Myers Industries (NYSE:MYE) Raised to "Overweight" at KeyCorp

Myers Industries (NYSE:MYE - Get Free Report) was upgraded by stock analysts at KeyCorp from a "sector weight" rating to an "overweight" rating in a report released on Friday, Marketbeat Ratings reports. The firm presently has a $21.00 price objective on the industrial products company's stock. KeyCorp's price objective points to a potential upside of 41.18% from the company's current price. KeyCorp also issued estimates for Myers Industries' Q2 2025 earnings at $0.32 EPS, Q3 2025 earnings at $0.24 EPS, Q4 2025 earnings at $0.23 EPS, FY2025 earnings at $1.02 EPS and FY2026 earnings at $1.56 EPS.

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

Myers Industries Stock Up 1.4%

MYE stock traded up $0.21 during trading on Friday, reaching $14.88. 207,155 shares of the company traded hands, compared to its average volume of 329,835. The company has a market capitalization of $556.06 million, a price-to-earnings ratio of 35.42 and a beta of 1.12. The business has a 50 day simple moving average of $11.70 and a 200 day simple moving average of $11.72. Myers Industries has a 12 month low of $9.06 and a 12 month high of $17.39. The company has a debt-to-equity ratio of 1.36, a quick ratio of 1.11 and a current ratio of 1.80.

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

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Gamco Investors INC. ET AL boosted its holdings in shares of Myers Industries by 2.9% during the 1st quarter. Gamco Investors INC. ET AL now owns 3,482,902 shares of the industrial products company's stock worth $41,551,000 after purchasing an additional 99,417 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Myers Industries by 3.2% in the 1st quarter. Vanguard Group Inc. now owns 2,684,971 shares of the industrial products company's stock worth $32,032,000 after acquiring an additional 82,223 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its stake in Myers Industries by 6.0% during the first quarter. Allspring Global Investments Holdings LLC now owns 2,171,055 shares of the industrial products company's stock worth $26,726,000 after purchasing an additional 123,516 shares in the last quarter. Renaissance Technologies LLC increased its stake in Myers Industries by 11.8% during the fourth quarter. Renaissance Technologies LLC now owns 1,586,991 shares of the industrial products company's stock worth $17,520,000 after purchasing an additional 167,894 shares during the period. Finally, Gabelli Funds LLC grew its stake in shares of Myers Industries by 0.8% in the first quarter. Gabelli Funds LLC now owns 1,575,150 shares of the industrial products company's stock worth $18,792,000 after acquiring an additional 12,000 shares in the last quarter. Hedge funds and other institutional investors own 90.82% of the company's stock.

About Myers Industries

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.