Myers Industries (NYSE:MYE) Raised to Strong-Buy at Wall Street Zen

Myers Industries (NYSE:MYE) was upgraded by analysts at Wall Street Zen from a “buy” rating to a “strong-buy” rating in a research report issued on Monday, Wall Street Zen reports.

Other research analysts have also issued research reports about the stock. Weiss Ratings raised shares of Myers Industries from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, October 2nd. KeyCorp lifted their price target on shares of Myers Industries from $26.00 to $37.00 and gave the company an “overweight” rating in a research report on Tuesday, June 30th. Two research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $37.00.

Myers Industries Price Performance

MYE stock opened at $30.60 on Monday. Myers Industries has a 52-week low of $15.54 and a 52-week high of $37.45. The company has a quick ratio of 1.21, a current ratio of 1.61 and a debt-to-equity ratio of 0.91. The stock has a market cap of $1.15 billion, a price-to-earnings ratio of 31.55 and a beta of 0.83. The business has a fifty day moving average of $31.92 and a two-hundred day moving average of $27.95.

Myers Industries (NYSE:MYE) last announced its quarterly earnings results on Thursday, July 30th. The industrial products company reported $0.53 EPS for the quarter, beating the consensus estimate of $0.36 by $0.17. The business had revenue of $179.20 million for the quarter, compared to analyst estimates of $166.00 million. Myers Industries had a return on equity of 19.86% and a net margin of 4.86%.

Institutional Investors Weigh In On Myers Industries

Several institutional investors and hedge funds have recently modified their holdings of the company. Tidal Investments LLC acquired a new position in Myers Industries in the 2nd quarter valued at about $926,000. WINTON GROUP Ltd purchased a new stake in Myers Industries during the 2nd quarter worth approximately $304,000. Integrated Wealth Concepts LLC acquired a new stake in Myers Industries during the 2nd quarter worth approximately $112,000. HighTower Advisors LLC lifted its holdings in Myers Industries by 34.7% during the 2nd quarter. HighTower Advisors LLC now owns 16,947 shares of the industrial products company’s stock worth $598,000 after buying an additional 4,363 shares in the last quarter. Finally, AXQ Capital LP acquired a new stake in Myers Industries during the 2nd quarter worth approximately $387,000. Hedge funds and other institutional investors own 90.82% of the company’s stock.

About Myers Industries

Myers Industries, Inc is a diversified manufacturer and distributor headquartered in Akron, Ohio. Founded in 1933, the company serves industrial, commercial, agricultural, automotive, and other end markets through its businesses in material handling and tire service distribution.

Its material handling operations produce reusable plastic products, including pallets, totes, containers, bulk bins, drums, tanks, and other molded components. These products are used for the storage, transport, and handling of materials across manufacturing, supply chain, agricultural, and commercial applications.