Wall Street Zen Upgrades Myers Industries (NYSE:MYE) to “Strong-Buy”

Myers Industries (NYSE:MYE) was upgraded by equities research analysts at Wall Street Zen from a “buy” rating to a “strong-buy” rating in a research note issued on Friday.

MYE has been the subject of several other reports. Zacks Research downgraded Myers Industries from a “hold” rating to a “strong sell” rating in a report on Thursday, October 23rd. Weiss Ratings reissued a “hold (c)” rating on shares of Myers Industries in a research report on Wednesday, October 8th. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $21.00.

Myers Industries Trading Up 0.1%

MYE opened at $18.06 on Friday. The stock’s fifty day moving average is $17.06 and its two-hundred day moving average is $15.69. The company has a market capitalization of $675.59 million, a P/E ratio of 69.46 and a beta of 1.19. Myers Industries has a 52 week low of $9.06 and a 52 week high of $18.29. The company has a quick ratio of 1.12, a current ratio of 1.77 and a debt-to-equity ratio of 1.24.

Myers Industries (NYSE:MYE) last issued its earnings results on Thursday, October 30th. The industrial products company reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.25 by $0.01. Myers Industries had a return on equity of 13.02% and a net margin of 1.20%.The business had revenue of $205.44 million during the quarter, compared to analysts’ expectations of $206.40 million. Analysts forecast that Myers Industries will post 0.95 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Helmuth Ludwig bought 5,000 shares of the stock in a transaction on Monday, November 3rd. The stock was bought at an average cost of $17.21 per share, for a total transaction of $86,050.00. Following the completion of the purchase, the director directly owned 13,436 shares in the company, valued at approximately $231,233.56. The trade was a 59.27% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Samantha Rutty purchased 3,000 shares of the business’s stock in a transaction on Friday, November 14th. The stock was purchased at an average cost of $17.50 per share, for a total transaction of $52,500.00. Following the completion of the acquisition, the chief financial officer directly owned 3,000 shares of the company’s stock, valued at approximately $52,500. The trade was a ∞ increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last ninety days, insiders bought 9,000 shares of company stock worth $156,000. Insiders own 1.85% of the company’s stock.

Institutional Trading of Myers Industries

Several hedge funds and other institutional investors have recently made changes to their positions in the business. State of Alaska Department of Revenue acquired a new stake in shares of Myers Industries in the 3rd quarter worth $25,000. EverSource Wealth Advisors LLC raised its stake in Myers Industries by 372.6% in the second quarter. EverSource Wealth Advisors LLC now owns 1,900 shares of the industrial products company’s stock valued at $28,000 after buying an additional 1,498 shares during the last quarter. Huntington National Bank acquired a new stake in Myers Industries in the second quarter worth about $29,000. Quarry LP acquired a new stake in Myers Industries in the third quarter worth about $48,000. Finally, Nisa Investment Advisors LLC grew its stake in shares of Myers Industries by 30.2% during the second quarter. Nisa Investment Advisors LLC now owns 3,714 shares of the industrial products company’s stock worth $54,000 after acquiring an additional 861 shares during the last quarter. Hedge funds and other institutional investors 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.