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

Key Points

• Wall Street Zen downgraded Myers Industries from “strong buy” to “buy,” while the broader analyst consensus remains “Moderate Buy” with an average price target of $37.
• Myers Industries shares opened at $31.45, near their $31.64 50-day moving average, after trading between $16.26 and $37.45 over the past year.
• The company exceeded quarterly expectations, reporting $0.53 in EPS versus a $0.36 consensus estimate and revenue of $179.2 million versus expectations of $166 million; institutional investors own 90.82% of shares.

Myers Industries (NYSE:MYE - Get Free Report) was downgraded by investment analysts at Wall Street Zen from a "strong-buy" rating to a "buy" rating in a research report issued to clients and investors on Tuesday, Wall Street Zen reports.

A number of other equities research analysts have also recently issued reports on MYE. Weiss Ratings upgraded shares of Myers Industries from a "hold (c+)" rating to a "buy (b-)" rating in a report on Friday, October 2nd. KeyCorp boosted their price objective on Myers Industries from $26.00 to $37.00 and gave the stock an "overweight" rating in a research report on Tuesday, June 30th. Two equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat, Myers Industries currently has an average rating of "Moderate Buy" and an average target price of $37.00.

Myers Industries Stock Up 0.5%

MYE stock opened at $31.45 on Tuesday. Myers Industries has a 12 month low of $16.26 and a 12 month high of $37.45. The firm has a 50 day simple moving average of $31.64 and a 200 day simple moving average of $28.23. The firm has a market cap of $1.18 billion, a PE ratio of 32.42 and a beta of 0.83. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.61 and a quick ratio of 1.21.

Myers Industries (NYSE:MYE - Get Free Report) last announced its earnings results on Thursday, July 30th. The industrial products company reported $0.53 EPS for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts' expectations of $166.00 million.

Institutional Trading of Myers Industries

A number of hedge funds have recently bought and sold shares of the stock. Public Employees Retirement System of Ohio bought a new stake in shares of Myers Industries in the second quarter valued at about $40,000. NewEdge Advisors LLC acquired a new stake in Myers Industries in the 1st quarter valued at $43,000. Integrated Wealth Concepts LLC bought a new stake in shares of Myers Industries in the 2nd quarter worth about $112,000. Quantbot Technologies LP bought a new stake in Myers Industries during the second quarter worth about $192,000. Finally, Caxton Associates LLP acquired a new stake in Myers Industries during the 1st quarter valued at $205,000. 90.82% of the stock is owned by institutional investors.

About Myers Industries

Myers Industries, Inc is a diversified manufacturer and distributor headquartered in Akron, Ohio. Founded in 1933, the company serves industrial, commercial, agricultural, automotive, and other end markets through its businesses in material handling and tire service distribution.

Its material handling operations produce reusable plastic products, including pallets, totes, containers, bulk bins, drums, tanks, and other molded components. These products are used for the storage, transport, and handling of materials across manufacturing, supply chain, agricultural, and commercial applications.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.