Myers Industries, Inc. (MYE) Receives Average Rating of “Hold” from Brokerages

Myers Industries, Inc. (NYSE:MYE) has earned a consensus rating of “Hold” from the seven research firms that are covering the firm, Marketbeat reports. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company. The average 1 year price target among brokers that have covered the stock in the last year is $22.33.

A number of equities research analysts have recently weighed in on the stock. Robert W. Baird assumed coverage on shares of Myers Industries in a report on Wednesday, July 11th. They set a “neutral” rating and a $21.00 price objective on the stock. Zacks Investment Research lowered shares of Myers Industries from a “hold” rating to a “strong sell” rating in a report on Wednesday, October 10th. ValuEngine raised shares of Myers Industries from a “hold” rating to a “buy” rating in a report on Monday, July 30th. Cowen assumed coverage on shares of Myers Industries in a report on Friday, September 28th. They set a “market perform” rating on the stock. Finally, JPMorgan Chase & Co. assumed coverage on shares of Myers Industries in a report on Wednesday, July 11th. They set a “neutral” rating and a $22.00 price objective on the stock.

Several institutional investors and hedge funds have recently made changes to their positions in MYE. Piedmont Investment Advisors LLC purchased a new stake in shares of Myers Industries during the second quarter valued at $122,000. SG Americas Securities LLC purchased a new stake in Myers Industries in the second quarter valued at $150,000. Barclays PLC boosted its holdings 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 purchasing an additional 3,401 shares during the last quarter. Metropolitan Life Insurance Co. NY boosted its holdings 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 purchasing an additional 2,462 shares during the last quarter. Finally, Hartford Investment Management Co. purchased a new stake in Myers Industries in the second quarter valued at $274,000. 86.74% of the stock is currently owned by hedge funds and other institutional investors.

NYSE MYE opened at $15.50 on Friday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.34 and a current ratio of 1.90. Myers Industries has a 12-month low of $15.48 and a 12-month high of $25.70. The firm has a market capitalization of $818.49 million, a price-to-earnings ratio of 30.39 and a beta of 1.57.

Myers Industries (NYSE:MYE) last released its quarterly earnings results 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 net margin of 0.08% and a return on equity of 19.11%. The business had revenue of $140.60 million for the quarter, compared to analyst estimates of $144.30 million. During the same period in the previous year, the company earned $0.17 earnings per share. The business’s revenue for the quarter was up 3.9% on a year-over-year basis. Sell-side analysts anticipate that Myers Industries will post 0.88 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 2nd. Stockholders of record on Friday, September 7th were issued a dividend of $0.135 per share. This represents a $0.54 dividend on an annualized basis and a dividend yield of 3.48%. The ex-dividend date of this dividend was Thursday, September 6th. Myers Industries’s dividend payout ratio (DPR) is presently 105.88%.

About Myers Industries

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.

See Also: Ex-Dividend

Analyst Recommendations for Myers Industries (NYSE:MYE)

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