KeyCorp Trims Myers Industries (NYSE:MYE) Target Price to $21.00

Myers Industries (NYSE:MYE) had its price target trimmed by KeyCorp from $27.00 to $21.00 in a report issued on Wednesday, Benzinga reports. The firm currently has an overweight rating on the industrial products company’s stock. KeyCorp also issued estimates for Myers Industries’ Q4 2023 earnings at $0.26 EPS, FY2023 earnings at $1.36 EPS, Q1 2024 earnings at $0.25 EPS, Q2 2024 earnings at $0.29 EPS, Q3 2024 earnings at $0.31 EPS, Q4 2024 earnings at $0.29 EPS, FY2024 earnings at $1.14 EPS and FY2025 earnings at $1.29 EPS.

Separately, StockNews.com lowered Myers Industries from a strong-buy rating to a buy rating in a research note on Friday, September 29th.

Myers Industries Stock Up 0.3 %

Shares of NYSE:MYE opened at $16.72 on Wednesday. The firm has a market capitalization of $615.96 million, a PE ratio of 12.48 and a beta of 1.30. The business has a 50 day simple moving average of $17.50 and a two-hundred day simple moving average of $18.69. Myers Industries has a 1 year low of $15.65 and a 1 year high of $26.49. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.51 and a quick ratio of 0.92.

Myers Industries Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 3rd. Stockholders of record on Monday, December 4th will be paid a dividend of $0.135 per share. The ex-dividend date is Friday, December 1st. This represents a $0.54 annualized dividend and a dividend yield of 3.23%. Myers Industries’s dividend payout ratio is currently 40.30%.

Institutional Investors Weigh In On Myers Industries

Several large investors have recently modified their holdings of the business. BlackRock Inc. grew its stake in Myers Industries by 0.3% in the first quarter. BlackRock Inc. now owns 5,787,756 shares of the industrial products company’s stock valued at $124,032,000 after purchasing an additional 19,757 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of Myers Industries by 4.5% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 4,163,738 shares of the industrial products company’s stock worth $94,642,000 after buying an additional 180,298 shares during the last quarter. Gamco Investors INC. ET AL raised its stake in shares of Myers Industries by 0.5% during the 1st quarter. Gamco Investors INC. ET AL now owns 3,265,563 shares of the industrial products company’s stock worth $70,536,000 after acquiring an additional 14,867 shares in the last quarter. Vanguard Group Inc. lifted its position in Myers Industries by 1.2% during the third quarter. Vanguard Group Inc. now owns 2,538,886 shares of the industrial products company’s stock valued at $41,816,000 after acquiring an additional 30,878 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its stake in Myers Industries by 2.1% in the second quarter. Allspring Global Investments Holdings LLC now owns 2,161,402 shares of the industrial products company’s stock valued at $41,996,000 after acquiring an additional 44,076 shares in the last quarter. Institutional investors own 88.57% of the company’s stock.

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.