Myers Industries, Inc. (MYE) Receives $21.50 Consensus Target Price from Analysts

Shares of Myers Industries, Inc. (NYSE:MYE) have been assigned an average recommendation of “Hold” from the seven research firms that are currently covering the stock, Marketbeat Ratings reports. Six investment analysts have rated the stock with a hold recommendation. The average 12 month price target among brokers that have covered the stock in the last year is $21.50.

Several equities analysts have recently commented on the company. Zacks Investment Research upgraded Myers Industries from a “sell” rating to a “hold” rating in a research report on Saturday, March 2nd. ValuEngine lowered Myers Industries from a “buy” rating to a “hold” rating in a research report on Wednesday, January 2nd.

Several institutional investors have recently made changes to their positions in MYE. Comerica Bank increased its position in shares of Myers Industries by 19.6% during the 3rd quarter. Comerica Bank now owns 33,945 shares of the industrial products company’s stock valued at $533,000 after purchasing an additional 5,560 shares during the last quarter. Wells Fargo & Company MN grew its position in Myers Industries by 8.1% during the 3rd quarter. Wells Fargo & Company MN now owns 51,863 shares of the industrial products company’s stock worth $1,206,000 after acquiring an additional 3,882 shares during the last quarter. Prudential Financial Inc. grew its position in Myers Industries by 17.5% during the 3rd quarter. Prudential Financial Inc. now owns 59,584 shares of the industrial products company’s stock worth $1,385,000 after acquiring an additional 8,865 shares during the last quarter. Rhumbline Advisers grew its position in Myers Industries by 15.6% during the 3rd quarter. Rhumbline Advisers now owns 82,393 shares of the industrial products company’s stock worth $1,916,000 after acquiring an additional 11,133 shares during the last quarter. Finally, Alliancebernstein L.P. grew its position in Myers Industries by 71.0% during the 3rd quarter. Alliancebernstein L.P. now owns 31,800 shares of the industrial products company’s stock worth $739,000 after acquiring an additional 13,200 shares during the last quarter. Hedge funds and other institutional investors own 90.16% of the company’s stock.

Shares of NYSE:MYE traded up $0.02 on Friday, hitting $18.38. The company’s stock had a trading volume of 49,676 shares, compared to its average volume of 95,742. Myers Industries has a 1 year low of $14.24 and a 1 year high of $25.70. The stock has a market cap of $650.43 million, a P/E ratio of 24.18 and a beta of 1.70. The company has a quick ratio of 1.43, a current ratio of 1.88 and a debt-to-equity ratio of 0.50.

Myers Industries (NYSE:MYE) last released its quarterly earnings results on Thursday, February 28th. The industrial products company reported $0.13 earnings per share for the quarter, beating the consensus estimate of $0.07 by $0.06. Myers Industries had a positive return on equity of 17.92% and a negative net margin of 0.59%. The firm had revenue of $138.39 million for the quarter, compared to analysts’ expectations of $129.42 million. On average, equities research analysts expect that Myers Industries will post 0.8 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 2nd. Stockholders of record on Wednesday, March 20th were given a dividend of $0.135 per share. The ex-dividend date of this dividend was Tuesday, March 19th. This represents a $0.54 annualized dividend and a dividend yield of 2.94%. Myers Industries’s dividend payout ratio (DPR) is presently 71.05%.

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.

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