Myers Industries (NYSE:MYE) Downgraded by Wall Street Zen to “Buy”

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

Other equities research analysts have also recently issued research reports about the stock. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Myers Industries in a report on Thursday, January 22nd. Zacks Research raised Myers Industries from a “strong sell” rating to a “hold” rating in a research report on Tuesday, December 16th. One analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus 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 market capitalization of $774.37 million, a PE ratio of 22.26 and a beta of 1.06. The company has a debt-to-equity ratio of 1.08, a quick ratio of 1.16 and a current ratio of 1.67. Myers Industries has a 52-week low of $9.06 and a 52-week high of $24.03. The company has a 50-day simple moving average of $21.39 and a 200 day simple moving average of $19.01.

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Pzena Investment Management LLC grew its stake in 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 valued at $24,379,000 after buying an additional 1,159,746 shares in the last quarter. Advisory Research Inc. boosted its holdings in shares of Myers Industries by 84.5% in the fourth 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 period. Teton Advisors LLC purchased a new position in shares of Myers Industries in the third quarter valued at $5,184,000. Capital World Investors bought a new stake in shares of Myers Industries during the 4th quarter valued at $5,671,000. Finally, Simcoe Capital Management LLC bought a new stake in shares of Myers Industries during the 3rd quarter valued at $4,120,000. 90.82% of the stock is owned by institutional investors.

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.