Myers Industries (NYSE:MYE) Cut to “Hold” at Zacks Investment Research

Zacks Investment Research lowered shares of Myers Industries (NYSE:MYE) from a buy rating to a hold rating in a report issued on Friday, Zacks.com reports.

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. “

MYE traded down $0.55 during trading on Friday, reaching $15.62. 3,153 shares of the company’s stock were exchanged, compared to its average volume of 102,179. Myers Industries has a 1 year low of $14.24 and a 1 year high of $25.70. The company has a debt-to-equity ratio of 0.50, a current ratio of 2.26 and a quick ratio of 1.61. The stock has a market capitalization of $573.42 million, a PE ratio of 20.59 and a beta of 1.63. The stock has a fifty day moving average of $18.23.

Myers Industries (NYSE:MYE) last posted its earnings results on Tuesday, July 30th. The industrial products company reported $0.27 earnings per share for the quarter, beating the consensus estimate of $0.25 by $0.02. The firm had revenue of $134.30 million during the quarter, compared to analyst estimates of $138.00 million. Myers Industries had a negative net margin of 0.99% and a positive return on equity of 17.51%. The business’s quarterly revenue was down 4.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.27 EPS. As a group, analysts predict that Myers Industries will post 0.8 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 2nd. Stockholders of record on Tuesday, September 3rd will be issued a dividend of $0.135 per share. This represents a $0.54 annualized dividend and a dividend yield of 3.46%. The ex-dividend date of this dividend is Friday, August 30th. Myers Industries’s dividend payout ratio (DPR) is 71.05%.

Large investors have recently bought and sold shares of the company. Principal Financial Group Inc. increased its holdings in shares of Myers Industries by 3.1% during the 4th quarter. Principal Financial Group Inc. now owns 297,950 shares of the industrial products company’s stock valued at $4,502,000 after purchasing an additional 8,917 shares in the last quarter. Great West Life Assurance Co. Can increased its holdings in Myers Industries by 17.9% in the 1st quarter. Great West Life Assurance Co. Can now owns 50,625 shares of the industrial products company’s stock worth $867,000 after acquiring an additional 7,669 shares in the last quarter. Royce & Associates LP purchased a new stake in Myers Industries in the 1st quarter worth $29,000. Geode Capital Management LLC increased its holdings in Myers Industries by 5.7% in the 4th quarter. Geode Capital Management LLC now owns 621,331 shares of the industrial products company’s stock worth $9,388,000 after acquiring an additional 33,596 shares in the last quarter. Finally, California Public Employees Retirement System increased its holdings in Myers Industries by 8.0% in the 4th quarter. California Public Employees Retirement System now owns 32,461 shares of the industrial products company’s stock worth $490,000 after acquiring an additional 2,415 shares in the last quarter. 86.93% of the stock is owned by hedge funds and other institutional investors.

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: Understanding Specialty Certificates of Deposit

Get a free copy of the Zacks research report on Myers Industries (MYE)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Myers Industries Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Myers Industries and related companies with MarketBeat.com's FREE daily email newsletter.