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

Myers Industries (NYSE:MYE) was downgraded by equities research analysts at StockNews.com from a “hold” rating to a “sell” rating in a note issued to investors on Tuesday.

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

Myers Industries Stock Up 1.8 %

MYE opened at $12.30 on Tuesday. The business has a 50 day moving average price of $11.57 and a two-hundred day moving average price of $12.84. 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 $458.37 million, a PE ratio of 29.29 and a beta of 1.22. Myers Industries has a 52 week low of $10.35 and a 52 week high of $23.63.

Myers Industries (NYSE:MYE) last posted its quarterly earnings data 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 company had revenue of $205.07 million for the quarter. Myers Industries had a net margin of 1.88% and a return on equity of 14.75%. During the same period in the previous year, the company posted $0.38 earnings per share. As a group, research analysts anticipate that Myers Industries will post 0.95 EPS for the current year.

Insider Transactions at Myers Industries

In other Myers Industries news, CEO Dave Basque bought 5,000 shares of the business’s stock in a transaction dated Tuesday, December 3rd. The stock was acquired at an average cost of $11.33 per share, with a total value of $56,650.00. Following the purchase, the chief executive officer now owns 29,152 shares in the company, valued at approximately $330,292.16. This represents a 20.70 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In the last three months, insiders acquired 19,500 shares of company stock valued at $232,575. Corporate insiders own 1.40% of the company’s stock.

Hedge Funds Weigh In On Myers Industries

Several hedge funds have recently bought and sold shares of the company. Quantbot Technologies LP increased its stake 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 purchasing an additional 846 shares in the last quarter. nVerses Capital LLC increased its stake in Myers Industries by 57.9% in the 3rd 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 increased its stake in Myers Industries by 1.0% in 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 in the last quarter. The Manufacturers Life Insurance Company increased its stake in Myers Industries by 10.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 14,959 shares of the industrial products company’s stock valued at $200,000 after purchasing an additional 1,357 shares in the last quarter. Finally, Point72 DIFC Ltd purchased a new position in Myers Industries in the 3rd quarter valued at approximately $28,000. 90.82% of the stock is owned by hedge funds and other 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.