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

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 Friday.

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 Performance

Shares of Myers Industries stock opened at $11.78 on Friday. The business has a 50-day simple moving average of $11.51 and a 200-day simple moving average of $12.90. The company has a debt-to-equity ratio of 1.36, a quick ratio of 1.11 and a current ratio of 1.80. Myers Industries has a one year low of $10.35 and a one year high of $23.63. The company has a market cap of $438.74 million, a PE ratio of 28.04 and a beta of 1.22.

Myers Industries (NYSE:MYE) last announced its quarterly earnings data on Monday, November 4th. The industrial products company reported $0.25 EPS for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.04). The firm had revenue of $205.07 million during the quarter. Myers Industries had a net margin of 1.88% and a return on equity of 14.75%. During the same quarter in the previous year, the company posted $0.38 earnings per share. On average, equities research analysts forecast that Myers Industries will post 0.95 EPS for the current fiscal year.

Insider Activity at Myers Industries

In other news, CEO Dave Basque acquired 5,000 shares of Myers Industries stock in a transaction 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 completion of the purchase, the chief executive officer now owns 39,152 shares in the company, valued at $485,876.32. This represents a 14.64 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders have purchased 19,500 shares of company stock valued at $232,575 in the last ninety days. Insiders own 1.40% of the company’s stock.

Hedge Funds Weigh In On Myers Industries

A number of hedge funds have recently modified their holdings of the business. Point72 DIFC Ltd purchased a new stake in Myers Industries in the 3rd quarter valued at $28,000. nVerses Capital LLC raised its holdings in shares of Myers Industries by 57.9% in the third quarter. nVerses Capital LLC now owns 3,000 shares of the industrial products company’s stock valued at $41,000 after buying an additional 1,100 shares during the last quarter. Point72 Asset Management L.P. purchased a new position in shares of Myers Industries during the third quarter worth about $72,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in Myers Industries in the 3rd quarter valued at about $85,000. Finally, Quest Partners LLC purchased a new stake in Myers Industries during the 3rd quarter valued at approximately $150,000. 90.82% of the stock is currently owned by hedge funds and other 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.