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

StockNews.com lowered shares of Myers Industries (NYSE:MYE) from a hold rating to a sell rating in a research report released on Tuesday morning.

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

Myers Industries Stock Down 2.0 %

MYE opened at $12.09 on Tuesday. Myers Industries has a fifty-two week low of $10.35 and a fifty-two week high of $23.63. The firm has a market capitalization of $450.59 million, a P/E ratio of 28.79 and a beta of 1.22. The company’s 50-day moving average is $11.56 and its 200 day moving average is $12.84. The company has a debt-to-equity ratio of 1.36, a current ratio of 1.80 and a quick ratio of 1.11.

Myers Industries (NYSE:MYE) last posted its 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). The firm 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 prior year, the company posted $0.38 earnings per share. Research analysts expect that Myers Industries will post 0.95 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Dave Basque purchased 5,000 shares of the business’s stock in a transaction dated Thursday, December 5th. The stock was bought at an average price of $12.13 per share, for a total transaction of $60,650.00. Following the purchase, the chief executive officer now owns 34,152 shares of the company’s stock, valued at $414,263.76. The trade was a 17.15 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In the last quarter, insiders have purchased 19,500 shares of company stock valued at $232,575. 1.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Myers Industries

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Quantbot Technologies LP raised its holdings in Myers Industries by 8.0% during the 3rd quarter. Quantbot Technologies LP now owns 11,427 shares of the industrial products company’s stock valued at $158,000 after acquiring an additional 846 shares during the period. nVerses Capital LLC grew its position in shares of Myers Industries by 57.9% in the third quarter. nVerses Capital LLC now owns 3,000 shares of the industrial products company’s stock valued at $41,000 after purchasing an additional 1,100 shares in the last quarter. Foundry Partners LLC raised its stake in shares of Myers Industries by 1.0% during the 3rd quarter. Foundry Partners LLC now owns 127,508 shares of the industrial products company’s stock valued at $1,762,000 after purchasing an additional 1,220 shares during the period. The Manufacturers Life Insurance Company lifted its holdings in Myers Industries by 10.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 14,959 shares of the industrial products company’s stock worth $200,000 after purchasing an additional 1,357 shares in the last quarter. Finally, Point72 DIFC Ltd bought a new position in Myers Industries in the 3rd quarter worth about $28,000. 90.82% of the stock is currently owned by institutional investors.

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.