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

Myers Industries (NYSE:MYE) was downgraded by stock analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a research report issued to clients and investors on Saturday.

Other research analysts have also issued reports about the stock. Weiss Ratings restated a “hold (c)” rating on shares of Myers Industries in a research report on Thursday, January 22nd. Zacks Research upgraded Myers Industries from a “strong sell” rating to a “hold” rating in a research report on Tuesday, December 16th. One investment analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, Myers Industries presently has an average rating of “Hold” and a consensus target price of $21.00.

Myers Industries Trading Down 1.3%

Shares of Myers Industries stock opened at $20.71 on Friday. The company’s 50-day moving average price is $21.39 and its 200-day moving average price is $19.01. The company has a current ratio of 1.67, a quick ratio of 1.16 and a debt-to-equity ratio of 1.08. Myers Industries has a 12-month low of $9.06 and a 12-month high of $24.03. The company has a market cap of $774.37 million, a price-to-earnings ratio of 22.26 and a beta of 1.06.

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

Hedge Funds Weigh In On Myers Industries

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Pzena Investment Management LLC increased its holdings in shares of Myers Industries by 813.5% in the 4th quarter. Pzena Investment Management LLC now owns 1,302,309 shares of the industrial products company’s stock worth $24,379,000 after buying an additional 1,159,746 shares during the last quarter. Advisory Research Inc. lifted its holdings in shares of Myers Industries by 84.5% during the 4th quarter. Advisory Research Inc. now owns 1,302,928 shares of the industrial products company’s stock worth $24,391,000 after acquiring an additional 596,848 shares during the last quarter. Teton Advisors LLC bought a new stake in shares of Myers Industries during the 3rd quarter worth $5,184,000. Capital World Investors bought a new stake in shares of Myers Industries during the 4th quarter worth $5,671,000. Finally, Simcoe Capital Management LLC bought a new stake in shares of Myers Industries during the 3rd quarter worth $4,120,000. Hedge funds and other institutional investors 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.