Myers Industries (MYE) Downgraded by TheStreet

TheStreet cut shares of Myers Industries (NYSE:MYE) from a b rating to a c- rating in a report published on Thursday morning.

Several other equities research analysts also recently issued reports on MYE. JPMorgan Chase & Co. initiated coverage on Myers Industries in a report on Wednesday, July 11th. They set a neutral rating and a $22.00 price target for the company. Robert W. Baird initiated coverage on Myers Industries in a report on Wednesday, July 11th. They set a neutral rating and a $21.00 price target for the company. ValuEngine raised Myers Industries from a hold rating to a buy rating in a report on Monday, July 30th. KeyCorp reaffirmed a sector weight rating on shares of Myers Industries in a report on Tuesday, August 28th. Finally, Zacks Investment Research raised Myers Industries from a hold rating to a strong-buy rating and set a $27.00 price target for the company in a report on Wednesday, September 12th. One research analyst has rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the company. The company has an average rating of Hold and a consensus price target of $23.50.

Shares of Myers Industries stock opened at $16.47 on Thursday. Myers Industries has a 1 year low of $15.25 and a 1 year high of $25.70. The firm has a market cap of $582.98 million, a price-to-earnings ratio of 32.29 and a beta of 2.02. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.97 and a quick ratio of 1.34.

Myers Industries (NYSE:MYE) last announced its quarterly earnings results on Tuesday, November 6th. The industrial products company reported $0.15 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.15. Myers Industries had a positive return on equity of 18.40% and a negative net margin of 4.21%. The business had revenue of $135.22 million during the quarter, compared to the consensus estimate of $135.08 million. During the same quarter last year, the firm posted $0.11 EPS. The company’s quarterly revenue was up .1% on a year-over-year basis. On average, sell-side analysts forecast that Myers Industries will post 0.75 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 3rd. Stockholders of record on Friday, December 7th will be issued a dividend of $0.135 per share. This represents a $0.54 dividend on an annualized basis and a dividend yield of 3.28%. The ex-dividend date is Thursday, December 6th. Myers Industries’s dividend payout ratio is currently 105.88%.

Institutional investors and hedge funds have recently bought and sold shares of the company. Piedmont Investment Advisors LLC acquired a new stake in shares of Myers Industries during the second quarter worth $122,000. SG Americas Securities LLC acquired a new stake in shares of Myers Industries during the second quarter worth $150,000. Metropolitan Life Insurance Co. NY lifted its holdings in shares of Myers Industries by 31.2% during the second quarter. Metropolitan Life Insurance Co. NY now owns 10,364 shares of the industrial products company’s stock worth $199,000 after buying an additional 2,462 shares in the last quarter. Hartford Investment Management Co. acquired a new stake in shares of Myers Industries during the second quarter worth $274,000. Finally, MetLife Investment Advisors LLC lifted its holdings in shares of Myers Industries by 37.6% during the second quarter. MetLife Investment Advisors LLC now owns 14,676 shares of the industrial products company’s stock worth $282,000 after buying an additional 4,011 shares in the last quarter. 87.47% of the stock is owned by 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.

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Analyst Recommendations for Myers Industries (NYSE:MYE)

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