Myers Industries (NYSE:MYE) Upgraded to “Buy” at Wall Street Zen

Myers Industries (NYSE:MYE) was upgraded by stock analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research report issued on Saturday.

MYE has been the subject of a number of other reports. Weiss Ratings reiterated a “hold (c)” rating on shares of Myers Industries in a report on Wednesday, October 8th. Zacks Research cut shares of Myers Industries from a “hold” rating to a “strong sell” rating in a research report on Thursday, October 23rd. One equities research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Myers Industries has a consensus rating of “Hold” and an average target price of $21.00.

Myers Industries Price Performance

MYE opened at $17.37 on Friday. The stock’s 50 day simple moving average is $16.68 and its 200 day simple moving average is $15.01. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.77 and a quick ratio of 1.12. Myers Industries has a 1 year low of $9.06 and a 1 year high of $18.29. The firm has a market cap of $649.63 million, a price-to-earnings ratio of 66.79 and a beta of 1.19.

Myers Industries (NYSE:MYE) last announced its quarterly earnings data on Thursday, October 30th. The industrial products company reported $0.26 earnings per share for the quarter, beating 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 firm had revenue of $205.44 million during the quarter, compared to the consensus estimate of $206.40 million. As a group, analysts predict that Myers Industries will post 0.95 earnings per share for the current year.

Insider Transactions at Myers Industries

In related news, Director Helmuth Ludwig acquired 5,000 shares of the stock in a transaction on Monday, November 3rd. The stock was acquired at an average cost of $17.21 per share, for a total transaction of $86,050.00. Following the completion of the acquisition, the director directly owned 13,436 shares of the company’s stock, valued at approximately $231,233.56. This represents a 59.27% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.85% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. GAMMA Investing LLC grew its stake in Myers Industries by 586.6% in the first quarter. GAMMA Investing LLC now owns 2,609 shares of the industrial products company’s stock worth $31,000 after purchasing an additional 2,229 shares during the period. Teacher Retirement System of Texas lifted its position in Myers Industries by 102.2% during the first quarter. Teacher Retirement System of Texas now owns 98,877 shares of the industrial products company’s stock valued at $1,180,000 after buying an additional 49,979 shares during the period. Y Intercept Hong Kong Ltd lifted its position in Myers Industries by 141.0% during the second quarter. Y Intercept Hong Kong Ltd now owns 95,506 shares of the industrial products company’s stock valued at $1,384,000 after buying an additional 55,885 shares during the period. HighTower Advisors LLC boosted its holdings in shares of Myers Industries by 1,347.8% during the 1st quarter. HighTower Advisors LLC now owns 172,183 shares of the industrial products company’s stock valued at $2,054,000 after buying an additional 160,290 shares in the last quarter. Finally, GSA Capital Partners LLP purchased a new stake in Myers Industries in the first quarter worth about $680,000. 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.