Myers Industries (NYSE:MYE) Upgraded to Buy at Wall Street Zen

Wall Street Zen upgraded shares of Myers Industries (NYSE:MYE - Free Report) from a hold rating to a buy rating in a research report report published on Sunday morning.

Separately, KeyCorp raised Myers Industries from a "sector weight" rating to an "overweight" rating and set a $21.00 price target for the company in a report on Friday, June 13th.

Myers Industries Price Performance

Shares of NYSE MYE traded down $0.25 during midday trading on Friday, hitting $14.28. The stock had a trading volume of 286,092 shares, compared to its average volume of 325,947. The company has a market capitalization of $533.82 million, a PE ratio of 51.00 and a beta of 1.12. The stock has a 50 day simple moving average of $12.19 and a 200-day simple moving average of $11.81. Myers Industries has a 1 year low of $9.06 and a 1 year high of $17.39. The company has a quick ratio of 1.14, a current ratio of 1.78 and a debt-to-equity ratio of 1.34.

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

Myers Industries announced that its board has initiated a share repurchase plan on Thursday, March 6th that authorizes the company to repurchase $10.00 million in outstanding shares. This repurchase authorization authorizes the industrial products company to reacquire up to 2.2% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's board believes its shares are undervalued.

Myers Industries Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 3rd. Stockholders of record on Wednesday, June 18th will be paid a dividend of $0.135 per share. This represents a $0.54 annualized dividend and a dividend yield of 3.78%. The ex-dividend date of this dividend is Wednesday, June 18th. Myers Industries's dividend payout ratio (DPR) is 192.86%.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of MYE. GAMMA Investing LLC raised its position in shares of Myers Industries by 586.6% in the 1st quarter. GAMMA Investing LLC now owns 2,609 shares of the industrial products company's stock worth $31,000 after buying an additional 2,229 shares during the period. CWM LLC grew its stake in shares of Myers Industries by 829.7% during the first quarter. CWM LLC now owns 4,695 shares of the industrial products company's stock valued at $56,000 after acquiring an additional 4,190 shares in the last quarter. Aquatic Capital Management LLC lifted its position in shares of 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 purchasing an additional 2,784 shares during the last quarter. ProShare Advisors LLC bought a new position in shares of Myers Industries during the fourth quarter worth about $114,000. Finally, Ieq Capital LLC bought a new position in Myers Industries in the first quarter worth about $119,000. 90.82% of the stock is currently owned by institutional investors and hedge funds.

Myers Industries Company Profile

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.