Myers Industries (NYSE:MYE) Downgraded by Wall Street Zen to "Hold"

Key Points

• Wall Street Zen downgraded Myers Industries from “Buy” to “Hold.” Weiss Ratings separately upgraded its rating, and the stock’s consensus rating remains “Moderate Buy,” with a $37 price target.
• In its latest quarter, Myers reported earnings per share of $0.32, below the $0.45 analyst consensus, while revenue of $171.34 million exceeded expectations of $163.80 million.
• Shares opened at $27.04, up 0.9% on the day cited in the article. Institutional investors own about 90.8% of the company’s stock.

Myers Industries (NYSE:MYE - Get Free Report) was downgraded by research analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a note issued to investors on Sunday, Wall Street Zen reports.

Separately, Weiss Ratings upgraded Myers Industries from a "buy (b-)" rating to a "buy (b)" rating in a research note on Tuesday, October 27th. Two investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $37.00.

Myers Industries Trading Up 0.9%

NYSE MYE opened at $27.04 on Friday. The company has a quick ratio of 1.37, a current ratio of 1.89 and a debt-to-equity ratio of 0.94. The stock has a market capitalization of $1.02 billion, a P/E ratio of 35.57 and a beta of 0.84. Myers Industries has a 52-week low of $16.66 and a 52-week high of $37.45. The firm has a 50-day moving average price of $30.92 and a 200 day moving average price of $26.75.

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

Institutional Trading of Myers Industries

A number of institutional investors have recently added to or reduced their stakes in the stock. Diversified Trust Co grew its holdings in shares of Myers Industries by 8.3% in the 3rd quarter. Diversified Trust Co now owns 19,863 shares of the industrial products company's stock worth $611,000 after acquiring an additional 1,520 shares during the period. Ritholtz Wealth Management increased its stake in Myers Industries by 10.9% in the 3rd quarter. Ritholtz Wealth Management now owns 179,451 shares of the industrial products company's stock valued at $5,522,000 after purchasing an additional 17,696 shares in the last quarter. MGO One Seven LLC acquired a new position in Myers Industries during the third quarter worth $221,000. Sowell Financial Services LLC acquired a new position in Myers Industries during the third quarter worth $3,278,000. Finally, Sterling Capital Management LLC raised its holdings in Myers Industries by 907.4% during the third quarter. Sterling Capital Management LLC now owns 6,800 shares of the industrial products company's stock worth $209,000 after purchasing an additional 6,125 shares during the last quarter. Hedge funds and other institutional investors own 90.82% of the company's stock.

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.

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