KeyCorp Trims Myers Industries (NYSE:MYE) Target Price to $27.00

Myers Industries (NYSE:MYE) had its target price cut by KeyCorp from $30.00 to $27.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage presently has an “overweight” rating on the industrial products company’s stock. KeyCorp’s price objective indicates a potential upside of 84.80% from the stock’s previous close.

Separately, StockNews.com cut Myers Industries from a “buy” rating to a “hold” rating in a research note on Thursday, May 16th.

Myers Industries Stock Performance

Shares of MYE traded down $0.93 during mid-day trading on Friday, hitting $14.61. 102,433 shares of the company’s stock were exchanged, compared to its average volume of 270,123. The company has a quick ratio of 1.10, a current ratio of 1.75 and a debt-to-equity ratio of 1.34. The firm has a market cap of $543.20 million, a price-to-earnings ratio of 13.82 and a beta of 1.20. The stock’s 50-day simple moving average is $14.48 and its 200-day simple moving average is $18.15. Myers Industries has a 52 week low of $12.47 and a 52 week high of $23.63.

Myers Industries (NYSE:MYE) last released its earnings results on Thursday, August 1st. The industrial products company reported $0.39 earnings per share for the quarter. The firm had revenue of $220.24 million during the quarter. Myers Industries had a return on equity of 15.99% and a net margin of 4.90%. During the same quarter in the previous year, the company posted $0.35 earnings per share.

Institutional Investors Weigh In On Myers Industries

Hedge funds have recently modified their holdings of the company. nVerses Capital LLC acquired a new position in Myers Industries in the 2nd quarter valued at approximately $25,000. Quest Partners LLC acquired a new stake in Myers Industries in the fourth quarter valued at $54,000. DekaBank Deutsche Girozentrale bought a new position in Myers Industries during the 1st quarter worth $91,000. Covestor Ltd lifted its holdings in Myers Industries by 712,200.0% during the 1st quarter. Covestor Ltd now owns 7,123 shares of the industrial products company’s stock worth $165,000 after buying an additional 7,122 shares during the period. Finally, Central Pacific Bank Trust Division acquired a new stake in shares of Myers Industries in the first quarter valued at about $228,000. Institutional investors and hedge funds 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.