Zacks Investment Research lowered shares of Myers Industries (NYSE:MYE) from a buy rating to a hold rating in a research report released on Wednesday.
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. “
Separately, ValuEngine raised shares of Myers Industries from a hold rating to a buy rating in a report on Monday, April 2nd. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and two have given a buy rating to the company’s stock. The company has a consensus rating of Hold and a consensus target price of $21.67.
Myers Industries opened at $22.70 on Wednesday, MarketBeat.com reports. The stock has a market cap of $680.58 million, a PE ratio of 44.51, a price-to-earnings-growth ratio of 8.73 and a beta of 1.76. Myers Industries has a 52 week low of $15.40 and a 52 week high of $24.60. The company has a quick ratio of 1.04, a current ratio of 1.56 and a debt-to-equity ratio of 1.51.
Myers Industries (NYSE:MYE) last released its quarterly earnings data on Monday, May 7th. The industrial products company reported $0.24 EPS for the quarter, topping analysts’ consensus estimates of $0.19 by $0.05. The company had revenue of $152.60 million during the quarter, compared to the consensus estimate of $146.25 million. Myers Industries had a negative net margin of 1.06% and a positive return on equity of 19.40%. The firm’s revenue for the quarter was up 11.7% compared to the same quarter last year. During the same period last year, the firm earned $0.13 EPS. equities research analysts expect that Myers Industries will post 0.85 EPS for the current year.
In other Myers Industries news, Director Jane Scaccetti acquired 1,500 shares of Myers Industries stock in a transaction dated Tuesday, March 13th. The stock was bought at an average cost of $21.50 per share, with a total value of $32,250.00. Following the acquisition, the director now owns 13,590 shares of the company’s stock, valued at $292,185. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.75% of the stock is currently owned by company insiders.
Several large investors have recently added to or reduced their stakes in the company. Schwab Charles Investment Management Inc. lifted its holdings in Myers Industries by 31.2% during the 3rd quarter. Schwab Charles Investment Management Inc. now owns 116,538 shares of the industrial products company’s stock valued at $2,442,000 after purchasing an additional 27,706 shares during the last quarter. California Public Employees Retirement System lifted its holdings in Myers Industries by 11.9% during the 3rd quarter. California Public Employees Retirement System now owns 55,502 shares of the industrial products company’s stock valued at $1,163,000 after purchasing an additional 5,902 shares during the last quarter. SG Americas Securities LLC bought a new position in Myers Industries during the 4th quarter valued at about $393,000. Assenagon Asset Management S.A. bought a new position in Myers Industries during the 4th quarter valued at about $1,577,000. Finally, Bessemer Group Inc. bought a new position in Myers Industries during the 4th quarter valued at about $174,000. 87.10% of the stock is owned by institutional investors.
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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