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

Key Points

• Wall Street Zen upgraded Myers Industries from “buy” to “strong-buy,” while the broader analyst consensus is “Moderate Buy” with an average price target of $37.
• Myers Industries exceeded quarterly expectations, reporting EPS of $0.53 versus the $0.36 consensus and revenue of $179.2 million compared with the $166 million estimate.
• Institutional ownership is substantial at 90.82%, with BlackRock and several other major investment firms establishing new positions during the second quarter.

Myers Industries (NYSE:MYE - Get Free Report) was upgraded by Wall Street Zen from a "buy" rating to a "strong-buy" rating in a research note issued on Monday, Wall Street Zen reports.

Several other research firms also recently weighed in on MYE. KeyCorp raised their price target on Myers Industries from $26.00 to $37.00 and gave the stock an "overweight" rating in a research report on Tuesday, June 30th. Weiss Ratings raised Myers Industries from a "hold (c+)" rating to a "buy (b-)" rating in a report on Friday, October 2nd. 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 an average price target of $37.00.

Myers Industries Trading Up 0.0%

Shares of MYE opened at $30.64 on Monday. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.61 and a quick ratio of 1.21. The firm has a 50 day simple moving average of $32.17 and a 200-day simple moving average of $27.82. Myers Industries has a 1-year low of $15.54 and a 1-year high of $37.45. The stock has a market cap of $1.15 billion, a price-to-earnings ratio of 31.59 and a beta of 0.83.

Myers Industries (NYSE:MYE - Get Free Report) last issued its quarterly earnings data on Thursday, July 30th. The industrial products company reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.17. Myers Industries had a return on equity of 19.86% and a net margin of 4.86%. The firm had revenue of $179.20 million during the quarter, compared to the consensus estimate of $166.00 million.

Institutional Investors Weigh In On Myers Industries

A number of hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. acquired a new position in Myers Industries during the second quarter worth approximately $104,161,000. Pzena Investment Management LLC purchased a new position in Myers Industries during the second quarter worth approximately $27,578,000. Tieton Capital Management LLC acquired a new position in shares of Myers Industries in the 2nd quarter valued at $16,321,000. Bank of New York Mellon Corp acquired a new position in shares of Myers Industries in the 2nd quarter valued at $14,988,000. Finally, Bank of America Corp DE acquired a new position in shares of Myers Industries in the 2nd quarter valued at $9,946,000. 90.82% of the stock is currently owned by hedge funds and other 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.

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