Myers Industries (NYSE:MYE) Cut to Hold at Wall Street Zen

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

Separately, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Myers Industries in a report on Thursday, January 22nd. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, Myers Industries currently has a consensus rating of "Hold" and an average price target of $21.00.

Myers Industries Trading Up 2.5%

Shares of NYSE:MYE opened at $22.97 on Friday. The company has a market cap of $859.08 million, a P/E ratio of 32.81 and a beta of 0.96. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.65 and a quick ratio of 1.16. Myers Industries has a 1 year low of $11.86 and a 1 year high of $24.25. The stock's fifty day moving average price is $21.34 and its 200-day moving average price is $19.99.

Myers Industries (NYSE:MYE - Get Free Report) last announced its quarterly earnings results on Thursday, May 7th. The industrial products company reported $0.44 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.28 by $0.16. The firm had revenue of $164.58 million for the quarter, compared to the consensus estimate of $209.30 million. Myers Industries had a return on equity of 17.23% and a net margin of 3.36%.

Institutional Investors Weigh In On Myers Industries

Institutional investors and hedge funds have recently modified their holdings of the business. State of Alaska Department of Revenue bought a new stake in shares of Myers Industries during the 3rd quarter worth approximately $25,000. EverSource Wealth Advisors LLC lifted its stake in shares of Myers Industries by 372.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,900 shares of the industrial products company's stock worth $28,000 after acquiring an additional 1,498 shares during the last quarter. Kestra Advisory Services LLC bought a new stake in shares of Myers Industries during the 4th quarter worth approximately $38,000. Quarry LP purchased a new position in Myers Industries during the 3rd quarter worth $48,000. Finally, New York State Teachers Retirement System purchased a new position in Myers Industries during the 3rd quarter worth $57,000. 90.82% of the stock is owned by institutional investors.

Myers Industries Company Profile

Myers Industries, Inc is a diversified manufacturer of polymer products serving industrial, commercial and consumer markets. The company designs, produces and markets a broad range of molded and fabricated plastic components, including pallets, bulk containers, tanks and drums used in material handling and storage applications. Myers Industries leverages proprietary polymer technologies to provide durable, reusable solutions that help customers optimize supply chain efficiency and reduce environmental impact.

Myers operates primarily through two business segments.

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