Shares of Myers Industries, Inc. (NYSE:MYE) have been assigned an average rating of “Hold” from the seven research firms that are currently covering the company, Marketbeat.com reports. Five investment analysts have rated the stock with a hold recommendation and one has given a buy recommendation to the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $21.00.
Separately, Zacks Investment Research raised Myers Industries from a “sell” rating to a “hold” rating in a report on Saturday, March 2nd.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in MYE. Norges Bank acquired a new stake in shares of Myers Industries in the 4th quarter valued at approximately $10,933,000. Vanguard Group Inc. lifted its holdings in Myers Industries by 7.5% during the 3rd quarter. Vanguard Group Inc. now owns 2,128,543 shares of the industrial products company’s stock valued at $49,489,000 after purchasing an additional 148,878 shares during the last quarter. Renaissance Technologies LLC lifted its holdings in Myers Industries by 15.2% during the 1st quarter. Renaissance Technologies LLC now owns 914,500 shares of the industrial products company’s stock valued at $15,647,000 after purchasing an additional 121,000 shares during the last quarter. Gabelli Funds LLC lifted its holdings in Myers Industries by 5.6% during the 4th quarter. Gabelli Funds LLC now owns 1,842,800 shares of the industrial products company’s stock valued at $27,845,000 after purchasing an additional 98,300 shares during the last quarter. Finally, Bank of America Corp DE lifted its holdings in Myers Industries by 858.2% during the 4th quarter. Bank of America Corp DE now owns 91,123 shares of the industrial products company’s stock valued at $1,377,000 after purchasing an additional 81,613 shares during the last quarter. 87.10% of the stock is owned by institutional investors.
Myers Industries (NYSE:MYE) last released its quarterly earnings results on Wednesday, May 8th. The industrial products company reported $0.23 earnings per share for the quarter, topping analysts’ consensus estimates of $0.20 by $0.03. Myers Industries had a positive return on equity of 16.67% and a negative net margin of 0.62%. The firm had revenue of $139.12 million during the quarter, compared to the consensus estimate of $146.90 million. During the same quarter in the prior year, the firm posted $0.24 EPS. The business’s revenue was down 8.8% on a year-over-year basis. As a group, analysts anticipate that Myers Industries will post 0.81 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 2nd. Stockholders of record on Friday, June 14th will be issued a $0.135 dividend. This represents a $0.54 annualized dividend and a dividend yield of 2.92%. The ex-dividend date is Thursday, June 13th. Myers Industries’s payout ratio is presently 71.05%.
About Myers Industries
Myers Industries, Inc manufactures and sells polymer products for industrial, agricultural, automotive, commercial, and consumer markets worldwide. The company's Material Handling segment provides plastic reusable material handling containers, pallets, small parts bins, bulk shipping containers, storage and organization products, and rotationally-molded plastic tanks for water, fuel, and waste handling applications; welded steel service carts, platform trucks, mobile work centers, racks, and cabinets; plastic trim and interior parts used in the production of seat components, consoles, and other applications in the recreational vehicle, marine, and industrial markets; and plastic fuel containers, portable marine fuel tanks and water containers, ammunition containers, and storage totes under the Buckhorn, Akro-Mils, Jamco Products, Ameri-Kart, and Scepter brands.
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