StockNews.com Downgrades Myers Industries (NYSE:MYE) to Sell

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

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

Myers Industries Trading Down 3.1 %

Shares of MYE stock opened at $11.08 on Friday. The business has a 50-day moving average price of $11.84 and a two-hundred day moving average price of $13.23. Myers Industries has a 12-month low of $10.35 and a 12-month high of $23.63. 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 firm has a market cap of $412.84 million, a P/E ratio of 26.38 and a beta of 1.22.

Myers Industries (NYSE:MYE) last released its 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 return on equity of 14.75% and a net margin of 1.88%. The firm had revenue of $205.07 million during the quarter. During the same period last year, the firm earned $0.38 EPS. Equities analysts anticipate that Myers Industries will post 0.95 EPS 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 issued a dividend of $0.135 per share. This represents a $0.54 annualized dividend and a yield of 4.87%. The ex-dividend date is Tuesday, December 3rd. Myers Industries’s dividend payout ratio is presently 128.57%.

Insider Buying and Selling

In other news, CEO Dave Basque purchased 5,000 shares of the company’s stock in a transaction on Monday, December 9th. The stock was acquired at an average price of $12.41 per share, with a total value of $62,050.00. Following the transaction, the chief executive officer now directly owns 39,152 shares of the company’s stock, valued at approximately $485,876.32. This represents a 14.64 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have purchased a total of 19,500 shares of company stock worth $232,575 in the last ninety days. 1.40% of the stock is owned by insiders.

Hedge Funds Weigh In On Myers Industries

A number of hedge funds have recently modified their holdings of MYE. Dimensional Fund Advisors LP boosted its holdings in shares of Myers Industries by 0.3% during the second quarter. Dimensional Fund Advisors LP now owns 1,604,324 shares of the industrial products company’s stock worth $21,466,000 after purchasing an additional 4,777 shares during the period. Gabelli Funds LLC lifted its holdings in Myers Industries by 3.9% in the 2nd quarter. Gabelli Funds LLC now owns 1,572,250 shares of the industrial products company’s stock worth $21,037,000 after buying an additional 58,500 shares during the period. Renaissance Technologies LLC grew its position in shares of Myers Industries by 8.3% in the 2nd quarter. Renaissance Technologies LLC now owns 1,480,597 shares of the industrial products company’s stock worth $19,810,000 after buying an additional 113,100 shares during the last quarter. State Street Corp increased its stake in shares of Myers Industries by 2.6% during the third quarter. State Street Corp now owns 1,374,246 shares of the industrial products company’s stock valued at $19,176,000 after buying an additional 35,456 shares during the period. Finally, Victory Capital Management Inc. raised its holdings in shares of Myers Industries by 1.1% during the third quarter. Victory Capital Management Inc. now owns 1,034,125 shares of the industrial products company’s stock valued at $14,292,000 after acquiring an additional 11,434 shares in the last quarter. Hedge funds and other institutional investors 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.