Myers Industries (NYSE:MYE) Lowered to Sector Weight Rating by KeyCorp

Myers Industries (NYSE:MYE) was downgraded by KeyCorp from an “overweight” rating to a “sector weight” rating in a research report issued to clients and investors on Wednesday, FinViz reports.

Myers Industries Stock Performance

MYE opened at $11.39 on Wednesday. The stock’s 50 day simple moving average is $13.33 and its 200 day simple moving average is $14.83. The stock has a market cap of $423.94 million, a P/E ratio of 10.85 and a beta of 1.23. Myers Industries has a 1-year low of $10.77 and a 1-year high of $23.63. The company has a debt-to-equity ratio of 1.32, a current ratio of 1.81 and a quick ratio of 1.16.

Myers Industries (NYSE:MYE) last posted its earnings results on Monday, November 4th. The industrial products company reported $0.25 earnings per share for the quarter, missing the consensus estimate of $0.29 by ($0.04). The firm had revenue of $205.07 million during the quarter. Myers Industries had a net margin of 4.79% and a return on equity of 16.27%. During the same quarter last year, the business earned $0.38 earnings per share. As a group, equities analysts anticipate that Myers Industries will post 1.13 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of MYE. Gamco Investors INC. ET AL lifted its stake in Myers Industries by 0.7% in the 1st quarter. Gamco Investors INC. ET AL now owns 3,193,054 shares of the industrial products company’s stock valued at $73,983,000 after buying an additional 21,724 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Myers Industries by 6.8% in the first quarter. Vanguard Group Inc. now owns 2,846,620 shares of the industrial products company’s stock valued at $65,956,000 after acquiring an additional 182,215 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Myers Industries by 0.3% during the second quarter. Dimensional Fund Advisors LP now owns 1,604,324 shares of the industrial products company’s stock valued at $21,466,000 after acquiring an additional 4,777 shares during the last quarter. Gabelli Funds LLC boosted its stake in shares of Myers Industries by 3.9% during the second quarter. Gabelli Funds LLC now owns 1,572,250 shares of the industrial products company’s stock valued at $21,037,000 after acquiring an additional 58,500 shares during the last quarter. Finally, Renaissance Technologies LLC increased its position in Myers Industries by 8.3% during the 2nd quarter. Renaissance Technologies LLC now owns 1,480,597 shares of the industrial products company’s stock worth $19,810,000 after purchasing an additional 113,100 shares in the last quarter. 90.82% of the stock is owned by hedge funds and other institutional investors.

About Myers Industries

Myers Industries, Inc engages in distribution of tire service supplies in Ohio. It operates through two segments, The Material Handling and Distribution. The Material Handling segment offers pallets, small parts bins, bulk shipping containers, and OEM parts, as well as storage and organization, and custom plastic products; and injection molded, rotationally molded or blow molded products, consumer fuel containers and tanks for water, fuel, and waste handling.