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

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

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

Myers Industries Price Performance

Myers Industries stock opened at $12.33 on Monday. The firm has a market capitalization of $459.23 million, a PE ratio of 29.35 and a beta of 1.22. Myers Industries has a 12-month low of $10.35 and a 12-month high of $23.63. The firm has a 50-day moving average price of $12.08 and a 200-day moving average price of $13.44. The company has a current ratio of 1.80, a quick ratio of 1.11 and a debt-to-equity ratio of 1.36.

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

Insider Transactions at Myers Industries

In other news, CEO Dave Basque purchased 5,000 shares of the company’s stock in a transaction dated Tuesday, December 3rd. The shares were acquired at an average price of $11.33 per share, with a total value of $56,650.00. Following the transaction, the chief executive officer now owns 29,152 shares of the company’s stock, valued at $330,292.16. This represents a 20.70 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Over the last three months, insiders have purchased 19,500 shares of company stock valued at $232,575. 1.40% of the stock is currently owned by company insiders.

Institutional Trading of Myers Industries

Institutional investors and hedge funds have recently made changes to their positions in the company. nVerses Capital LLC purchased a new position in shares of Myers Industries in the 2nd quarter valued at $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 position in shares of Myers Industries in the 3rd quarter worth approximately $72,000. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Myers Industries during the 3rd quarter worth approximately $85,000. Finally, Quest Partners LLC purchased a new stake in Myers Industries during the third quarter valued at approximately $150,000. 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.