Myers Industries (NYSE:MYE) Rating Lowered to Hold at Wall Street Zen

Myers Industries (NYSE:MYE) was downgraded by investment analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Sunday, Wall Street Zen reports.

Separately, Weiss Ratings raised shares of Myers Industries from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, October 27th. Two research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $37.00.

Myers Industries Stock Up 4.9%

Shares of Myers Industries stock opened at $28.27 on Friday. The stock has a market capitalization of $1.06 billion, a price-to-earnings ratio of 37.20 and a beta of 0.84. Myers Industries has a twelve month low of $16.66 and a twelve month high of $37.45. The company has a current ratio of 1.89, a quick ratio of 1.37 and a debt-to-equity ratio of 0.94. The business’s 50 day simple moving average is $30.83 and its 200-day simple moving average is $26.79.

Myers Industries (NYSE:MYE) last released its quarterly earnings data on Thursday, October 29th. The industrial products company reported $0.32 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.13). The company had revenue of $171.34 million for the quarter, compared to analyst estimates of $163.80 million. Myers Industries had a net margin of 3.99% and a return on equity of 20.34%. During the same quarter in the prior year, the firm earned $0.19 EPS.

Hedge Funds Weigh In On Myers Industries

Several hedge funds and other institutional investors have recently made changes to their positions in MYE. Public Employees Retirement System of Ohio acquired a new stake in Myers Industries in the 2nd quarter valued at approximately $40,000. NewEdge Advisors LLC bought a new stake in Myers Industries during the 1st quarter valued at $43,000. Integrated Wealth Concepts LLC acquired a new position in Myers Industries during the 2nd quarter worth $112,000. Quantbot Technologies LP acquired a new position in Myers Industries during the 2nd quarter worth $192,000. Finally, Sanctuary Advisors LLC acquired a new position in Myers Industries during the 2nd quarter worth $209,000. 90.82% of the stock is currently owned by institutional investors and hedge funds.

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.