Stock Rating: Myers Industries (NYSE:MYE) Was Downgraded by KeyBanc to “Underweight”

November 29, 2016 - By Louis Casey

Stock Rating: Myers Industries (NYSE:MYE) Was Downgraded by KeyBanc to

Myers Industries (NYSE:MYE) Downgrade

KeyBanc has lowered Myers Industries (NYSE:MYE) stock to “Underweight” in a an analyst note revealed to clients and investors on Tuesday morning. MYE’s old rating was “Hold”.

About 27,488 shares traded hands. Myers Industries, Inc. (NYSE:MYE) has risen 13.69% since April 26, 2016 and is uptrending. It has outperformed by 8.43% the S&P500.

Analysts await Myers Industries, Inc. (NYSE:MYE) to report earnings on February, 23. They expect $0.01 earnings per share, down 83.33% or $0.05 from last year’s $0.06 per share. MYE’s profit will be $296,268 for 371.75 P/E if the $0.01 EPS becomes a reality. After $0.04 actual earnings per share reported by Myers Industries, Inc. for the previous quarter, Wall Street now forecasts -75.00% negative EPS growth.

Insitutional Activity: The institutional sentiment increased to 1.32 in Q2 2016. Its up 0.29, from 1.03 in 2016Q1. The ratio is positive, as 2 funds sold all Myers Industries, Inc. shares owned while 36 reduced positions. 10 funds bought stakes while 29 increased positions. They now own 24.31 million shares or 0.14% less from 24.34 million shares in 2016Q1.

The California-based Blackrock Fund has invested 0% in Myers Industries, Inc. (NYSE:MYE). Gabelli Funds Ltd has 1.54 million shares for 0.13% of their US portfolio. Creative Planning, a Kansas-based fund reported 38 shares. Geode Management Limited Company last reported 0% of its portfolio in the stock. Spark Invest Mngmt Ltd Company holds 0.08% or 59,100 shares in its portfolio. Dimensional Fund Advsr L P has invested 0.02% of its portfolio in Myers Industries, Inc. (NYSE:MYE). Edge Wealth Ltd Company holds 0.01% of its portfolio in Myers Industries, Inc. (NYSE:MYE) for 915 shares. Vanguard Inc holds 0% or 1.24M shares in its portfolio. State Of Tennessee Treasury Department has invested 0% of its portfolio in Myers Industries, Inc. (NYSE:MYE). State Board Of Administration Of Florida Retirement last reported 24,920 shares in the company. Pinebridge Ltd Partnership, a New York-based fund reported 2,621 shares. Rhumbline Advisers accumulated 36,245 shares or 0% of the stock. Nationwide Fund accumulated 0% or 16,627 shares. The Illinois-based Citadel Advsrs Limited Liability Co has invested 0% in Myers Industries, Inc. (NYSE:MYE). Ny State Common Retirement Fund accumulated 0% or 22,300 shares.

Insider Transactions: Since July 13, 2016, the stock had 2 buys, and 2 selling transactions for $17,022 net activity. SCACCETTI JANE had bought 2,000 shares worth $29,280. Shares for $18,853 were sold by GAMCO INVESTORS – INC. ET AL on Wednesday, July 13. Another trade for 1,000 shares valued at $13,995 was made by CROWE JOHN B on Friday, August 12.

Myers Industries, Inc. is an international manufacturing and distribution company. The company has a market cap of $440.55 million. The Firm operates through two divisions: Material Handling, which designs, makes and markets a range of plastic and metal products, and Distribution, which is engaged in the distribution of equipment, tools and supplies used for tire servicing and automotive undervehicle repair and the manufacture of tire repair and retreading products. It has a 173.1 P/E ratio. The Material Handling segment offers products under the brands, including Buckhorn, Novel, Jamco Products and Akro-Mils.

According to Zacks Investment Research, “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.”

MYE Company Profile

Myers Industries, Inc. (Myers Industries), incorporated on January 3, 1955, is an international manufacturing and distribution company. The Firm operates through two divisions: Material Handling and Distribution. The Firm operates approximately 20 manufacturing facilities, 20 sales offices, four distribution centers and over three distribution branches located across North, Central and South America. The Firm offers approximately 15,500 manufactured products and 12,500 distributed products.

More important recent Myers Industries, Inc. (NYSE:MYE) news were published by: Crainscleveland.com which released: “Myers Industries Inc. names a new CFO” on October 19, 2016, also Crainscleveland.com published article titled: “Myers Industries Inc. of Akron names new CEO”, Businesswire.com published: “Myers Industries Announces Reporting Date and Conference Call for 2016 Third …” on October 25, 2016. More interesting news about Myers Industries, Inc. (NYSE:MYE) was released by: Plasticsnews.com and their article: “Myers Industries unveils new management structure” with publication date: September 28, 2016.

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