Myers Industries (NYSE:MYE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Wednesday, January 10th.
According to Zacks, “Myers Industries, Inc. is an international manufacturer of polymer products for industrial, agricultural, automotive, commercial, and consumer markets. The Company is also the largest wholesale distributor of tools, equipment, and supplies for the tire service and undervehicle repair industry in the United States. “
MYE has been the subject of several other reports. Wells Fargo & Co upgraded Myers Industries from a “market perform” rating to an “outperform” rating and set a $24.00 price objective for the company in a research note on Wednesday, January 3rd. KeyCorp reiterated a “sell” rating and set a $15.00 price objective on shares of Myers Industries in a research note on Tuesday, November 7th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and two have given a buy rating to the company. Myers Industries currently has a consensus rating of “Hold” and a consensus price target of $20.67.
Myers Industries (NYSE:MYE) last posted its quarterly earnings data on Tuesday, November 7th. The industrial products company reported $0.11 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.11. Myers Industries had a return on equity of 12.93% and a net margin of 1.24%. The company had revenue of $144.10 million during the quarter, compared to analyst estimates of $138.93 million. During the same period in the previous year, the business earned $0.04 EPS. Myers Industries’s quarterly revenue was up 8.6% on a year-over-year basis. equities analysts anticipate that Myers Industries will post 0.49 earnings per share for the current year.
Several hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. grew its position in shares of Myers Industries by 4.9% in the second quarter. Vanguard Group Inc. now owns 1,469,679 shares of the industrial products company’s stock valued at $26,381,000 after purchasing an additional 68,905 shares in the last quarter. Northern Trust Corp grew its position in shares of Myers Industries by 3.9% in the second quarter. Northern Trust Corp now owns 996,343 shares of the industrial products company’s stock valued at $17,885,000 after purchasing an additional 36,983 shares in the last quarter. State Street Corp grew its position in shares of Myers Industries by 1.6% in the second quarter. State Street Corp now owns 533,846 shares of the industrial products company’s stock valued at $9,581,000 after purchasing an additional 8,375 shares in the last quarter. Bank of New York Mellon Corp grew its position in shares of Myers Industries by 0.7% in the third quarter. Bank of New York Mellon Corp now owns 462,558 shares of the industrial products company’s stock valued at $9,691,000 after purchasing an additional 3,265 shares in the last quarter. Finally, Rafferty Asset Management LLC purchased a new stake in shares of Myers Industries in the second quarter valued at approximately $5,301,000. Institutional investors and hedge funds own 84.87% of the company’s stock.
Myers Industries Company Profile
Myers Industries, Inc is an international manufacturing and distribution company. The Company operates through two segments: Material Handling and Distribution. As of December 31, 2016, the Company operated 15 manufacturing facilities, 20 sales offices, four distribution centers and three distribution branches located throughout North, Central and South America.
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