Myers Industries (NYSE:MYE) Stock Price Down 5.1% – Here’s Why

Myers Industries, Inc. (NYSE:MYE)’s stock price was down 5.1% during mid-day trading on Thursday . The company traded as low as $33.23 and last traded at $32.3310. 16,337 shares were traded during trading, a decline of 95% from the average daily volume of 309,402 shares. The stock had previously closed at $34.08.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the stock. Weiss Ratings downgraded shares of Myers Industries from a “hold (c+)” rating to a “hold (c)” rating in a research note on Monday, May 11th. KeyCorp lifted their price objective on Myers Industries to $37.00 and gave the company an “overweight” rating in a research report on Tuesday. Finally, Wall Street Zen downgraded Myers Industries from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $37.00.

Myers Industries Price Performance

The stock has a 50 day moving average of $24.87 and a two-hundred day moving average of $22.26. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.29 and a current ratio of 1.65. The firm has a market capitalization of $1.19 billion, a P/E ratio of 45.13 and a beta of 0.88.

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

Myers Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 2nd. Investors of record on Wednesday, June 17th were paid a dividend of $0.135 per share. The ex-dividend date was Wednesday, June 17th. This represents a $0.54 annualized dividend and a yield of 1.7%. Myers Industries’s dividend payout ratio is presently 77.14%.

Institutional Investors Weigh In On Myers Industries

Hedge funds have recently modified their holdings of the business. EverSource Wealth Advisors LLC grew its stake in shares of Myers Industries by 372.6% in the second 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 last quarter. Kestra Advisory Services LLC bought a new stake in Myers Industries in the 4th quarter valued at $38,000. NewEdge Advisors LLC bought a new stake in Myers Industries in the 1st quarter valued at $43,000. Quarry LP acquired a new stake in Myers Industries in the 3rd quarter worth $48,000. Finally, Clearstead Advisors LLC increased its holdings in shares of Myers Industries by 56.0% during the 4th quarter. Clearstead Advisors LLC now owns 3,438 shares of the industrial products company’s stock worth $64,000 after purchasing an additional 1,234 shares during the period. 90.82% of the stock is owned by institutional investors.

About Myers Industries

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.