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

Myers Industries (NYSE:MYE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors 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 suggest a potential upside of 10.87% from the stock’s previous close.

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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Several other equities research analysts have also recently weighed in on MYE. 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 target on the stock in a research report on Wednesday, January 3rd. Two research analysts have rated the stock with a sell rating and three have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $21.67.

Shares of MYE opened at $23.45 on Friday. Myers Industries has a fifty-two week low of $15.40 and a fifty-two week high of $24.15. The firm has a market capitalization of $713.77, a P/E ratio of 45.98, a price-to-earnings-growth ratio of 9.20 and a beta of 1.78. The company has a current ratio of 1.52, a quick ratio of 1.04 and a debt-to-equity ratio of 1.61.

Myers Industries (NYSE:MYE) last announced its quarterly earnings results on Tuesday, March 6th. The industrial products company reported $0.09 earnings per share for the quarter, hitting the consensus estimate of $0.09. Myers Industries had a negative net margin of 1.74% and a positive return on equity of 15.86%. The company had revenue of $140.10 million for the quarter, compared to analysts’ expectations of $140.70 million. The business’s quarterly revenue was up 13.6% compared to the same quarter last year. analysts anticipate that Myers Industries will post 0.85 EPS for the current year.

In other news, Director Jane Scaccetti acquired 1,500 shares of the company’s stock in a transaction on 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 completion of the purchase, the director now directly owns 13,590 shares of the company’s stock, valued at $292,185. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.75% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of MYE. Public Employees Retirement System of Ohio purchased a new position in Myers Industries during the third quarter worth $107,000. Bessemer Group Inc. purchased a new position in Myers Industries during the fourth quarter worth $174,000. Cornerstone Capital Management Holdings LLC. boosted its stake in Myers Industries by 124.4% during the third quarter. Cornerstone Capital Management Holdings LLC. now owns 9,200 shares of the industrial products company’s stock worth $192,000 after buying an additional 5,100 shares during the period. MetLife Investment Advisors LLC purchased a new position in Myers Industries during the fourth quarter worth $208,000. Finally, KBC Group NV boosted its stake in Myers Industries by 83.6% during the third quarter. KBC Group NV now owns 10,454 shares of the industrial products company’s stock worth $219,000 after buying an additional 4,759 shares during the period. 87.33% of the stock is owned by institutional investors.

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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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