Myers Industries (MYE) Upgraded at Zacks Investment Research

Zacks Investment Research upgraded shares of Myers Industries (NYSE:MYE) from a hold rating to a buy rating in a research report sent to investors on Tuesday, Zacks.com reports. The brokerage currently has $20.00 target price on the industrial products company’s stock.

According to Zacks, “Myers Industries, Inc. is an international manufacturer of polymer products for industrial, agricultural, automotive, commercial, and consumer markets. The Company is also the largest wholesale distributor of tools, equipment, and supplies for the tire service and undervehicle repair industry in the United States. “

MYE stock traded down $0.21 on Tuesday, reaching $17.99. The company had a trading volume of 309 shares, compared to its average volume of 109,071. Myers Industries has a 1 year low of $14.24 and a 1 year high of $25.70. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.61 and a current ratio of 2.10. The firm has a market cap of $645.40 million, a P/E ratio of 23.78 and a beta of 1.69.

Myers Industries (NYSE:MYE) last posted its earnings results on Wednesday, May 8th. The industrial products company reported $0.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.20 by $0.03. Myers Industries had a positive return on equity of 16.67% and a negative net margin of 0.62%. The firm had revenue of $139.12 million for the quarter, compared to analyst estimates of $146.90 million. During the same quarter in the prior year, the company earned $0.24 EPS. Myers Industries’s revenue was down 8.8% on a year-over-year basis. On average, research analysts predict that Myers Industries will post 0.81 earnings per share for the current year.

A number of hedge funds and other institutional investors have recently modified their holdings of MYE. Bank of New York Mellon Corp lifted its holdings in Myers Industries by 15.7% in the third quarter. Bank of New York Mellon Corp now owns 541,693 shares of the industrial products company’s stock worth $12,595,000 after acquiring an additional 73,359 shares during the last quarter. MetLife Investment Advisors LLC increased its stake in shares of Myers Industries by 55.2% during the third quarter. MetLife Investment Advisors LLC now owns 22,770 shares of the industrial products company’s stock valued at $529,000 after acquiring an additional 8,094 shares during the period. AQR Capital Management LLC acquired a new position in shares of Myers Industries during the third quarter valued at approximately $311,000. Teachers Advisors LLC increased its stake in shares of Myers Industries by 22.7% during the third quarter. Teachers Advisors LLC now owns 67,193 shares of the industrial products company’s stock valued at $1,562,000 after acquiring an additional 12,412 shares during the period. Finally, TIAA CREF Investment Management LLC increased its stake in shares of Myers Industries by 7.3% during the third quarter. TIAA CREF Investment Management LLC now owns 197,105 shares of the industrial products company’s stock valued at $4,583,000 after acquiring an additional 13,335 shares during the period. 89.88% of the stock is currently owned by hedge funds and other institutional investors.

Myers Industries Company Profile

Myers Industries, Inc manufactures and sells polymer products for industrial, agricultural, automotive, commercial, and consumer markets worldwide. The company's Material Handling segment provides plastic reusable material handling containers, pallets, small parts bins, bulk shipping containers, storage and organization products, and rotationally-molded plastic tanks for water, fuel, and waste handling applications; welded steel service carts, platform trucks, mobile work centers, racks, and cabinets; plastic trim and interior parts used in the production of seat components, consoles, and other applications in the recreational vehicle, marine, and industrial markets; and plastic fuel containers, portable marine fuel tanks and water containers, ammunition containers, and storage totes under the Buckhorn, Akro-Mils, Jamco Products, Ameri-Kart, and Scepter brands.

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