Myers Industries (NYSE:MYE) Downgraded by Wall Street Zen to Hold

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

Separately, KeyCorp upgraded shares of Myers Industries from a "sector weight" rating to an "overweight" rating and set a $21.00 price target on the stock in a research note on Friday.

Myers Industries Price Performance

NYSE:MYE opened at $14.68 on Friday. Myers Industries has a 52-week low of $9.06 and a 52-week high of $17.39. The company has a market cap of $548.77 million, a P/E ratio of 34.95 and a beta of 1.12. The company has a debt-to-equity ratio of 1.36, a quick ratio of 1.11 and a current ratio of 1.80. The stock's 50-day simple moving average is $11.70 and its 200 day simple moving average is $11.71.

Myers Industries (NYSE:MYE - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The industrial products company reported $0.22 EPS 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 business had revenue of $206.75 million during the quarter, compared to analysts' expectations of $206.80 million. As a group, sell-side analysts forecast that Myers Industries will post 0.95 EPS for the current fiscal year.

Myers Industries declared that its Board of Directors has approved a stock repurchase plan on Thursday, March 6th that permits the company to buyback $10.00 million in shares. This buyback authorization permits the industrial products company to repurchase up to 2.2% of its stock through open market purchases. Stock buyback plans are usually an indication that the company's board of directors believes its shares are undervalued.

Institutional Investors Weigh In On Myers Industries

Several institutional investors and hedge funds have recently added to or reduced their stakes in MYE. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Myers Industries by 4.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,835 shares of the industrial products company's stock worth $260,000 after buying an additional 936 shares during the last quarter. Fox Run Management L.L.C. boosted its stake in shares of Myers Industries by 5.0% in the 1st quarter. Fox Run Management L.L.C. now owns 23,904 shares of the industrial products company's stock valued at $285,000 after purchasing an additional 1,148 shares in the last quarter. GAMMA Investing LLC grew its holdings in shares of Myers Industries by 586.6% during the 1st quarter. GAMMA Investing LLC now owns 2,609 shares of the industrial products company's stock valued at $31,000 after purchasing an additional 2,229 shares during the last quarter. Rhumbline Advisers increased its position in Myers Industries by 4.6% during the 1st quarter. Rhumbline Advisers now owns 54,098 shares of the industrial products company's stock worth $645,000 after purchasing an additional 2,389 shares in the last quarter. Finally, Aquatic Capital Management LLC lifted its stake in Myers Industries by 103.1% in the 4th quarter. Aquatic Capital Management LLC now owns 5,484 shares of the industrial products company's stock valued at $61,000 after purchasing an additional 2,784 shares during the last quarter. 90.82% of the stock is currently owned by institutional investors.

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.

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