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

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

Several other research firms have also recently commented on MYE. Weiss Ratings reissued a “hold (c)” rating on shares of Myers Industries in a research note on Wednesday, October 8th. KeyCorp raised shares of Myers Industries from a “sector weight” rating to an “overweight” rating and set a $21.00 target price on the stock in a research note on Friday, June 13th. One equities research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $21.00.

Myers Industries Stock Down 2.5%

MYE stock opened at $15.80 on Friday. 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 has a fifty-two week low of $9.06 and a fifty-two week high of $17.25. The firm’s 50-day simple moving average is $16.39 and its 200 day simple moving average is $14.10. The stock has a market cap of $591.08 million, a PE ratio of 60.77 and a beta of 1.15.

Myers Industries (NYSE:MYE) last released its quarterly earnings data on Thursday, July 31st. The industrial products company reported $0.31 earnings per share for the quarter, missing analysts’ consensus estimates of $0.32 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 $209.58 million during the quarter, compared to analyst estimates of $220.60 million. As a group, sell-side analysts predict that Myers Industries will post 0.95 EPS for the current year.

Hedge Funds Weigh In On Myers Industries

Several hedge funds have recently made changes to their positions in the business. Tower Research Capital LLC TRC grew its stake in shares of Myers Industries by 113.9% in the 2nd quarter. Tower Research Capital LLC TRC now owns 5,508 shares of the industrial products company’s stock worth $80,000 after purchasing an additional 2,933 shares during the last quarter. EVR Research LP acquired a new position in shares of Myers Industries in the 2nd quarter worth approximately $1,449,000. Bluefin Capital Management LLC acquired a new position in shares of Myers Industries in the 2nd quarter worth approximately $1,594,000. AQR Capital Management LLC grew its stake in shares of Myers Industries by 137.9% in the 2nd quarter. AQR Capital Management LLC now owns 397,242 shares of the industrial products company’s stock worth $5,756,000 after purchasing an additional 230,252 shares during the last quarter. Finally, Quantinno Capital Management LP grew its stake in shares of Myers Industries by 5.5% in the 2nd quarter. Quantinno Capital Management LP now owns 28,341 shares of the industrial products company’s stock worth $411,000 after purchasing an additional 1,467 shares during the last quarter. Institutional investors and hedge funds own 90.82% of the company’s stock.

About Myers Industries

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.