Myers Industries (NYSE:MYE) Upgraded by KeyCorp to "Overweight" Rating

Myers Industries (NYSE:MYE - Get Free Report) was upgraded by equities researchers at KeyCorp from a "sector weight" rating to an "overweight" rating in a report issued on Friday, Marketbeat reports. The firm currently has a $21.00 price objective on the industrial products company's stock. KeyCorp's target price would indicate a potential upside of 43.05% from the stock's current price.

Separately, Wall Street Zen raised shares of Myers Industries from a "hold" rating to a "buy" rating in a research note on Friday, May 30th.

Myers Industries Trading Up 1.0%

Shares of Myers Industries stock traded up $0.14 during trading on Friday, reaching $14.68. 542,488 shares of the stock were exchanged, compared to its average volume of 330,042. The company has a quick ratio of 1.11, a current ratio of 1.80 and a debt-to-equity ratio of 1.36. The firm has a market cap of $548.77 million, a price-to-earnings ratio of 34.95 and a beta of 1.12. Myers Industries has a 1 year low of $9.06 and a 1 year high of $17.39. The stock's fifty day moving average is $11.60 and its 200 day moving average is $11.69.

Myers Industries (NYSE:MYE - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The industrial products company reported $0.22 EPS for the quarter, beating analysts' consensus estimates of $0.19 by $0.03. The business had revenue of $206.75 million during the quarter, compared to analyst estimates of $206.80 million. Myers Industries had a return on equity of 14.75% and a net margin of 1.88%. As a group, equities research analysts expect that Myers Industries will post 0.95 earnings per share for the current fiscal year.

Myers Industries announced that its board has authorized a stock buyback plan on Thursday, March 6th that permits the company to buyback $10.00 million in outstanding shares. This buyback authorization permits the industrial products company to purchase up to 2.2% of its stock through open market purchases. Stock buyback plans are typically a sign that the company's leadership believes its stock is undervalued.

Hedge Funds Weigh In On Myers Industries

A number of institutional investors have recently added to or reduced their stakes in MYE. Nuveen Asset Management LLC increased its stake in shares of Myers Industries by 2.8% in the 4th quarter. Nuveen Asset Management LLC now owns 437,753 shares of the industrial products company's stock worth $4,833,000 after acquiring an additional 11,985 shares in the last quarter. KLP Kapitalforvaltning AS purchased a new stake in Myers Industries in the fourth quarter worth about $309,000. Barington Capital Group L.P. bought a new position in shares of Myers Industries during the fourth quarter valued at approximately $9,055,000. D. E. Shaw & Co. Inc. lifted its holdings in shares of Myers Industries by 828.5% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 227,283 shares of the industrial products company's stock valued at $2,509,000 after purchasing an additional 202,805 shares during the last quarter. Finally, Sei Investments Co. boosted its position in shares of Myers Industries by 3.8% in the 4th quarter. Sei Investments Co. now owns 76,288 shares of the industrial products company's stock worth $842,000 after purchasing an additional 2,788 shares in the last quarter. Institutional investors own 90.82% of the company's stock.

Myers Industries Company Profile

Myers Industries, Inc engages in distribution of tire service supplies in Ohio. It operates through two segments, The Material Handling and Distribution. The Material Handling segment offers pallets, small parts bins, bulk shipping containers, and OEM parts, as well as storage and organization, and custom plastic products; and injection molded, rotationally molded or blow molded products, consumer fuel containers and tanks for water, fuel, and waste handling.