Myers Industries (NYSE:MYE) Cut to “Sell” at StockNews.com

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

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

Myers Industries Stock Performance

NYSE MYE opened at $11.08 on Friday. The company’s 50 day simple moving average is $11.84 and its two-hundred day simple moving average is $13.21. The stock has a market capitalization of $412.84 million, a PE ratio of 26.38 and a beta of 1.22. 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 has a 1 year low of $10.35 and a 1 year 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 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.29 by ($0.04). The business 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 last year, the company earned $0.38 earnings per share. Analysts predict that Myers Industries will post 0.95 earnings per share for the current fiscal year.

Myers Industries Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, January 3rd. Investors of record on Tuesday, December 3rd will be given a $0.135 dividend. The ex-dividend date is Tuesday, December 3rd. This represents a $0.54 annualized dividend and a yield of 4.87%. Myers Industries’s dividend payout ratio (DPR) is presently 128.57%.

Insider Activity at Myers Industries

In other news, CEO Dave Basque bought 5,000 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The stock was bought at an average price of $12.41 per share, for a total transaction of $62,050.00. Following the transaction, the chief executive officer now directly owns 39,152 shares of the company’s stock, valued at $485,876.32. This represents a 14.64 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have bought a total of 19,500 shares of company stock valued at $232,575 over the last 90 days. 1.40% of the stock is owned by insiders.

Institutional Investors Weigh In On Myers Industries

A number of hedge funds have recently made changes to their positions in the business. nVerses Capital LLC bought a new stake in Myers Industries in the second quarter worth $25,000. Point72 DIFC Ltd bought a new stake in shares of Myers Industries in the 3rd quarter valued at about $28,000. Point72 Asset Management L.P. purchased a new stake in Myers Industries during the 3rd quarter valued at about $72,000. Point72 Asia Singapore Pte. Ltd. bought a new position in Myers Industries during the 3rd quarter worth approximately $85,000. Finally, Quest Partners LLC purchased a new position in Myers Industries in the 3rd quarter worth approximately $150,000. 90.82% of the stock is currently owned by institutional investors.

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.