Myers Industries (NYSE:MYE) Downgraded 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 report published on Monday.

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

Myers Industries Stock Down 0.5 %

Shares of NYSE:MYE opened at $12.24 on Monday. The firm has a 50 day simple moving average of $12.08 and a 200-day simple moving average of $13.46. Myers Industries has a twelve month low of $10.35 and a twelve month high of $23.63. The company has a current ratio of 1.80, a quick ratio of 1.11 and a debt-to-equity ratio of 1.36. The company has a market capitalization of $455.88 million, a PE ratio of 29.13 and a beta of 1.22.

Myers Industries (NYSE:MYE) last announced its quarterly earnings results 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 net margin of 1.88% and a return on equity of 14.75%. The company had revenue of $205.07 million during the quarter. During the same period in the previous year, the business posted $0.38 earnings per share. On average, equities analysts predict that Myers Industries will post 0.95 EPS for the current fiscal year.

Myers Industries Dividend Announcement

The firm also recently announced 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 dividend on an annualized basis and a dividend yield of 4.41%. Myers Industries’s payout ratio is 128.57%.

Insider Buying and Selling

In related news, CEO Dave Basque purchased 5,000 shares of the company’s stock in a transaction that occurred on Thursday, December 5th. The shares were purchased at an average price of $12.13 per share, for a total transaction of $60,650.00. Following the transaction, the chief executive officer now directly owns 34,152 shares of the company’s stock, valued at approximately $414,263.76. The trade was a 17.15 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders acquired a total of 19,500 shares of company stock worth $232,575 in the last 90 days. Company insiders own 1.40% of the company’s stock.

Institutional Trading of Myers Industries

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