Myers Industries (NYSE:MYE) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Myers Industries (NYSE:MYE) from a buy rating to a strong-buy rating in a research note published on Saturday morning,Wall Street Zen reports.

Other equities analysts also recently issued research reports about the company. KeyCorp increased their price objective on Myers Industries from $26.00 to $37.00 and gave the stock an “overweight” rating in a report on Tuesday, June 30th. Weiss Ratings downgraded shares of Myers Industries from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday, September 14th. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $37.00.

Myers Industries Trading Up 0.6%

Myers Industries stock opened at $31.55 on Friday. The company’s fifty day simple moving average is $32.35 and its 200-day simple moving average is $27.16. The company has a quick ratio of 1.21, a current ratio of 1.61 and a debt-to-equity ratio of 0.91. Myers Industries has a 12 month low of $15.54 and a 12 month high of $37.45. The stock has a market cap of $1.19 billion, a P/E ratio of 32.53 and a beta of 0.87.

Myers Industries (NYSE:MYE) last announced its quarterly earnings data on Thursday, July 30th. The industrial products company reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.17. Myers Industries had a return on equity of 19.86% and a net margin of 4.86%.The business had revenue of $179.20 million during the quarter, compared to analyst estimates of $166.00 million.

Myers Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 5th. Stockholders of record on Friday, September 18th will be issued a dividend of $0.1350 per share. The ex-dividend date of this dividend is Friday, September 18th. This represents a $0.54 dividend on an annualized basis and a dividend yield of 1.7%. Myers Industries’s dividend payout ratio is currently 55.67%.

Institutional Investors Weigh In On Myers Industries

Several institutional investors and hedge funds have recently added to or reduced their stakes in MYE. Public Employees Retirement System of Ohio acquired a new position in Myers Industries during the second quarter valued at approximately $40,000. EverSource Wealth Advisors LLC lifted its stake in shares of Myers Industries by 36.1% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,904 shares of the industrial products company’s stock worth $36,000 after buying an additional 505 shares during the last quarter. NewEdge Advisors LLC acquired a new stake in shares of Myers Industries in the first quarter worth $43,000. Integrated Wealth Concepts LLC bought a new stake in shares of Myers Industries during the 2nd quarter worth $112,000. Finally, Clearstead Advisors LLC boosted 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 buying an additional 1,234 shares during the period. 90.82% of the stock is currently owned by institutional investors and hedge funds.

About Myers Industries

Myers Industries, Inc is an industrial manufacturing and distribution company headquartered in Akron, Ohio. The company serves customers primarily in North America through two principal business areas: material handling and distribution.

Its material handling business manufactures reusable plastic products used to store, transport and protect materials. Products include pallets, totes, containers, drums, tanks, carts and other custom plastic components for industrial, agricultural, automotive, food processing and commercial applications.

Through its distribution operations, including Myers Tire Supply, the company provides tire service supplies, equipment and related products to tire dealers, automotive service businesses and commercial customers.