Myers Industries (NYSE:MYE) Cut to “Hold” at Wall Street Zen

Wall Street Zen cut shares of Myers Industries (NYSE:MYE) from a buy rating to a hold rating in a research report sent to investors on Saturday morning.

Other equities research analysts also recently issued research reports about the stock. Weiss Ratings reiterated a “hold (c)” rating on shares of Myers Industries in a research note on Wednesday, October 8th. KeyCorp raised shares of Myers Industries from a “sector weight” rating to an “overweight” rating and set a $21.00 price target for the company in a report on Friday, June 13th. One analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, Myers Industries has a consensus rating of “Moderate Buy” and an average price target of $21.00.

Myers Industries Price Performance

Shares of MYE opened at $15.77 on Friday. Myers Industries has a fifty-two week low of $9.06 and a fifty-two week high of $17.25. The company has a market capitalization of $589.88 million, a price-to-earnings ratio of 60.65 and a beta of 1.15. The firm has a 50-day simple moving average of $16.39 and a 200-day simple moving average of $14.13. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.12 and a current ratio of 1.77.

Myers Industries (NYSE:MYE) last announced its earnings results on Thursday, July 31st. The industrial products company reported $0.31 earnings per share for the quarter, missing the consensus estimate of $0.32 by ($0.01). Myers Industries had a return on equity of 13.02% and a net margin of 1.20%.The business had revenue of $209.58 million for the quarter, compared to analyst estimates of $220.60 million. On average, equities research analysts anticipate that Myers Industries will post 0.95 earnings per share for the current year.

Myers Industries Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, October 2nd. Shareholders of record on Friday, September 12th were issued a $0.135 dividend. The ex-dividend date of this dividend was Friday, September 12th. This represents a $0.54 dividend on an annualized basis and a yield of 3.4%. Myers Industries’s dividend payout ratio (DPR) is 207.69%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in MYE. EverSource Wealth Advisors LLC increased its holdings in 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 valued at $28,000 after buying an additional 1,498 shares in the last quarter. Huntington National Bank purchased a new position in Myers Industries in the second quarter valued at about $29,000. GAMMA Investing LLC increased its holdings in Myers Industries by 586.6% in the first quarter. GAMMA Investing LLC now owns 2,609 shares of the industrial products company’s stock valued at $31,000 after buying an additional 2,229 shares in the last quarter. Nisa Investment Advisors LLC increased its holdings in Myers Industries by 30.2% in the second quarter. Nisa Investment Advisors LLC now owns 3,714 shares of the industrial products company’s stock valued at $54,000 after buying an additional 861 shares in the last quarter. Finally, CWM LLC increased its holdings in Myers Industries by 829.7% in the first quarter. CWM LLC now owns 4,695 shares of the industrial products company’s stock valued at $56,000 after buying an additional 4,190 shares in the last quarter. 90.82% of the stock is owned by hedge funds and other institutional investors.

About Myers Industries

Myers Industries, Inc engages in distribution of tire service supplies in Ohio. It operates through two segments, The Material Handling and Distribution. The Material Handling segment offers pallets, small parts bins, bulk shipping containers, and OEM parts, as well as storage and organization, and custom plastic products; and injection molded, rotationally molded or blow molded products, consumer fuel containers and tanks for water, fuel, and waste handling.