Myers Industries (MYE) Upgraded to Strong-Buy by Zacks Investment Research
Zacks Investment Research upgraded shares of Myers Industries (NYSE:MYE) from a hold rating to a strong-buy rating in a research note published on Wednesday. Zacks Investment Research currently has $27.00 target price 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. “
Several other equities analysts have also recently issued reports on MYE. ValuEngine cut Myers Industries from a buy rating to a hold rating in a research note on Friday, May 18th. JPMorgan Chase & Co. initiated coverage on Myers Industries in a research note on Wednesday, July 11th. They set a neutral rating and a $22.00 price objective on the stock. Robert W. Baird initiated coverage on Myers Industries in a research note on Wednesday, July 11th. They set a neutral rating and a $21.00 price objective on the stock. Finally, KeyCorp restated a sector weight rating on shares of Myers Industries in a research note on Tuesday, August 28th. Three investment analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. Myers Industries has an average rating of Buy and a consensus price target of $21.80.
Myers Industries (NYSE:MYE) last announced its quarterly earnings data on Monday, July 30th. The industrial products company reported $0.27 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.25 by $0.02. Myers Industries had a return on equity of 19.11% and a net margin of 0.08%. The firm had revenue of $140.60 million for the quarter, compared to analysts’ expectations of $144.30 million. During the same period last year, the business posted $0.17 earnings per share. The firm’s revenue for the quarter was up 3.9% on a year-over-year basis. analysts predict that Myers Industries will post 0.88 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 2nd. Shareholders of record on Friday, September 7th will be paid a $0.135 dividend. This represents a $0.54 dividend on an annualized basis and a yield of 2.25%. The ex-dividend date of this dividend is Thursday, September 6th. Myers Industries’s payout ratio is 105.88%.
A number of hedge funds have recently bought and sold shares of MYE. Piedmont Investment Advisors LLC bought a new stake in Myers Industries in the second quarter valued at $122,000. SG Americas Securities LLC bought a new stake in Myers Industries in the second quarter valued at $150,000. Barclays PLC lifted its stake in Myers Industries by 88.8% in the first quarter. Barclays PLC now owns 7,232 shares of the industrial products company’s stock valued at $152,000 after buying an additional 3,401 shares during the last quarter. Metropolitan Life Insurance Co. NY lifted its stake in Myers Industries by 31.2% in the second quarter. Metropolitan Life Insurance Co. NY now owns 10,364 shares of the industrial products company’s stock valued at $199,000 after buying an additional 2,462 shares during the last quarter. Finally, Capstone Financial Advisors Inc. bought a new stake in Myers Industries in the first quarter valued at $273,000. Institutional investors own 86.74% of the company’s stock.
Myers Industries Company Profile
Myers Industries, Inc manufactures and sells polymer products for industrial, agricultural, automotive, commercial, and consumer markets worldwide. The company's Material Handling segment provides plastic reusable material handling containers, pallets, small parts bins, bulk shipping containers, storage and organization products, and rotationally-molded plastic tanks for water, fuel, and waste handling applications; welded steel service carts, platform trucks, mobile work centers, racks, and cabinets; plastic trim and interior parts used in the production of seat components, consoles, and other applications in the recreational vehicle, marine, and industrial markets; and plastic fuel containers, portable marine fuel tanks and water containers, ammunition containers, and storage totes under the Buckhorn, Akro-Mils, Jamco Products, Ameri-Kart, and Scepter brands.
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