Myers Industries (NYSE:MYE) Downgraded to Buy at StockNews.com

Myers Industries (NYSE:MYE - Get Free Report) was downgraded by analysts at StockNews.com from a "strong-buy" rating to a "buy" rating in a research note issued to investors on Wednesday.

Separately, KeyCorp increased their price objective on shares of Myers Industries from $22.00 to $30.00 and gave the stock an "overweight" rating in a research report on Friday, March 22nd.

Myers Industries Trading Down 1.5 %

MYE stock traded down $0.27 during mid-day trading on Wednesday, reaching $17.95. The company's stock had a trading volume of 436,833 shares, compared to its average volume of 260,304. The company has a market cap of $663.07 million, a price-to-earnings ratio of 13.60 and a beta of 1.31. Myers Industries has a 12 month low of $15.65 and a 12 month high of $23.63. The business's 50 day moving average price is $21.65 and its 200 day moving average price is $19.54. The company has a current ratio of 1.55, a quick ratio of 1.00 and a debt-to-equity ratio of 0.14.

Myers Industries (NYSE:MYE - Get Free Report) last released its earnings results on Tuesday, March 5th. The industrial products company reported $0.29 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.26 by $0.03. The company had revenue of $191.08 million for the quarter, compared to the consensus estimate of $191.60 million. Myers Industries had a net margin of 6.01% and a return on equity of 18.55%. During the same quarter in the previous year, the company earned $0.32 EPS. On average, equities research analysts predict that Myers Industries will post 1.38 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of MYE. Texas Permanent School Fund Corp increased its position in shares of Myers Industries by 1.4% during the first quarter. Texas Permanent School Fund Corp now owns 32,240 shares of the industrial products company's stock worth $747,000 after acquiring an additional 442 shares in the last quarter. Principal Financial Group Inc. increased its holdings in Myers Industries by 0.3% during the 1st quarter. Principal Financial Group Inc. now owns 191,955 shares of the industrial products company's stock worth $4,448,000 after purchasing an additional 519 shares in the last quarter. Swiss National Bank raised its stake in shares of Myers Industries by 1.5% in the third quarter. Swiss National Bank now owns 68,700 shares of the industrial products company's stock worth $1,232,000 after purchasing an additional 1,000 shares during the last quarter. Barclays PLC lifted its holdings in shares of Myers Industries by 6.1% in the third quarter. Barclays PLC now owns 23,985 shares of the industrial products company's stock valued at $429,000 after purchasing an additional 1,389 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Myers Industries by 28.3% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,478 shares of the industrial products company's stock valued at $134,000 after buying an additional 1,648 shares during the last quarter. Institutional investors and hedge funds 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.

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