Myers Industries Inc. (MYE) Rating Increased to Hold at Zacks Investment Research
Myers Industries Inc. (NYSE:MYE) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Friday.
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. “
Myers Industries (NYSE:MYE) opened at 13.14 on Friday. The firm’s 50-day moving average price is $14.05 and its 200 day moving average price is $13.94. The company has a market capitalization of $392.82 million, a PE ratio of 123.96 and a beta of 1.49. Myers Industries has a 52 week low of $10.12 and a 52 week high of $15.86.
Myers Industries (NYSE:MYE) last announced its quarterly earnings data on Wednesday, August 3rd. The company reported $0.21 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.23 by $0.02. Myers Industries had a net margin of 0.45% and a return on equity of 16.92%. The company earned $144.10 million during the quarter, compared to the consensus estimate of $152.90 million. During the same quarter in the previous year, the firm posted $0.30 EPS. The business’s revenue for the quarter was down 12.3% compared to the same quarter last year. Equities research analysts expect that Myers Industries will post $0.56 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 3rd. Investors of record on Friday, September 2nd will be issued a dividend of $0.135 per share. The ex-dividend date of this dividend is Wednesday, August 31st. This represents a $0.54 dividend on an annualized basis and a dividend yield of 4.11%. Myers Industries’s dividend payout ratio is presently 600.00%.
In other Myers Industries news, Director Jane Scaccetti bought 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 16th. The stock was bought at an average price of $14.64 per share, for a total transaction of $29,280.00. Following the completion of the acquisition, the director now directly owns 4,800 shares in the company, valued at $70,272. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 3.29% of the company’s stock.
Institutional investors have recently made changes to their positions in the stock. Alliancebernstein L.P. increased its position in shares of Myers Industries by 0.8% in the second quarter. Alliancebernstein L.P. now owns 26,280 shares of the company’s stock worth $378,000 after buying an additional 200 shares in the last quarter. Arizona State Retirement System increased its position in shares of Myers Industries by 2.7% in the first quarter. Arizona State Retirement System now owns 11,386 shares of the company’s stock worth $146,000 after buying an additional 300 shares in the last quarter. Renaissance Technologies LLC increased its position in shares of Myers Industries by 3.4% in the first quarter. Renaissance Technologies LLC now owns 33,500 shares of the company’s stock worth $431,000 after buying an additional 1,100 shares in the last quarter. Prudential Financial Inc. increased its position in shares of Myers Industries by 1.9% in the first quarter. Prudential Financial Inc. now owns 60,437 shares of the company’s stock worth $777,000 after buying an additional 1,100 shares in the last quarter. Finally, Principal Financial Group Inc. increased its position in shares of Myers Industries by 1.0% in the second quarter. Principal Financial Group Inc. now owns 154,423 shares of the company’s stock worth $2,224,000 after buying an additional 1,487 shares in the last quarter. Institutional investors own 83.73% of the company’s stock.
Myers Industries Company Profile
Myers Industries, Inc is an international manufacturing and distribution company. The Company operates through two segments: Material Handling, which designs, manufactures and markets a range of plastic and metal products, and Distribution, which is engaged in the distribution of equipment, tools and supplies used for tire servicing and automotive undervehicle repair and the manufacture of tire repair and retreading products.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Myers Industries Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Myers Industries Inc. and related companies with Analyst Ratings Network's FREE daily email newsletter.