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

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

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

Myers Industries Trading Down 3.1 %

Shares of Myers Industries stock opened at $11.08 on Friday. Myers Industries has a 1 year low of $10.35 and a 1 year high of $23.63. The company has a debt-to-equity ratio of 1.36, a current ratio of 1.80 and a quick ratio of 1.11. The stock has a market cap of $412.84 million, a PE ratio of 26.38 and a beta of 1.22. The firm has a fifty day moving average price of $11.84 and a 200 day moving average price of $13.23.

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

Insider Buying and Selling

In related news, CEO Dave Basque purchased 5,000 shares of Myers Industries stock in a transaction that occurred on Monday, December 9th. The stock was purchased 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 in the company, valued at approximately $485,876.32. This trade represents a 14.64 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. In the last 90 days, insiders acquired 19,500 shares of company stock valued at $232,575. 1.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Myers Industries

Several large investors have recently bought and sold shares of the company. Quantbot Technologies LP boosted its stake in shares of Myers Industries by 8.0% in the third quarter. Quantbot Technologies LP now owns 11,427 shares of the industrial products company’s stock worth $158,000 after acquiring an additional 846 shares during the last quarter. nVerses Capital LLC boosted its stake in Myers Industries by 57.9% during the 3rd quarter. nVerses Capital LLC now owns 3,000 shares of the industrial products company’s stock worth $41,000 after purchasing an additional 1,100 shares during the last quarter. Foundry Partners LLC grew its holdings in shares of Myers Industries by 1.0% during the third quarter. Foundry Partners LLC now owns 127,508 shares of the industrial products company’s stock worth $1,762,000 after buying an additional 1,220 shares in the last quarter. The Manufacturers Life Insurance Company grew its holdings in shares of Myers Industries by 10.0% during the second quarter. The Manufacturers Life Insurance Company now owns 14,959 shares of the industrial products company’s stock worth $200,000 after buying an additional 1,357 shares in the last quarter. Finally, Point72 DIFC Ltd acquired a new stake in shares of Myers Industries in the third quarter valued at about $28,000. 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.