KeyCorp Forecasts Strong Price Appreciation for Myers Industries (NYSE:MYE) Stock

Myers Industries (NYSE:MYE) had its price objective increased by equities research analysts at KeyCorp to $37.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the industrial products company’s stock. KeyCorp’s price objective points to a potential upside of 8.36% from the company’s current price.

A number of other research analysts have also issued reports on the company. Weiss Ratings lowered Myers Industries from a “hold (c+)” rating to a “hold (c)” rating in a report on Monday, May 11th. Wall Street Zen downgraded Myers Industries from a “buy” rating to a “hold” rating in a report on Saturday, May 9th. One analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $37.00.

Myers Industries Stock Performance

NYSE MYE traded up $3.29 during trading on Tuesday, reaching $34.15. The company’s stock had a trading volume of 507,021 shares, compared to its average volume of 300,513. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.29 and a current ratio of 1.65. The firm has a market cap of $1.28 billion, a price-to-earnings ratio of 48.63 and a beta of 0.98. Myers Industries has a twelve month low of $12.96 and a twelve month high of $34.42. The business’s fifty day moving average price is $23.93 and its 200-day moving average price is $21.89.

Myers Industries (NYSE:MYE) last announced its earnings results on Thursday, May 7th. The industrial products company reported $0.44 EPS for the quarter, beating analysts’ consensus estimates of $0.28 by $0.16. Myers Industries had a net margin of 3.36% and a return on equity of 17.23%. The business had revenue of $164.58 million during the quarter, compared to analysts’ expectations of $209.30 million.

Institutional Trading of Myers Industries

A number of institutional investors have recently modified their holdings of MYE. NewEdge Advisors LLC purchased a new position in Myers Industries in the first quarter worth $43,000. Bank of America Corp DE boosted its position in shares of Myers Industries by 2.0% during the 1st quarter. Bank of America Corp DE now owns 318,135 shares of the industrial products company’s stock worth $6,738,000 after purchasing an additional 6,147 shares in the last quarter. Quantinno Capital Management LP grew its stake in shares of Myers Industries by 5.9% during the 1st quarter. Quantinno Capital Management LP now owns 48,499 shares of the industrial products company’s stock worth $1,027,000 after purchasing an additional 2,709 shares during the period. Lazard Asset Management LLC grew its stake in shares of Myers Industries by 69.8% during the 1st quarter. Lazard Asset Management LLC now owns 155,766 shares of the industrial products company’s stock worth $3,299,000 after purchasing an additional 64,018 shares during the period. Finally, Arrowstreet Capital Limited Partnership grew its stake in shares of Myers Industries by 10.4% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 712,692 shares of the industrial products company’s stock worth $15,095,000 after purchasing an additional 67,080 shares during the period. 90.82% of the stock is currently owned by hedge funds and other 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.