Myers Industries (NYSE:MYE) PT Lowered to $22.00

Myers Industries (NYSE:MYE) had its price objective cut by stock analysts at KeyCorp from $27.00 to $22.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage presently has an “overweight” rating on the industrial products company’s stock. KeyCorp’s price target would suggest a potential upside of 77.71% from the company’s current price.

Myers Industries Stock Performance

Myers Industries stock traded down $0.15 during trading on Wednesday, reaching $12.38. The company had a trading volume of 27,818 shares, compared to its average volume of 254,776. The firm has a market capitalization of $460.33 million, a price-to-earnings ratio of 11.68 and a beta of 1.21. The company has a current ratio of 1.81, a quick ratio of 1.16 and a debt-to-equity ratio of 1.32. The firm’s 50-day simple moving average is $14.07 and its 200 day simple moving average is $16.21. Myers Industries has a 52 week low of $12.26 and a 52 week high of $23.63.

Myers Industries (NYSE:MYE) last posted its quarterly earnings data on Thursday, August 1st. The industrial products company reported $0.39 EPS for the quarter, topping the consensus estimate of $0.31 by $0.08. Myers Industries had a return on equity of 16.27% and a net margin of 4.79%. The firm had revenue of $220.24 million for the quarter. During the same period last year, the business earned $0.35 EPS. Sell-side analysts forecast that Myers Industries will post 1.13 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. nVerses Capital LLC purchased a new stake in Myers Industries in the 2nd quarter worth $25,000. DekaBank Deutsche Girozentrale purchased a new position in Myers Industries in the 1st quarter worth approximately $91,000. Covestor Ltd lifted its holdings in Myers Industries by 712,200.0% in the 1st quarter. Covestor Ltd now owns 7,123 shares of the industrial products company’s stock worth $165,000 after purchasing an additional 7,122 shares in the last quarter. Gallacher Capital Management LLC bought a new position in Myers Industries in the 2nd quarter worth approximately $186,000. Finally, The Manufacturers Life Insurance Company grew its holdings in Myers Industries by 10.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 14,959 shares of the industrial products company’s stock valued at $200,000 after buying an additional 1,357 shares in the last quarter. Hedge funds and other institutional investors own 90.82% of the company’s stock.

Myers Industries Company Profile

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.