StockNews.com Downgrades Myers Industries (NYSE:MYE) to Sell

StockNews.com cut shares of Myers Industries (NYSE:MYE) from a hold rating to a sell rating in a research report sent to investors on Monday morning.

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

Myers Industries Stock Down 5.0 %

MYE opened at $11.71 on Monday. Myers Industries has a 52 week low of $10.35 and a 52 week high of $23.63. The business has a 50 day moving average price of $12.06 and a two-hundred day moving average price of $13.43. The company has a quick ratio of 1.11, a current ratio of 1.80 and a debt-to-equity ratio of 1.36. The company has a market cap of $436.31 million, a PE ratio of 27.88 and a beta of 1.22.

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

Myers Industries Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 3rd. Stockholders of record on Tuesday, December 3rd will be issued a $0.135 dividend. The ex-dividend date is Tuesday, December 3rd. This represents a $0.54 annualized dividend and a dividend yield of 4.61%. Myers Industries’s dividend payout ratio is currently 128.57%.

Insider Buying and Selling

In related news, CEO Dave Basque acquired 5,000 shares of Myers Industries stock in a transaction that occurred on Thursday, December 5th. The stock was purchased at an average price of $12.13 per share, for a total transaction of $60,650.00. Following the completion of the purchase, the chief executive officer now directly owns 34,152 shares of the company’s stock, valued at approximately $414,263.76. This trade represents a 17.15 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders have acquired 19,500 shares of company stock valued at $232,575 over the last quarter. Company insiders own 1.40% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in MYE. nVerses Capital LLC acquired a new stake in shares of Myers Industries during the 2nd quarter valued at approximately $25,000. Point72 DIFC Ltd purchased a new position in Myers Industries in the 3rd quarter valued at approximately $28,000. Point72 Asset Management L.P. acquired a new position in Myers Industries during the third quarter worth $72,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Myers Industries during the third quarter worth $85,000. Finally, Quest Partners LLC purchased a new stake in Myers Industries during the third quarter worth $150,000. 90.82% of the stock is currently owned by institutional investors and hedge funds.

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.