Myers Industries (NYSE:MYE) Stock Rating Lowered by Zacks Investment Research

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Zacks Investment Research cut shares of Myers Industries (NYSE:MYE) from a strong-buy rating to a hold rating in a report published on Wednesday morning, 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. “

Shares of MYE opened at $18.52 on Wednesday. The company has a market cap of $656.76 million, a PE ratio of 23.74 and a beta of 1.65. Myers Industries has a twelve month low of $14.24 and a twelve month high of $25.70. The business’s 50 day simple moving average is $18.33. The company has a quick ratio of 1.61, a current ratio of 2.10 and a debt-to-equity ratio of 0.51.

Myers Industries (NYSE:MYE) last issued its quarterly earnings results on Wednesday, May 8th. The industrial products company reported $0.23 earnings per share for the quarter, topping the consensus estimate of $0.20 by $0.03. The company had revenue of $139.12 million during the quarter, compared to analysts’ expectations of $146.90 million. Myers Industries had a negative net margin of 0.62% and a positive return on equity of 16.67%. The business’s quarterly revenue was down 8.8% on a year-over-year basis. During the same period last year, the business earned $0.24 EPS. Equities research analysts forecast that Myers Industries will post 0.81 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 2nd. Stockholders of record on Friday, June 14th were paid a dividend of $0.135 per share. The ex-dividend date of this dividend was Thursday, June 13th. This represents a $0.54 annualized dividend and a dividend yield of 2.92%. Myers Industries’s dividend payout ratio is currently 71.05%.

Several institutional investors and hedge funds have recently modified their holdings of MYE. First Trust Advisors LP boosted its stake in shares of Myers Industries by 1.0% during the first quarter. First Trust Advisors LP now owns 64,443 shares of the industrial products company’s stock valued at $1,103,000 after purchasing an additional 642 shares in the last quarter. Marshall Wace North America L.P. acquired a new stake in shares of Myers Industries during the first quarter valued at about $144,000. Federated Investors Inc. PA boosted its stake in shares of Myers Industries by 11.5% during the first quarter. Federated Investors Inc. PA now owns 283,204 shares of the industrial products company’s stock valued at $4,845,000 after purchasing an additional 29,136 shares in the last quarter. Alambic Investment Management L.P. acquired a new stake in shares of Myers Industries during the first quarter valued at about $233,000. Finally, Royce & Associates LP acquired a new stake in shares of Myers Industries during the first quarter valued at about $29,000. 87.10% 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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