Myers Industries (NYSE:MYE) Lowered to Buy at StockNews.com

StockNews.com downgraded shares of Myers Industries (NYSE:MYE) from a strong-buy rating to a buy rating in a research report sent to investors on Wednesday.

Separately, KeyCorp lifted their price objective on shares of Myers Industries from $22.00 to $30.00 and gave the stock an overweight rating in a research note on Friday, March 22nd.

Myers Industries Stock Down 4.3 %

Shares of MYE traded down $0.77 during midday trading on Wednesday, hitting $17.19. 397,957 shares of the company’s stock traded hands, compared to its average volume of 261,833. Myers Industries has a 1 year low of $15.65 and a 1 year high of $23.63. The firm’s fifty day moving average is $21.65 and its 200-day moving average is $19.54. The company has a current ratio of 1.55, a quick ratio of 1.00 and a debt-to-equity ratio of 0.14. The stock has a market capitalization of $635.00 million, a price-to-earnings ratio of 13.02 and a beta of 1.31.

Myers Industries (NYSE:MYE) last issued its quarterly earnings results on Tuesday, March 5th. The industrial products company reported $0.29 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.03. Myers Industries had a return on equity of 18.55% and a net margin of 6.01%. The business had revenue of $191.08 million during the quarter, compared to the consensus estimate of $191.60 million. During the same quarter last year, the company earned $0.32 earnings per share. As a group, sell-side analysts anticipate that Myers Industries will post 1.38 earnings per share for the current year.

Myers Industries Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, April 4th. Investors of record on Saturday, March 16th were paid a $0.135 dividend. This represents a $0.54 dividend on an annualized basis and a yield of 3.14%. The ex-dividend date of this dividend was Thursday, March 14th. Myers Industries’s dividend payout ratio is presently 40.91%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in MYE. Texas Permanent School Fund Corp boosted its position in Myers Industries by 1.4% during the first quarter. Texas Permanent School Fund Corp now owns 32,240 shares of the industrial products company’s stock worth $747,000 after acquiring an additional 442 shares during the last quarter. Principal Financial Group Inc. grew its position in shares of Myers Industries by 0.3% in the first quarter. Principal Financial Group Inc. now owns 191,955 shares of the industrial products company’s stock valued at $4,448,000 after purchasing an additional 519 shares in the last quarter. Swiss National Bank increased its holdings in shares of Myers Industries by 1.5% in the third quarter. Swiss National Bank now owns 68,700 shares of the industrial products company’s stock valued at $1,232,000 after purchasing an additional 1,000 shares during the last quarter. Barclays PLC lifted its position in Myers Industries by 6.1% during the third quarter. Barclays PLC now owns 23,985 shares of the industrial products company’s stock worth $429,000 after buying an additional 1,389 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Myers Industries by 28.3% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,478 shares of the industrial products company’s stock worth $134,000 after buying an additional 1,648 shares during the last quarter. 90.82% of the stock is owned by institutional investors and hedge funds.

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.