Myers Industries (NYSE:MYE) Lowered to “Hold” at Zacks Investment Research

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.

Shares of Myers Industries (NYSE:MYE) opened at $20.95 on Wednesday. Myers Industries has a 52 week low of $13.20 and a 52 week high of $22.65. The company has a current ratio of 1.56, a quick ratio of 1.06 and a debt-to-equity ratio of 1.62. The company has a market capitalization of $648.33, a P/E ratio of 91.09, a price-to-earnings-growth ratio of 10.84 and a beta of 1.76.

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.

COPYRIGHT VIOLATION NOTICE: This piece of content was originally published by BBNS and is owned by of BBNS. If you are viewing this piece of content on another domain, it was copied illegally and republished in violation of United States and international trademark and copyright legislation. The legal version of this piece of content can be accessed at https://baseballnewssource.com/markets/myers-industries-mye-stock-rating-lowered-by-zacks-investment-research/1821862.html.

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.

Get a free copy of the Zacks research report on Myers Industries (MYE)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Myers Industries Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Myers Industries and related companies with MarketBeat.com's FREE daily email newsletter.

 


Latest News

Rumor: Milwaukee Brewers Offer Yu Darvish Contract
Rumor: Milwaukee Brewers Offer Yu Darvish Contract
Report: 20-Second Clock and Limit on Mound Visits Rejected by MLBPA
Report: 20-Second Clock and Limit on Mound Visits Rejected by MLBPA
Christian Yelich’s Agent Says Relationship with Marlins is Broken
Christian Yelich’s Agent Says Relationship with Marlins is Broken
Houston Astros Add Starter to Rotation
Houston Astros Add Starter to Rotation
Sources: Mets Bringing Back Jay Bruce with Three-Year Deal
Sources: Mets Bringing Back Jay Bruce with Three-Year Deal
Justin Morneau Former Star With Twins and AL MVP Retires
Justin Morneau Former Star With Twins and AL MVP Retires


Leave a Reply

 
© 2006-2018 BBNS.