Myers Industries (NYSE:MYE) Stock Rating Lowered by Wall Street Zen

Key Points

• Wall Street Zen downgraded Myers Industries from “strong-buy” to “buy.” Other analysts remain mixed, with the company holding a consensus “hold” rating and an average price target of $37.
• Myers Industries reported quarterly EPS of $0.53, exceeding the $0.36 consensus estimate, while revenue of $179.2 million also topped expectations of $166 million.
• The stock opened at $31.57, near its $37.45 52-week high, and institutional investors own approximately 90.82% of the company’s shares.

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

A number of other analysts also recently issued reports on MYE. KeyCorp raised their price target on shares of Myers Industries from $26.00 to $37.00 and gave the company an "overweight" rating in a report on Tuesday, June 30th. Weiss Ratings cut shares of Myers Industries from a "buy (b-)" rating to a "hold (c+)" rating in a report on Monday, September 14th. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, Myers Industries presently has a consensus rating of "Hold" and an average target price of $37.00.

Myers Industries Price Performance

Shares of NYSE:MYE opened at $31.57 on Friday. The company's 50-day moving average is $32.38 and its 200 day moving average is $27.40. The company has a market capitalization of $1.19 billion, a P/E ratio of 32.54 and a beta of 0.83. The company has a debt-to-equity ratio of 0.91, a quick ratio of 1.21 and a current ratio of 1.61. Myers Industries has a fifty-two week low of $15.54 and a fifty-two week high of $37.45.

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

Institutional Investors Weigh In On Myers Industries

Hedge funds and other institutional investors have recently made changes to their positions in the business. BlackRock Inc. purchased a new position in Myers Industries during the second quarter valued at $104,161,000. Pzena Investment Management LLC bought a new stake in Myers Industries during the second quarter valued at about $27,578,000. Tieton Capital Management LLC purchased a new stake in Myers Industries in the second quarter worth about $16,321,000. Bank of New York Mellon Corp purchased a new stake in Myers Industries in the second quarter worth about $14,988,000. Finally, Capital World Investors bought a new position in shares of Myers Industries in the fourth quarter worth about $5,671,000. Hedge funds and other institutional investors own 90.82% of the company's stock.

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.

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