Myers Industries (NYSE:MYE) Upgraded at Wall Street Zen

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

Separately, KeyCorp upgraded Myers Industries from a “sector weight” rating to an “overweight” rating and set a $21.00 target price on the stock in a research report on Friday, June 13th.

Myers Industries Trading Up 0.1%

MYE opened at $14.27 on Friday. Myers Industries has a twelve month low of $9.06 and a twelve month high of $17.39. The company has a quick ratio of 1.14, a current ratio of 1.78 and a debt-to-equity ratio of 1.34. The company has a fifty day moving average of $12.28 and a 200-day moving average of $11.83. The stock has a market cap of $533.44 million, a PE ratio of 50.96 and a beta of 1.12.

Myers Industries (NYSE:MYE) last issued its quarterly earnings results on Thursday, May 1st. The industrial products company reported $0.22 EPS for the quarter, beating analysts’ consensus estimates of $0.19 by $0.03. Myers Industries had a net margin of 1.26% and a return on equity of 14.02%. The business had revenue of $206.75 million for the quarter, compared to analysts’ expectations of $206.80 million. On average, sell-side analysts predict that Myers Industries will post 0.95 EPS for the current year.

Myers Industries announced that its board has approved a share repurchase program on Thursday, March 6th that authorizes the company to repurchase $10.00 million in shares. This repurchase authorization authorizes the industrial products company to purchase up to 2.2% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its stock is undervalued.

Institutional Investors Weigh In On Myers Industries

Several hedge funds and other institutional investors have recently bought and sold shares of MYE. GAMMA Investing LLC lifted its holdings in shares of Myers Industries by 586.6% in the 1st 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 in the last quarter. CWM LLC grew its holdings in shares of Myers Industries by 829.7% during the first quarter. CWM LLC now owns 4,695 shares of the industrial products company’s stock valued at $56,000 after buying an additional 4,190 shares during the last quarter. Aquatic Capital Management LLC increased its position in shares of Myers Industries by 103.1% during the fourth quarter. Aquatic Capital Management LLC now owns 5,484 shares of the industrial products company’s stock worth $61,000 after acquiring an additional 2,784 shares in the last quarter. ProShare Advisors LLC acquired a new stake in shares of Myers Industries in the 4th quarter worth about $114,000. Finally, Ieq Capital LLC bought a new position in Myers Industries in the 1st quarter valued at about $119,000. 90.82% of the stock is owned by institutional investors.

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.