Wall Street Zen Downgrades Myers Industries (NYSE:MYE) to Hold

Wall Street Zen downgraded shares of Myers Industries (NYSE:MYE - Free Report) from a buy rating to a hold rating in a research report sent to investors on Saturday.

Separately, KeyCorp upgraded shares of Myers Industries from a "sector weight" rating to an "overweight" rating and set a $21.00 price objective on the stock in a research report on Friday.

Myers Industries Trading Down 1.3%

Shares of MYE stock traded down $0.20 during mid-day trading on Friday, reaching $14.67. The stock had a trading volume of 199,660 shares, compared to its average volume of 329,380. The stock's 50-day moving average price is $11.90 and its two-hundred day moving average price is $11.76. Myers Industries has a 52-week low of $9.06 and a 52-week high of $17.39. The firm has a market capitalization of $548.40 million, a PE ratio of 52.40 and a beta of 1.12. The company has a current ratio of 1.78, a quick ratio of 1.14 and a debt-to-equity ratio of 1.34.

Myers Industries (NYSE:MYE - Get Free Report) last released its quarterly earnings data on Thursday, May 1st. The industrial products company reported $0.22 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.19 by $0.03. Myers Industries had a net margin of 1.26% and a return on equity of 14.02%. The firm had revenue of $206.75 million for the quarter, compared to analysts' expectations of $206.80 million. Equities analysts expect that Myers Industries will post 0.95 earnings per share for the current fiscal year.

Myers Industries declared that its Board of Directors has initiated a stock repurchase plan on Thursday, March 6th that authorizes the company to buyback $10.00 million in outstanding shares. This buyback authorization authorizes the industrial products company to reacquire up to 2.2% of its stock through open market purchases. Stock buyback plans are typically a sign that the company's board of directors believes its shares are undervalued.

Myers Industries Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 3rd. Investors of record on Wednesday, June 18th will be given a dividend of $0.135 per share. This represents a $0.54 annualized dividend and a dividend yield of 3.68%. The ex-dividend date of this dividend is Wednesday, June 18th. Myers Industries's dividend payout ratio is currently 192.86%.

Hedge Funds Weigh In On Myers Industries

Hedge funds and other institutional investors have recently modified their holdings of the stock. GAMMA Investing LLC increased its position in shares of Myers Industries by 586.6% during the first quarter. GAMMA Investing LLC now owns 2,609 shares of the industrial products company's stock valued at $31,000 after buying an additional 2,229 shares during the period. CWM LLC boosted its stake in Myers Industries by 829.7% during the first quarter. CWM LLC now owns 4,695 shares of the industrial products company's stock worth $56,000 after acquiring an additional 4,190 shares in the last quarter. Aquatic Capital Management LLC boosted its stake in Myers Industries by 103.1% during the fourth quarter. Aquatic Capital Management LLC now owns 5,484 shares of the industrial products company's stock worth $61,000 after acquiring an additional 2,784 shares in the last quarter. ProShare Advisors LLC bought a new stake in Myers Industries during the fourth quarter worth about $114,000. Finally, Ieq Capital LLC bought a new stake in Myers Industries during the first quarter worth about $119,000. Hedge funds and other institutional investors own 90.82% of the company's stock.

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.