Myers Industries (NYSE:MYE) Upgraded to Strong-Buy at StockNews.com

Myers Industries (NYSE:MYEGet Rating) was upgraded by StockNews.com from a “buy” rating to a “strong-buy” rating in a research report issued on Thursday.

Separately, Zacks Investment Research upgraded shares of Myers Industries from a “hold” rating to a “buy” rating and set a $24.00 price target on the stock in a research note on Wednesday, May 4th.

Shares of MYE opened at $23.35 on Thursday. The company has a quick ratio of 1.04, a current ratio of 1.71 and a debt-to-equity ratio of 0.45. Myers Industries has a twelve month low of $15.82 and a twelve month high of $25.10. The company has a market capitalization of $848.63 million, a P/E ratio of 19.62 and a beta of 1.41. The firm has a 50 day moving average of $21.80 and a 200 day moving average of $19.82.

Myers Industries (NYSE:MYEGet Rating) last issued its quarterly earnings results on Thursday, May 5th. The industrial products company reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.22. Myers Industries had a net margin of 5.36% and a return on equity of 21.67%. The business had revenue of $225.49 million for the quarter, compared to analysts’ expectations of $204.21 million. During the same quarter last year, the company posted $0.22 EPS. On average, sell-side analysts expect that Myers Industries will post 1.62 EPS for the current year.

In other news, Director Frederic Jack Liebau, Jr. bought 5,000 shares of Myers Industries stock in a transaction on Tuesday, March 15th. The shares were bought at an average cost of $18.42 per share, with a total value of $92,100.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.97% of the company’s stock.

Several hedge funds have recently made changes to their positions in the stock. Mirabella Financial Services LLP acquired a new position in shares of Myers Industries in the first quarter valued at approximately $543,000. Jane Street Group LLC purchased a new position in Myers Industries in the first quarter worth approximately $372,000. Goldman Sachs Group Inc. lifted its position in shares of Myers Industries by 106.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 51,557 shares of the industrial products company’s stock worth $1,114,000 after buying an additional 26,555 shares during the last quarter. Captrust Financial Advisors lifted its position in shares of Myers Industries by 32.8% during the 1st quarter. Captrust Financial Advisors now owns 4,494 shares of the industrial products company’s stock worth $98,000 after buying an additional 1,109 shares during the last quarter. Finally, State Street Corp lifted its position in shares of Myers Industries by 3.1% during the 1st quarter. State Street Corp now owns 1,216,374 shares of the industrial products company’s stock worth $26,435,000 after buying an additional 36,804 shares during the last quarter. Hedge funds and other institutional investors own 92.02% of the company’s stock.

About Myers Industries (Get Rating)

Myers Industries, Inc engages in distribution of tire service supplies in Ohio. It operates through The Material Handling and Distribution segments. The Material Handling segment offers pallets, small parts bins, bulk shipping containers, OEM parts, storage, organization, and custom plastic products; injection molded, rotationally molded or blow molded products, consumer fuel containers and tanks for water, fuel, and waste handling.

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