Myers Industries (NYSE:MYE) Upgraded to "Strong-Buy" at Wall Street Zen

Key Points

• Wall Street Zen upgraded Myers Industries from “buy” to “strong-buy,” although the broader analyst consensus remains “hold” with a $37.00 target price.
• Myers Industries reported quarterly EPS of $0.53, exceeding estimates of $0.36, while revenue reached $179.2 million versus expectations of $166.0 million.
• The stock opened at $31.45, down 0.5%, and institutional investors own 90.82% of the company, including new stakes from BlackRock and Pzena Investment Management.

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

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

Myers Industries Stock Down 0.5%

NYSE:MYE opened at $31.45 on Friday. The company has a debt-to-equity ratio of 0.91, a quick ratio of 1.21 and a current ratio of 1.61. The company has a market capitalization of $1.18 billion, a price-to-earnings ratio of 32.42 and a beta of 0.87. Myers Industries has a one year low of $15.54 and a one year high of $37.45. The stock has a 50-day simple moving average of $32.33 and a 200 day simple moving average of $27.05.

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

Hedge Funds Weigh In On Myers Industries

Institutional investors have recently made changes to their positions in the stock. BlackRock Inc. acquired a new stake in shares of Myers Industries during the 2nd quarter worth approximately $104,161,000. Dimensional Fund Advisors LP grew its stake in Myers Industries by 2.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,589,420 shares of the industrial products company's stock worth $33,663,000 after buying an additional 39,565 shares during the last quarter. Pzena Investment Management LLC bought a new position in Myers Industries during the 2nd quarter worth $27,578,000. Arrowstreet Capital Limited Partnership increased its position in Myers Industries by 10.4% in the first quarter. Arrowstreet Capital Limited Partnership now owns 712,692 shares of the industrial products company's stock worth $15,095,000 after buying an additional 67,080 shares during the period. Finally, Tieton Capital Management LLC acquired a new stake in Myers Industries in the second quarter worth $16,321,000. 90.82% of the stock is owned by institutional investors.

Myers Industries Company Profile

Myers Industries, Inc is an industrial manufacturing and distribution company headquartered in Akron, Ohio. The company serves customers primarily in North America through two principal business areas: material handling and distribution.

Its material handling business manufactures reusable plastic products used to store, transport and protect materials. Products include pallets, totes, containers, drums, tanks, carts and other custom plastic components for industrial, agricultural, automotive, food processing and commercial applications.

Through its distribution operations, including Myers Tire Supply, the company provides tire service supplies, equipment and related products to tire dealers, automotive service businesses and commercial customers.

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