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

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

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

Myers Industries Trading Up 1.5 %

NYSE MYE opened at $11.78 on Friday. Myers Industries has a 52-week low of $10.35 and a 52-week high of $23.63. The firm has a 50-day moving average price of $11.51 and a 200 day moving average price of $12.90. The stock has a market capitalization of $438.74 million, a P/E ratio of 28.04 and a beta of 1.22. The company has a quick ratio of 1.11, a current ratio of 1.80 and a debt-to-equity ratio of 1.36.

Myers Industries (NYSE:MYE) last posted its quarterly earnings results on Monday, November 4th. The industrial products company reported $0.25 EPS for the quarter, missing the consensus estimate of $0.29 by ($0.04). Myers Industries had a net margin of 1.88% and a return on equity of 14.75%. The business had revenue of $205.07 million during the quarter. During the same period in the prior year, the company earned $0.38 earnings per share. Equities research analysts expect that Myers Industries will post 0.95 EPS for the current year.

Insider Buying and Selling

In other Myers Industries news, CEO Dave Basque acquired 5,000 shares of the stock in a transaction that occurred on Thursday, December 5th. The shares were purchased at an average cost of $12.13 per share, with a total value of $60,650.00. Following the purchase, the chief executive officer now owns 34,152 shares in the company, valued at approximately $414,263.76. The trade was a 17.15 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Over the last ninety days, insiders bought 19,500 shares of company stock valued at $232,575. 1.40% of the stock is owned by insiders.

Institutional Trading of Myers Industries

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

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.