Myers Industries (NYSE:MYE) Lowered to “Sell” Rating by StockNews.com

StockNews.com downgraded shares of Myers Industries (NYSE:MYE) from a hold rating to a sell rating in a research note issued to investors on Friday morning.

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

Myers Industries Price Performance

Shares of NYSE MYE opened at $11.78 on Friday. The stock’s 50-day simple moving average is $11.51 and its 200-day simple moving average is $12.90. The firm has a market capitalization of $438.74 million, a PE ratio of 28.04 and a beta of 1.22. Myers Industries has a fifty-two week low of $10.35 and a fifty-two 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.

Myers Industries (NYSE:MYE) last released its quarterly earnings data on Monday, November 4th. The industrial products company reported $0.25 earnings per share for the quarter, missing analysts’ consensus estimates 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 quarter in the prior year, the firm posted $0.38 earnings per share. As a group, equities research analysts forecast that Myers Industries will post 0.95 EPS for the current fiscal year.

Myers Industries Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, January 3rd. Investors of record on Tuesday, December 3rd were paid a dividend of $0.135 per share. This represents a $0.54 dividend on an annualized basis and a yield of 4.59%. The ex-dividend date of this dividend was Tuesday, December 3rd. Myers Industries’s dividend payout ratio is currently 128.57%.

Insiders Place Their Bets

In related news, CEO Dave Basque acquired 5,000 shares of Myers Industries stock in a transaction on Thursday, December 5th. The stock was purchased at an average cost of $12.13 per share, with a total value of $60,650.00. Following the purchase, the chief executive officer now directly owns 34,152 shares in the company, valued at approximately $414,263.76. The trade was 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 accessible through the SEC website. In the last three months, insiders have acquired 19,500 shares of company stock valued at $232,575. Insiders own 1.40% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Quantbot Technologies LP grew its position in Myers Industries by 8.0% in the 3rd quarter. Quantbot Technologies LP now owns 11,427 shares of the industrial products company’s stock valued at $158,000 after buying an additional 846 shares during the last quarter. nVerses Capital LLC lifted its stake in shares of Myers Industries by 57.9% in the 3rd quarter. nVerses Capital LLC now owns 3,000 shares of the industrial products company’s stock worth $41,000 after acquiring an additional 1,100 shares during the period. Foundry Partners LLC boosted its holdings in shares of Myers Industries by 1.0% in the third quarter. Foundry Partners LLC now owns 127,508 shares of the industrial products company’s stock valued at $1,762,000 after acquiring an additional 1,220 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in shares of Myers Industries by 10.0% during the second quarter. The Manufacturers Life Insurance Company now owns 14,959 shares of the industrial products company’s stock worth $200,000 after acquiring an additional 1,357 shares during the period. Finally, Point72 DIFC Ltd acquired a new position in shares of Myers Industries during the third quarter worth about $28,000. Institutional investors and hedge funds own 90.82% of the company’s stock.

About Myers Industries

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.