Myers Industries (NYSE:MYE) Stock Rating Raised to “Strong-Buy” at Wall Street Zen

Wall Street Zen upgraded shares of Myers Industries (NYSE:MYE) from a buy rating to a strong-buy rating in a research note issued to investors on Monday morning,Wall Street Zen reports.

Several other research analysts also recently commented on MYE. Weiss Ratings upgraded Myers Industries from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, October 2nd. KeyCorp upped their target price on Myers Industries from $26.00 to $37.00 and gave the stock an “overweight” rating in a report on Tuesday, June 30th. Two analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $37.00.

Myers Industries Stock Performance

Shares of NYSE:MYE opened at $30.39 on Monday. The firm has a market cap of $1.14 billion, a PE ratio of 31.33 and a beta of 0.83. The firm’s 50 day simple moving average is $32.04 and its 200-day simple moving average is $27.89. Myers Industries has a one year low of $15.54 and a one year high of $37.45. The company has a debt-to-equity ratio of 0.91, a quick ratio of 1.21 and a current ratio of 1.61.

Myers Industries (NYSE:MYE) last posted its quarterly earnings results on Thursday, July 30th. The industrial products company reported $0.53 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.17. The firm had revenue of $179.20 million during the quarter, compared to the consensus estimate of $166.00 million. Myers Industries had a net margin of 4.86% and a return on equity of 19.86%.

Myers Industries Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, October 5th. Shareholders of record on Friday, September 18th were given a dividend of $0.1350 per share. The ex-dividend date of this dividend was Friday, September 18th. This represents a $0.54 dividend on an annualized basis and a yield of 1.8%. Myers Industries’s dividend payout ratio (DPR) is 55.67%.

Institutional Investors Weigh In On Myers Industries

Large investors have recently modified their holdings of the business. Public Employees Retirement System of Ohio bought a new position in shares of Myers Industries in the 2nd quarter worth $40,000. NewEdge Advisors LLC purchased a new stake in shares of Myers Industries during the 1st quarter worth $43,000. Integrated Wealth Concepts LLC bought a new stake in Myers Industries during the second quarter valued at about $112,000. Quantbot Technologies LP bought a new stake in Myers Industries during the second quarter valued at about $192,000. Finally, Sanctuary Advisors LLC bought a new stake in Myers Industries during the second quarter valued at about $209,000. Institutional investors own 90.82% of the company’s stock.

About Myers Industries

Myers Industries, Inc is a diversified manufacturer and distributor headquartered in Akron, Ohio. Founded in 1933, the company serves industrial, commercial, agricultural, automotive, and other end markets through its businesses in material handling and tire service distribution.

Its material handling operations produce reusable plastic products, including pallets, totes, containers, bulk bins, drums, tanks, and other molded components. These products are used for the storage, transport, and handling of materials across manufacturing, supply chain, agricultural, and commercial applications.