Myers Industries (NYSE:MYE) Price Target Raised to $37.00 at KeyCorp

Myers Industries (NYSE:MYE) had its price objective lifted by investment analysts at KeyCorp to $37.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the industrial products company’s stock. KeyCorp’s price target would indicate a potential upside of 8.36% from the stock’s current price.

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

Myers Industries Price Performance

Myers Industries stock traded up $3.29 during mid-day trading on Tuesday, reaching $34.15. The company had a trading volume of 507,021 shares, compared to its average volume of 300,513. The stock’s 50-day simple moving average is $23.93 and its 200-day simple moving average is $21.89. Myers Industries has a 1 year low of $12.96 and a 1 year high of $34.42. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.65 and a quick ratio of 1.29. The company has a market capitalization of $1.28 billion, a P/E ratio of 48.63 and a beta of 0.98.

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

Institutional Investors Weigh In On Myers Industries

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. grew its stake in Myers Industries by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 2,889,837 shares of the industrial products company’s stock worth $54,098,000 after acquiring an additional 22,263 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Myers Industries by 2.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,589,420 shares of the industrial products company’s stock worth $33,663,000 after purchasing an additional 39,565 shares during the period. Advisory Research Inc. lifted its stake in shares of Myers Industries by 84.5% during the 4th quarter. Advisory Research Inc. now owns 1,302,928 shares of the industrial products company’s stock worth $24,391,000 after purchasing an additional 596,848 shares during the period. Pzena Investment Management LLC boosted its holdings in shares of Myers Industries by 813.5% during the fourth quarter. Pzena Investment Management LLC now owns 1,302,309 shares of the industrial products company’s stock worth $24,379,000 after purchasing an additional 1,159,746 shares during the last quarter. Finally, Millennium Management LLC boosted its holdings in shares of Myers Industries by 2.7% during the first quarter. Millennium Management LLC now owns 911,626 shares of the industrial products company’s stock worth $10,876,000 after purchasing an additional 23,866 shares during the last quarter. 90.82% of the stock is currently owned by hedge funds and other institutional investors.

Myers Industries Company Profile

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.