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

Key Points

• Wall Street Zen has downgraded Myers Industries from a "buy" rating to a "hold" rating, indicating a more cautious outlook for the stock.
• Myers Industries reported earnings per share of $0.31 for the last quarter, missing the consensus estimate of $0.32, along with revenue of $209.58 million, which fell short of expectations.
• Institutional investors have been active, with hedge funds like Nisa Investment Advisors increasing their positions in Myers Industries, now held predominantly by institutional entities with a total of 90.82% ownership.

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 released on Saturday.

A number of other research analysts have also recently weighed in on MYE. KeyCorp upgraded Myers Industries from a "sector weight" rating to an "overweight" rating and set a $21.00 target price on the stock in a report on Friday, June 13th. Weiss Ratings restated a "hold (c)" rating on shares of Myers Industries in a research note on Wednesday. One investment analyst has rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, Myers Industries has an average rating of "Moderate Buy" and a consensus target price of $21.00.

Myers Industries Stock Performance

NYSE MYE opened at $15.80 on Friday. Myers Industries has a 1-year low of $9.06 and a 1-year high of $17.25. The company has a market capitalization of $591.08 million, a P/E ratio of 60.77 and a beta of 1.15. The business has a 50 day moving average price of $16.39 and a 200 day moving average price of $14.08. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.77 and a quick ratio of 1.12.

Myers Industries (NYSE:MYE - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The industrial products company reported $0.31 earnings per share for the quarter, missing the consensus estimate of $0.32 by ($0.01). The company had revenue of $209.58 million for the quarter, compared to analysts' expectations of $220.60 million. Myers Industries had a return on equity of 13.02% and a net margin of 1.20%. Sell-side analysts expect that Myers Industries will post 0.95 EPS for the current fiscal year.

Hedge Funds Weigh In On Myers Industries

Hedge funds and other institutional investors have recently made changes to their positions in the business. Nisa Investment Advisors LLC lifted its position in Myers Industries by 30.2% in the second quarter. Nisa Investment Advisors LLC now owns 3,714 shares of the industrial products company's stock worth $54,000 after purchasing an additional 861 shares during the period. 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 valued at $260,000 after acquiring an additional 936 shares during the last quarter. Fox Run Management L.L.C. lifted its position in shares of Myers Industries by 5.0% during 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 acquiring an additional 1,148 shares during the last quarter. Tieton Capital Management LLC lifted its position in shares of Myers Industries by 0.3% during the 2nd quarter. Tieton Capital Management LLC now owns 434,850 shares of the industrial products company's stock valued at $6,301,000 after acquiring an additional 1,260 shares during the last quarter. Finally, Quantinno Capital Management LP lifted its position in shares of Myers Industries by 5.5% during the 2nd quarter. Quantinno Capital Management LP now owns 28,341 shares of the industrial products company's stock valued at $411,000 after acquiring an additional 1,467 shares during the last quarter. 90.82% of the stock is currently owned by institutional investors and hedge funds.

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.

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