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

Myers Industries (NYSE:MYE) was downgraded by stock analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a report released on Sunday, Wall Street Zen reports.

Other equities research analysts also recently issued reports about the company. KeyCorp upped their target price on Myers Industries from $26.00 to $37.00 and gave the stock an “overweight” rating in a research report on Tuesday, June 30th. Weiss Ratings cut Myers Industries from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday, September 14th. Two investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $37.00.

Myers Industries Stock Up 1.1%

MYE opened at $31.97 on Friday. The stock’s 50 day moving average price is $32.36 and its 200 day moving average price is $27.52. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.61 and a quick ratio of 1.21. The stock has a market cap of $1.20 billion, a P/E ratio of 32.96 and a beta of 0.83. Myers Industries has a 12 month low of $15.54 and a 12 month high of $37.45.

Myers Industries (NYSE:MYE) last announced its quarterly earnings results on Thursday, July 30th. The industrial products company reported $0.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.36 by $0.17. The company had revenue of $179.20 million during the quarter, compared to analyst estimates of $166.00 million. Myers Industries had a return on equity of 19.86% and a net margin of 4.86%.

Institutional Trading of Myers Industries

Several institutional investors and hedge funds have recently added to or reduced their stakes in MYE. BlackRock Inc. acquired a new position in Myers Industries in the second quarter worth approximately $104,161,000. Dimensional Fund Advisors LP boosted its stake in shares of Myers Industries by 2.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,589,420 shares of the industrial products company’s stock worth $33,663,000 after acquiring an additional 39,565 shares in the last quarter. Pzena Investment Management LLC bought a new stake in shares of Myers Industries during the 2nd quarter worth $27,578,000. Arrowstreet Capital Limited Partnership grew its holdings in shares of Myers Industries by 10.4% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 712,692 shares of the industrial products company’s stock worth $15,095,000 after acquiring an additional 67,080 shares during the last quarter. Finally, Tieton Capital Management LLC acquired a new position in shares of Myers Industries in the 2nd quarter worth $16,321,000. 90.82% of the stock is owned by institutional investors and hedge funds.

About Myers Industries

Myers Industries, Inc is a diversified manufacturer and distributor headquartered in Akron, Ohio. Founded in 1933, the company serves industrial, commercial, agricultural, automotive, and other end markets through its businesses in material handling and tire service distribution.

Its material handling operations produce reusable plastic products, including pallets, totes, containers, bulk bins, drums, tanks, and other molded components. These products are used for the storage, transport, and handling of materials across manufacturing, supply chain, agricultural, and commercial applications.