BidaskClub cut shares of Myers Industries, Inc. (NYSE:MYE) from a hold rating to a sell rating in a research note issued to investors on Monday, July 31st.
MYE has been the subject of several other reports. Zacks Investment Research lowered Myers Industries from a buy rating to a hold rating in a research note on Friday, June 9th. TheStreet upgraded Myers Industries from a c rating to a b- rating in a research note on Monday, May 8th. Two analysts have rated the stock with a sell rating and two have issued a buy rating to the company. Myers Industries presently has a consensus rating of Hold and a consensus price target of $16.50.
Shares of Myers Industries (NYSE:MYE) traded down 1.09% during mid-day trading on Monday, reaching $18.10. The company’s stock had a trading volume of 111,612 shares. Myers Industries has a 1-year low of $11.35 and a 1-year high of $19.45. The company’s 50-day moving average is $17.89 and its 200 day moving average is $16.46. The firm has a market capitalization of $547.62 million, a P/E ratio of 136.09 and a beta of 1.76.
Myers Industries (NYSE:MYE) last released its earnings results on Tuesday, August 1st. The industrial products company reported $0.17 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.15 by $0.02. The firm had revenue of $142.30 million during the quarter, compared to analyst estimates of $142.95 million. Myers Industries had a return on equity of 10.71% and a net margin of 0.74%. The business’s quarterly revenue was down 1.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.21 earnings per share. On average, analysts expect that Myers Industries will post $0.51 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 3rd. Shareholders of record on Friday, September 8th will be given a dividend of $0.135 per share. This represents a $0.54 dividend on an annualized basis and a yield of 2.98%. The ex-dividend date of this dividend is Thursday, September 7th. Myers Industries’s dividend payout ratio (DPR) is presently 415.38%.
In other Myers Industries news, major shareholder Gamco Investors, Inc. Et Al sold 3,000 shares of the business’s stock in a transaction dated Thursday, June 8th. The stock was sold at an average price of $18.44, for a total transaction of $55,320.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.75% of the stock is currently owned by insiders.
Large investors have recently bought and sold shares of the stock. UBS Asset Management Americas Inc. purchased a new stake in Myers Industries during the first quarter worth about $187,000. Comerica Bank increased its stake in Myers Industries by 4.3% in the first quarter. Comerica Bank now owns 24,085 shares of the industrial products company’s stock worth $401,000 after buying an additional 1,003 shares during the period. Bank of New York Mellon Corp increased its stake in Myers Industries by 5.6% in the first quarter. Bank of New York Mellon Corp now owns 462,822 shares of the industrial products company’s stock worth $7,335,000 after buying an additional 24,697 shares during the period. American Century Companies Inc. purchased a new stake in Myers Industries during the first quarter worth about $3,786,000. Finally, Wedge Capital Management L L P NC increased its stake in Myers Industries by 59.7% in the first quarter. Wedge Capital Management L L P NC now owns 89,900 shares of the industrial products company’s stock worth $1,425,000 after buying an additional 33,600 shares during the period. 83.05% of the stock is owned by hedge funds and other institutional investors.
Myers Industries Company Profile
Myers Industries, Inc is an international manufacturing and distribution company. The Company operates through two segments: Material Handling and Distribution. As of December 31, 2016, the Company operated 15 manufacturing facilities, 20 sales offices, four distribution centers and three distribution branches located throughout North, Central and South America.
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