Myers Industries (NYSE:MYE) Cut to “Sell” at StockNews.com

Myers Industries (NYSE:MYE) was downgraded by research analysts at StockNews.com from a “hold” rating to a “sell” rating in a report released on Monday.

Separately, KeyCorp downgraded shares of Myers Industries from an “overweight” rating to a “sector weight” rating in a research note on Wednesday, November 6th.

Myers Industries Stock Down 0.5 %

Shares of NYSE MYE traded down $0.07 during midday trading on Monday, reaching $12.24. 360,529 shares of the company’s stock were exchanged, compared to its average volume of 307,167. The stock has a market capitalization of $455.88 million, a PE ratio of 29.13 and a beta of 1.22. Myers Industries has a 52-week low of $10.35 and a 52-week high of $23.63. The company has a debt-to-equity ratio of 1.36, a quick ratio of 1.11 and a current ratio of 1.80. The business’s fifty day moving average price is $12.08 and its two-hundred day moving average price is $13.46.

Myers Industries (NYSE:MYE) last posted its quarterly earnings data on Monday, November 4th. The industrial products company reported $0.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.29 by ($0.04). The business had revenue of $205.07 million for the quarter. Myers Industries had a return on equity of 14.75% and a net margin of 1.88%. During the same quarter in the previous year, the company earned $0.38 EPS. Analysts forecast that Myers Industries will post 0.95 EPS for the current year.

Insiders Place Their Bets

In other Myers Industries news, CEO Dave Basque purchased 5,000 shares of the firm’s stock in a transaction dated Monday, December 9th. The stock was acquired at an average cost of $12.41 per share, with a total value of $62,050.00. Following the acquisition, the chief executive officer now owns 39,152 shares of the company’s stock, valued at approximately $485,876.32. This represents a 14.64 % increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Insiders have bought a total of 19,500 shares of company stock valued at $232,575 in the last quarter. Insiders own 1.40% of the company’s stock.

Hedge Funds Weigh In On Myers Industries

A number of large investors have recently bought and sold shares of the business. Quantbot Technologies LP grew its holdings in shares of Myers Industries by 8.0% during the third quarter. Quantbot Technologies LP now owns 11,427 shares of the industrial products company’s stock valued at $158,000 after purchasing an additional 846 shares during the last quarter. nVerses Capital LLC grew its stake in Myers Industries by 57.9% during the 3rd quarter. nVerses Capital LLC now owns 3,000 shares of the industrial products company’s stock worth $41,000 after buying an additional 1,100 shares during the last quarter. Foundry Partners LLC grew its stake in Myers Industries by 1.0% during the 3rd quarter. Foundry Partners LLC now owns 127,508 shares of the industrial products company’s stock worth $1,762,000 after buying an additional 1,220 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in Myers Industries by 10.0% in the second quarter. The Manufacturers Life Insurance Company now owns 14,959 shares of the industrial products company’s stock worth $200,000 after buying an additional 1,357 shares during the period. Finally, Point72 DIFC Ltd bought a new stake in Myers Industries in the third quarter valued at $28,000. 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.