Myers Industries (NYSE:MYE) Upgraded at StockNews.com

StockNews.com upgraded shares of Myers Industries (NYSE:MYE) from a sell rating to a hold rating in a research note released on Thursday morning.

Separately, KeyCorp lowered shares of Myers Industries from an “overweight” rating to a “sector weight” rating in a research note on Wednesday, November 6th.

Myers Industries Stock Performance

MYE stock opened at $10.65 on Thursday. The firm has a market cap of $396.82 million, a PE ratio of 25.36 and a beta of 1.22. The company has a current ratio of 1.80, a quick ratio of 1.11 and a debt-to-equity ratio of 1.36. The stock has a 50-day moving average price of $11.56 and a 200-day moving average price of $12.96. Myers Industries has a 1-year low of $10.35 and a 1-year high of $23.63.

Myers Industries (NYSE:MYE) last released its earnings results on Monday, November 4th. The industrial products company reported $0.25 EPS for the quarter, missing the consensus estimate of $0.29 by ($0.04). The business had revenue of $205.07 million for the quarter. Myers Industries had a return on equity of 14.75% and a net margin of 1.88%. During the same period in the prior year, the company earned $0.38 earnings per share. As a group, equities research analysts expect that Myers Industries will post 0.95 earnings per share for the current year.

Myers Industries Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, January 3rd. Investors of record on Tuesday, December 3rd were paid a dividend of $0.135 per share. This represents a $0.54 dividend on an annualized basis and a yield of 5.07%. The ex-dividend date was Tuesday, December 3rd. Myers Industries’s dividend payout ratio (DPR) is currently 128.57%.

Insider Buying and Selling at Myers Industries

In other Myers Industries news, CEO Dave Basque acquired 5,000 shares of the stock in a transaction on Thursday, December 5th. The shares were purchased at an average price of $12.13 per share, for a total transaction of $60,650.00. Following the completion of the acquisition, the chief executive officer now owns 34,152 shares in the company, valued at approximately $414,263.76. This represents a 17.15 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Over the last quarter, insiders bought 19,500 shares of company stock valued at $232,575. Company insiders own 1.40% of the company’s stock.

Institutional Investors Weigh In On Myers Industries

Several hedge funds and other institutional investors have recently made changes to their positions in MYE. Dimensional Fund Advisors LP lifted its position in Myers Industries by 0.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,604,324 shares of the industrial products company’s stock valued at $21,466,000 after acquiring an additional 4,777 shares in the last quarter. Gabelli Funds LLC lifted its holdings in shares of Myers Industries by 3.9% in the second quarter. Gabelli Funds LLC now owns 1,572,250 shares of the industrial products company’s stock valued at $21,037,000 after purchasing an additional 58,500 shares in the last quarter. Renaissance Technologies LLC lifted its holdings in shares of Myers Industries by 8.3% in the second quarter. Renaissance Technologies LLC now owns 1,480,597 shares of the industrial products company’s stock valued at $19,810,000 after purchasing an additional 113,100 shares in the last quarter. State Street Corp boosted its position in shares of Myers Industries by 2.6% during the third quarter. State Street Corp now owns 1,374,246 shares of the industrial products company’s stock valued at $19,176,000 after buying an additional 35,456 shares during the last quarter. Finally, Victory Capital Management Inc. grew its holdings in Myers Industries by 1.1% during the third quarter. Victory Capital Management Inc. now owns 1,034,125 shares of the industrial products company’s stock worth $14,292,000 after buying an additional 11,434 shares in the last quarter. 90.82% of the stock is owned by institutional investors.

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.