Myers Industries (NYSE:MYE) Stock Rating Lowered by Wall Street Zen

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

Several other brokerages also recently issued reports on MYE. Weiss Ratings raised shares of Myers Industries from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, October 2nd. KeyCorp raised their target price on shares of Myers Industries from $26.00 to $37.00 and gave the stock an “overweight” rating in a research report on Tuesday, June 30th. Two analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $37.00.

Myers Industries Trading Up 1.8%

Shares of MYE stock opened at $32.85 on Tuesday. The firm has a 50-day moving average price of $31.64 and a 200 day moving average price of $28.39. Myers Industries has a twelve month low of $16.46 and a twelve month high of $37.45. The company has a market capitalization of $1.24 billion, a price-to-earnings ratio of 33.87 and a beta of 0.83. The company has a current ratio of 1.61, a quick ratio of 1.21 and a debt-to-equity ratio of 0.91.

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

Hedge Funds Weigh In On Myers Industries

Several large investors have recently added to or reduced their stakes in MYE. Lazard Asset Management LLC grew its holdings in Myers Industries by 69.8% in the 1st quarter. Lazard Asset Management LLC now owns 155,766 shares of the industrial products company’s stock valued at $3,299,000 after buying an additional 64,018 shares during the period. Sei Investments Co. increased its stake in shares of Myers Industries by 77.5% during the 1st quarter. Sei Investments Co. now owns 358,375 shares of the industrial products company’s stock valued at $7,590,000 after acquiring an additional 156,470 shares during the last quarter. Principal Financial Group Inc. increased its stake in shares of Myers Industries by 86.8% during the 1st quarter. Principal Financial Group Inc. now owns 69,583 shares of the industrial products company’s stock valued at $1,474,000 after acquiring an additional 32,340 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings 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 during the period. Finally, Janney Montgomery Scott LLC purchased a new position in shares of Myers Industries during the 1st quarter worth about $690,000. 90.82% of the stock is currently owned by hedge funds and other institutional investors.

About Myers Industries

Myers Industries, Inc is a manufacturer and distributor of products serving industrial, agricultural, automotive, commercial and consumer markets. Founded in 1933 and headquartered in Akron, Ohio, the company operates primarily in North America.

Through its material-handling businesses, Myers Industries produces reusable plastic containers, totes, pallets, drums, tanks and other molded products. These products are used to store, transport and protect materials across industries such as manufacturing, food processing, agriculture, healthcare and logistics.

The company also distributes tire-service supplies, equipment and related products to tire dealers, retreaders, commercial fleets and automotive service providers.