Myers Industries Inc. (MYE) Upgraded to “Hold” by Zacks Investment Research
Myers Industries Inc. (NYSE:MYE) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Friday.
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 Myers Industries (NYSE:MYE) traded down 2.01% on Friday, hitting $13.14. 141,765 shares of the stock traded hands. The stock has a 50-day moving average price of $14.11 and a 200 day moving average price of $13.90. The stock has a market cap of $392.82 million, a price-to-earnings ratio of 123.96 and a beta of 1.49. Myers Industries has a 12-month low of $10.12 and a 12-month high of $15.86.
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Myers Industries (NYSE:MYE) last announced its earnings results on Wednesday, August 3rd. The company reported $0.21 EPS for the quarter, missing the consensus estimate of $0.23 by $0.02. Myers Industries had a return on equity of 16.92% and a net margin of 0.45%. The firm earned $144.10 million during the quarter, compared to analyst estimates of $152.90 million. During the same quarter in the previous year, the business earned $0.30 earnings per share. The business’s quarterly revenue was down 12.3% compared to the same quarter last year. On average, analysts anticipate that Myers Industries will post $0.56 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 3rd. Stockholders of record on Friday, September 2nd will be given a $0.135 dividend. This represents a $0.54 dividend on an annualized basis and a dividend yield of 4.11%. The ex-dividend date of this dividend is Wednesday, August 31st. Myers Industries’s dividend payout ratio (DPR) is 600.00%.
In related news, Director Jane Scaccetti purchased 2,000 shares of Myers Industries stock in a transaction dated Tuesday, August 16th. The stock was acquired at an average cost of $14.64 per share, with a total value of $29,280.00. Following the completion of the transaction, the director now directly owns 4,800 shares of the company’s stock, valued at $70,272. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.29% of the stock is currently owned by insiders.
Hedge funds have recently bought and sold shares of the company. Royal Bank of Canada raised its stake in Myers Industries by 13.2% in the second quarter. Royal Bank of Canada now owns 13,300 shares of the company’s stock worth $191,000 after buying an additional 1,553 shares during the period. Guggenheim Capital LLC raised its stake in Myers Industries by 70.2% in the second quarter. Guggenheim Capital LLC now owns 34,851 shares of the company’s stock worth $502,000 after buying an additional 14,375 shares during the period. Menta Capital LLC bought a new stake in Myers Industries during the second quarter worth about $177,000. Janus Capital Management LLC raised its stake in Myers Industries by 105.8% in the second quarter. Janus Capital Management LLC now owns 83,788 shares of the company’s stock worth $1,207,000 after buying an additional 43,079 shares during the period. Finally, Spark Investment Management LLC raised its stake in Myers Industries by 396.6% in the second quarter. Spark Investment Management LLC now owns 59,100 shares of the company’s stock worth $851,000 after buying an additional 47,200 shares during the period. 83.73% of the stock is owned by institutional investors and hedge funds.
Myers Industries Company Profile
Myers Industries, Inc is an international manufacturing and distribution company. The Company operates through two segments: Material Handling, which designs, manufactures and markets a range of plastic and metal products, and Distribution, which is engaged in the distribution of equipment, tools and supplies used for tire servicing and automotive undervehicle repair and the manufacture of tire repair and retreading products.
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