Myers Industries (NYSE:MYE) Stock Rating Lowered by Wall Street Zen

Myers Industries (NYSE:MYE) was downgraded by Wall Street Zen from a “strong-buy” rating to a “buy” rating in a research note issued on Saturday.

A number of other equities research analysts have also recently commented on the stock. Zacks Research upgraded shares of Myers Industries from a “strong sell” rating to a “hold” rating in a research report on Tuesday, December 16th. Weiss Ratings restated a “hold (c)” rating on shares of Myers Industries in a research report on Thursday, January 22nd. One analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $21.00.

Myers Industries Stock Performance

NYSE MYE opened at $20.71 on Friday. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.67 and a quick ratio of 1.16. The stock’s 50 day simple moving average is $21.39 and its 200-day simple moving average is $19.06. The company has a market cap of $774.37 million, a PE ratio of 22.26 and a beta of 1.06. Myers Industries has a 1-year low of $9.06 and a 1-year high of $24.03.

Myers Industries (NYSE:MYE) last issued its quarterly earnings results on Thursday, March 5th. The industrial products company reported $0.31 EPS for the quarter, topping the consensus estimate of $0.23 by $0.08. The firm had revenue of $203.97 million during the quarter, compared to analysts’ expectations of $202.60 million. Myers Industries had a return on equity of 14.46% and a net margin of 4.23%. As a group, equities research analysts anticipate that Myers Industries will post 0.95 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Invesco Ltd. increased its position in Myers Industries by 12.5% during the fourth quarter. Invesco Ltd. now owns 76,177 shares of the industrial products company’s stock worth $1,426,000 after purchasing an additional 8,489 shares during the last quarter. Mercer Global Advisors Inc. ADV boosted its holdings in Myers Industries by 23.4% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 12,641 shares of the industrial products company’s stock valued at $237,000 after purchasing an additional 2,394 shares during the last quarter. XTX Topco Ltd purchased a new stake in shares of Myers Industries in the 4th quarter valued at approximately $597,000. Polymer Capital Management US LLC grew its stake in shares of Myers Industries by 16.0% in the 4th quarter. Polymer Capital Management US LLC now owns 19,051 shares of the industrial products company’s stock valued at $357,000 after buying an additional 2,629 shares during the period. Finally, AQR Capital Management LLC increased its holdings in shares of Myers Industries by 9.5% during the 4th quarter. AQR Capital Management LLC now owns 414,536 shares of the industrial products company’s stock worth $7,760,000 after buying an additional 36,088 shares during the last quarter. Institutional investors and hedge funds own 90.82% of the company’s stock.

About Myers Industries

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.