shares of Myers Industries during the 2nd quarter worth approximately $926,000. WINTON GROUP Ltd purchased a new stake in shares of Myers Industries in the second quarter valued at approximately $304,000. Integrated Wealth Concepts LLC purchased a new stake in shares of Myers Industries in the second quarter valued at approximately $112,000. HighTower Advisors LLC increased its holdings in shares of Myers Industries by 34.7% in the second quarter. HighTower Advisors LLC now owns 16,947 shares of the industrial products company’s stock valued at $598,000 after purchasing an additional 4,363 shares during the last quarter. Finally, AXQ Capital LP acquired a new stake in shares of Myers Industries in the second quarter valued at approximately $387,000. Institutional investors and hedge funds own 90.82% of the company’s stock.

About Myers Industries

Myers Industries, Inc is a diversified manufacturer and distributor headquartered in Akron, Ohio. Founded in 1933, the company serves industrial, commercial, agricultural, automotive, and other end markets through its businesses in material handling and tire service distribution.

Its material handling operations produce reusable plastic products, including pallets, totes, containers, bulk bins, drums, tanks, and other molded components. These products are used for the storage, transport, and handling of materials across manufacturing, supply chain, agricultural, and commercial applications.