Myers Industries (NYSE:MYE) Shares Gap Up Following Analyst Upgrade

Shares of Myers Industries, Inc. (NYSE:MYE) gapped up before the market opened on Tuesday after KeyCorp raised their price target on the stock to $37.00. The stock had previously closed at $30.86, but opened at $32.40. KeyCorp currently has an overweight rating on the stock. Myers Industries shares last traded at $33.7660, with a volume of 180,929 shares traded.

A number of other analysts have also weighed in on MYE. Weiss Ratings lowered shares of Myers Industries from a “hold (c+)” rating to a “hold (c)” rating in a research report on Monday, May 11th. Wall Street Zen cut Myers Industries from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. One research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, Myers Industries currently has a consensus rating of “Hold” and an average price target of $37.00.

Institutional Investors Weigh In On Myers Industries

A number of institutional investors have recently added to or reduced their stakes in MYE. EverSource Wealth Advisors LLC grew its position in shares of Myers Industries by 36.1% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,904 shares of the industrial products company’s stock worth $36,000 after buying an additional 505 shares during the period. Strs Ohio grew its holdings in Myers Industries by 5.5% in the first quarter. Strs Ohio now owns 13,500 shares of the industrial products company’s stock worth $286,000 after purchasing an additional 700 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Myers Industries by 4.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,835 shares of the industrial products company’s stock valued at $260,000 after purchasing an additional 936 shares in the last quarter. Diversified Trust Co increased its stake in Myers Industries by 8.9% in the first quarter. Diversified Trust Co now owns 12,981 shares of the industrial products company’s stock valued at $275,000 after purchasing an additional 1,063 shares in the last quarter. Finally, Franklin Resources Inc. raised its holdings in shares of Myers Industries by 3.9% during the third quarter. Franklin Resources Inc. now owns 28,708 shares of the industrial products company’s stock valued at $486,000 after purchasing an additional 1,081 shares during the period. 90.82% of the stock is owned by institutional investors.

Myers Industries Stock Up 12.3%

The stock has a market cap of $1.30 billion, a price-to-earnings ratio of 49.32 and a beta of 0.98. The firm’s fifty day moving average price is $23.93 and its two-hundred day moving average price is $21.89. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.65 and a quick ratio of 1.29.

Myers Industries (NYSE:MYE) last issued its earnings results on Thursday, May 7th. The industrial products company reported $0.44 EPS for the quarter, beating analysts’ consensus estimates of $0.28 by $0.16. The business had revenue of $164.58 million during the quarter, compared to analyst estimates of $209.30 million. Myers Industries had a return on equity of 17.23% and a net margin of 3.36%.

Myers Industries Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 2nd. Stockholders of record on Wednesday, June 17th will be given a dividend of $0.135 per share. This represents a $0.54 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date of this dividend is Wednesday, June 17th. Myers Industries’s dividend payout ratio is presently 77.14%.

About Myers Industries

Myers Industries, Inc is a diversified manufacturer of polymer products serving industrial, commercial and consumer markets. The company designs, produces and markets a broad range of molded and fabricated plastic components, including pallets, bulk containers, tanks and drums used in material handling and storage applications. Myers Industries leverages proprietary polymer technologies to provide durable, reusable solutions that help customers optimize supply chain efficiency and reduce environmental impact.

Myers operates primarily through two business segments.