Zacks Investment Research Upgrades Myers Industries (MYE) to Buy
Myers Industries (NYSE:MYE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Wednesday. The brokerage presently has a $24.00 target price on the industrial products company’s stock. Zacks Investment Research‘s price objective points to a potential upside of 11.89% from the company’s current price.
According to Zacks, “Myers Industries, Inc. is an international manufacturer of polymer products for industrial, agricultural, automotive, commercial, and consumer markets. The Company is also the largest wholesale distributor of tools, equipment, and supplies for the tire service and undervehicle repair industry in the United States. “
Separately, KeyCorp reiterated a “sell” rating on shares of Myers Industries in a report on Tuesday, August 1st. Two equities research analysts have rated the stock with a sell rating and two have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $19.50.
Myers Industries (NYSE:MYE) last released its quarterly earnings data on Tuesday, November 7th. The industrial products company reported $0.11 EPS for the quarter, meeting analysts’ consensus estimates of $0.11. The business had revenue of $144.10 million during the quarter, compared to the consensus estimate of $138.93 million. Myers Industries had a return on equity of 12.93% and a net margin of 1.24%. The firm’s revenue was up 8.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.04 earnings per share. equities analysts expect that Myers Industries will post 0.49 EPS for the current fiscal year.
Several institutional investors have recently made changes to their positions in MYE. Thompson Davis & CO. Inc. increased its holdings in shares of Myers Industries by 44.4% in the second quarter. Thompson Davis & CO. Inc. now owns 5,656 shares of the industrial products company’s stock worth $102,000 after acquiring an additional 1,738 shares in the last quarter. KBC Group NV increased its holdings in shares of Myers Industries by 183.5% in the second quarter. KBC Group NV now owns 5,695 shares of the industrial products company’s stock worth $102,000 after acquiring an additional 3,686 shares in the last quarter. Public Employees Retirement System of Ohio bought a new stake in shares of Myers Industries in the third quarter worth about $107,000. Acrospire Investment Management LLC bought a new stake in shares of Myers Industries in the second quarter worth about $136,000. Finally, BNP Paribas Arbitrage SA increased its holdings in shares of Myers Industries by 99.8% in the second quarter. BNP Paribas Arbitrage SA now owns 8,637 shares of the industrial products company’s stock worth $155,000 after acquiring an additional 4,315 shares in the last quarter. Institutional investors own 84.88% of the company’s stock.
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About Myers Industries
Myers Industries, Inc is an international manufacturing and distribution company. The Company operates through two segments: Material Handling and Distribution. As of December 31, 2016, the Company operated 15 manufacturing facilities, 20 sales offices, four distribution centers and three distribution branches located throughout North, Central and South America.
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