Myers Industries (MYE) Raised to “Buy” at Zacks Investment Research

Myers Industries (NYSE:MYE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Saturday. The firm presently has a $26.00 price target on the industrial products company’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 10.87% from the stock’s current price.

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. “

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Other equities analysts have also issued reports about the stock. ValuEngine upgraded shares of Myers Industries from a “hold” rating to a “buy” rating in a research report on Monday, April 2nd. Wells Fargo upgraded shares of Myers Industries from a “market perform” rating to an “outperform” rating and set a $24.00 price objective on the stock in a research report on Wednesday, January 3rd. Two analysts have rated the stock with a sell rating and three have given a buy rating to the company. Myers Industries has an average rating of “Hold” and a consensus target price of $21.67.

NYSE:MYE opened at $23.45 on Friday. Myers Industries has a 1-year low of $15.40 and a 1-year high of $24.15. The company has a debt-to-equity ratio of 1.61, a quick ratio of 1.04 and a current ratio of 1.52. The firm has a market capitalization of $639.20, a P/E ratio of 45.98, a PEG ratio of 8.24 and a beta of 1.78.

Myers Industries (NYSE:MYE) last posted its quarterly earnings data on Tuesday, March 6th. The industrial products company reported $0.09 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.09. Myers Industries had a negative net margin of 1.74% and a positive return on equity of 15.86%. The firm had revenue of $140.10 million for the quarter, compared to analyst estimates of $140.70 million. Myers Industries’s revenue for the quarter was up 13.6% on a year-over-year basis. analysts forecast that Myers Industries will post 0.85 earnings per share for the current fiscal year.

In related news, Director Jane Scaccetti bought 1,500 shares of the firm’s stock in a transaction on Tuesday, March 13th. The shares were bought at an average cost of $21.50 per share, for a total transaction of $32,250.00. Following the transaction, the director now owns 13,590 shares of the company’s stock, valued at $292,185. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.75% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently modified their holdings of the business. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp boosted its position in shares of Myers Industries by 42.7% during the 4th quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 58,800 shares of the industrial products company’s stock worth $1,147,000 after purchasing an additional 17,600 shares in the last quarter. MetLife Investment Advisors LLC purchased a new stake in shares of Myers Industries during the 4th quarter worth $208,000. Millennium Management LLC boosted its position in shares of Myers Industries by 119.7% during the 4th quarter. Millennium Management LLC now owns 423,455 shares of the industrial products company’s stock worth $8,257,000 after purchasing an additional 230,680 shares in the last quarter. Teachers Advisors LLC boosted its position in shares of Myers Industries by 8.4% during the 4th quarter. Teachers Advisors LLC now owns 44,372 shares of the industrial products company’s stock worth $865,000 after purchasing an additional 3,427 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its position in shares of Myers Industries by 70.0% during the 4th quarter. Goldman Sachs Group Inc. now owns 123,507 shares of the industrial products company’s stock worth $2,409,000 after purchasing an additional 50,838 shares in the last quarter. Institutional investors own 87.33% of the company’s stock.

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About Myers Industries

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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