Myers Industries (NYSE:MYE) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Myers Industries (NYSE:MYE) from a hold rating to a buy rating in a report published on Sunday.

Separately, KeyCorp upgraded shares of Myers Industries from a “sector weight” rating to an “overweight” rating and set a $21.00 price target on the stock in a research report on Friday, June 13th.

Myers Industries Price Performance

NYSE MYE opened at $14.72 on Friday. Myers Industries has a 12 month low of $9.06 and a 12 month high of $17.39. The company has a debt-to-equity ratio of 1.34, a current ratio of 1.78 and a quick ratio of 1.14. The firm has a market capitalization of $550.38 million, a PE ratio of 52.59 and a beta of 1.12. The company’s 50 day simple moving average is $12.38 and its 200 day simple moving average is $11.85.

Myers Industries (NYSE:MYE) last posted its quarterly earnings data on Thursday, May 1st. The industrial products company reported $0.22 EPS for the quarter, beating analysts’ consensus estimates of $0.19 by $0.03. The business had revenue of $206.75 million for the quarter, compared to analyst estimates of $206.80 million. Myers Industries had a net margin of 1.26% and a return on equity of 14.02%. As a group, equities research analysts forecast that Myers Industries will post 0.95 EPS for the current fiscal year.

Myers Industries declared that its board has approved a share repurchase program on Thursday, March 6th that permits the company to repurchase $10.00 million in shares. This repurchase authorization permits the industrial products company to reacquire up to 2.2% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its stock is undervalued.

Myers Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 3rd. Shareholders of record on Wednesday, June 18th will be given a $0.135 dividend. The ex-dividend date of this dividend is Wednesday, June 18th. This represents a $0.54 annualized dividend and a yield of 3.67%. Myers Industries’s dividend payout ratio (DPR) is 192.86%.

Hedge Funds Weigh In On Myers Industries

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MYE. Access Investment Management LLC increased its holdings in shares of Myers Industries by 75.0% during the 4th quarter. Access Investment Management LLC now owns 111,315 shares of the industrial products company’s stock worth $1,229,000 after purchasing an additional 47,710 shares during the period. Y Intercept Hong Kong Ltd increased its holdings in shares of Myers Industries by 25.7% during the 4th quarter. Y Intercept Hong Kong Ltd now owns 33,119 shares of the industrial products company’s stock worth $366,000 after purchasing an additional 6,766 shares during the period. Versor Investments LP increased its holdings in shares of Myers Industries by 49.4% during the 4th quarter. Versor Investments LP now owns 23,600 shares of the industrial products company’s stock worth $261,000 after purchasing an additional 7,800 shares during the period. Aigen Investment Management LP bought a new position in shares of Myers Industries during the 4th quarter worth about $138,000. Finally, AlphaQuest LLC increased its holdings in shares of Myers Industries by 307.5% during the 4th quarter. AlphaQuest LLC now owns 44,109 shares of the industrial products company’s stock worth $487,000 after purchasing an additional 33,286 shares during the period. Institutional investors and hedge funds own 90.82% of the company’s stock.

About Myers Industries

Myers Industries, Inc engages in distribution of tire service supplies in Ohio. It operates through two segments, The Material Handling and Distribution. The Material Handling segment offers pallets, small parts bins, bulk shipping containers, and OEM parts, as well as storage and organization, and custom plastic products; and injection molded, rotationally molded or blow molded products, consumer fuel containers and tanks for water, fuel, and waste handling.