Myers Industries, Inc. (MYE) Stock Rating Lowered by Zacks Investment Research
Myers Industries, Inc. (NYSE:MYE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued 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. “
Other equities analysts have also recently issued research reports about the stock. KeyCorp restated a “sell” rating on shares of Myers Industries in a research report on Tuesday, August 1st. BidaskClub cut shares of Myers Industries from a “hold” rating to a “sell” rating in a research report on Monday, July 31st. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and one has assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $16.50.
Shares of Myers Industries (MYE) remained flat at $22.05 during mid-day trading on Wednesday. 31,285 shares of the stock were exchanged. The company has a market capitalization of $667.12 million, a P/E ratio of 165.79 and a beta of 1.78. The stock’s 50 day moving average is $19.23 and its 200-day moving average is $17.69. Myers Industries has a one year low of $11.35 and a one year high of $22.45.
Myers Industries (NYSE:MYE) last announced its earnings results on Tuesday, August 1st. The industrial products company reported $0.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.15 by $0.02. The company had revenue of $142.30 million during the quarter, compared to analysts’ expectations of $142.95 million. Myers Industries had a net margin of 0.74% and a return on equity of 10.71%. The firm’s quarterly revenue was down 1.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.21 earnings per share. Equities analysts forecast that Myers Industries will post $0.50 EPS for the current fiscal year.
A number of institutional investors and hedge funds have recently made changes to their positions in the business. Eqis Capital Management Inc. acquired a new position in shares of Myers Industries in the third quarter valued at approximately $280,000. Dynamic Technology Lab Private Ltd acquired a new position in shares of Myers Industries in the second quarter valued at approximately $550,000. The Manufacturers Life Insurance Company raised its position in shares of Myers Industries by 4.8% in the second quarter. The Manufacturers Life Insurance Company now owns 19,300 shares of the industrial products company’s stock valued at $346,000 after buying an additional 892 shares during the last quarter. State Street Corp raised its position in shares of Myers Industries by 1.6% in the second quarter. State Street Corp now owns 533,846 shares of the industrial products company’s stock valued at $9,581,000 after buying an additional 8,375 shares during the last quarter. Finally, Janus Henderson Group PLC acquired a new position in shares of Myers Industries in the second quarter valued at approximately $1,104,000. Institutional investors own 84.39% of the company’s stock.
About Myers Industries
Myers Industries, Inc is an international manufacturing and distribution company. The Company operates through two segments: Material Handling and Distribution. As of December 31, 2016, the Company operated 15 manufacturing facilities, 20 sales offices, four distribution centers and three distribution branches located throughout North, Central and South America.
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