Myers Industries (MYE) Upgraded to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Myers Industries (NYSE:MYE) from a hold rating to a buy rating in a report issued on Saturday. Zacks Investment Research currently has $23.00 price objective on the industrial products company’s stock.
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. “
A number of other equities analysts have also recently commented on MYE. Wells Fargo & Co upgraded Myers Industries from a market perform rating to an outperform rating and set a $24.00 price target for the company in a report on Wednesday, January 3rd. KeyCorp reiterated a sell rating and set a $15.00 price target on shares of Myers Industries in a report on Tuesday, November 7th. Two analysts have rated the stock with a sell rating, one has given a hold rating and two have issued a buy rating to the stock. Myers Industries presently has a consensus rating of Hold and a consensus price target of $20.67.
Myers Industries (NYSE:MYE) opened at $21.15 on Friday. Myers Industries has a 1-year low of $13.20 and a 1-year high of $22.65. The company has a current ratio of 1.56, a quick ratio of 1.06 and a debt-to-equity ratio of 1.62. The company has a market capitalization of $637.68, a PE ratio of 91.96, a P/E/G ratio of 10.66 and a beta of 1.76.
Myers Industries (NYSE:MYE) last posted its quarterly earnings results on Tuesday, November 7th. The industrial products company reported $0.11 EPS for the quarter, hitting analysts’ consensus estimates of $0.11. Myers Industries had a return on equity of 12.93% and a net margin of 1.24%. The business had revenue of $144.10 million during the quarter, compared to analysts’ expectations of $138.93 million. During the same quarter last year, the company posted $0.04 earnings per share. Myers Industries’s quarterly revenue was up 8.6% on a year-over-year basis. analysts forecast that Myers Industries will post 0.49 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, January 2nd. Investors of record on Friday, December 1st were issued a dividend of $0.135 per share. This represents a $0.54 dividend on an annualized basis and a yield of 2.55%. The ex-dividend date of this dividend was Thursday, November 30th. Myers Industries’s payout ratio is currently 234.78%.
A number of hedge funds have recently modified their holdings of the business. Public Employees Retirement System of Ohio acquired a new stake in Myers Industries during the third quarter worth approximately $107,000. Moors & Cabot Inc. lifted its position in Myers Industries by 5.2% during the third quarter. Moors & Cabot Inc. now owns 55,087 shares of the industrial products company’s stock worth $1,155,000 after acquiring an additional 2,710 shares during the last quarter. California Public Employees Retirement System lifted its position in Myers Industries by 11.9% during the third quarter. California Public Employees Retirement System now owns 55,502 shares of the industrial products company’s stock worth $1,163,000 after acquiring an additional 5,902 shares during the last quarter. Cornerstone Capital Management Holdings LLC. lifted its position in Myers Industries by 124.4% during the third quarter. Cornerstone Capital Management Holdings LLC. now owns 9,200 shares of the industrial products company’s stock worth $192,000 after acquiring an additional 5,100 shares during the last quarter. Finally, Convergence Investment Partners LLC acquired a new stake in Myers Industries during the third quarter worth approximately $499,000. Hedge funds and other institutional investors own 84.87% 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 and Distribution. As of December 31, 2016, the Company operated 15 manufacturing facilities, 20 sales offices, four distribution centers and three distribution branches located throughout North, Central and South America.
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