Myers Industries (MYE) Rating Increased to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Myers Industries (NYSE:MYE) from a hold rating to a buy rating in a report issued on Tuesday, Zacks.com reports. The firm currently has $20.00 price target on the industrial products company’s stock.

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. “

Shares of NYSE:MYE opened at $18.01 on Tuesday. The stock has a market cap of $634.06 million, a price-to-earnings ratio of 23.70 and a beta of 1.69. The company has a quick ratio of 1.61, a current ratio of 2.10 and a debt-to-equity ratio of 0.51. Myers Industries has a 12 month low of $14.24 and a 12 month high of $25.70.

Myers Industries (NYSE:MYE) last issued its quarterly earnings results on Wednesday, May 8th. The industrial products company reported $0.23 EPS for the quarter, beating analysts’ consensus estimates of $0.20 by $0.03. Myers Industries had a positive return on equity of 16.67% and a negative net margin of 0.62%. The firm had revenue of $139.12 million during the quarter, compared to the consensus estimate of $146.90 million. During the same quarter in the prior year, the business posted $0.24 earnings per share. Myers Industries’s revenue for the quarter was down 8.8% on a year-over-year basis. Research analysts predict that Myers Industries will post 0.81 EPS for the current fiscal year.

A number of large investors have recently added to or reduced their stakes in the business. Royce & Associates LP acquired a new stake in shares of Myers Industries during the 1st quarter worth approximately $29,000. Quantamental Technologies LLC acquired a new stake in shares of Myers Industries during the 4th quarter worth approximately $30,000. Simplex Trading LLC acquired a new stake in shares of Myers Industries during the 4th quarter worth approximately $70,000. Investors Research Corp acquired a new stake in shares of Myers Industries during the 1st quarter worth approximately $113,000. Finally, BNP Paribas Arbitrage SA raised its position in shares of Myers Industries by 1,004.7% during the 1st quarter. BNP Paribas Arbitrage SA now owns 7,324 shares of the industrial products company’s stock worth $125,000 after purchasing an additional 6,661 shares during the period. 89.88% of the stock is currently 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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