Myers Industries (NYSE:MYE) Lowered to “Sell” Rating by StockNews.com

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

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

Myers Industries Stock Performance

MYE stock traded down $0.07 on Monday, reaching $12.24. The company’s stock had a trading volume of 360,529 shares, compared to its average volume of 307,167. Myers Industries has a 52 week low of $10.35 and a 52 week 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 company has a market capitalization of $455.88 million, a P/E ratio of 29.13 and a beta of 1.22. The firm has a fifty day moving average of $12.08 and a two-hundred day moving average of $13.46.

Myers Industries (NYSE:MYE) last released its quarterly earnings results 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). Myers Industries had a return on equity of 14.75% and a net margin of 1.88%. The business had revenue of $205.07 million during the quarter. During the same period last year, the firm posted $0.38 earnings per share. As a group, analysts predict that Myers Industries will post 0.95 EPS for the current fiscal year.

Insider Transactions at Myers Industries

In other Myers Industries news, CEO Dave Basque bought 5,000 shares of the business’s stock in a transaction that occurred on Thursday, December 5th. The stock was acquired at an average cost of $12.13 per share, with a total value of $60,650.00. Following the completion of the purchase, the chief executive officer now directly owns 34,152 shares in the company, valued at approximately $414,263.76. This trade represents a 17.15 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. In the last 90 days, insiders have bought 19,500 shares of company stock valued at $232,575. Corporate insiders own 1.40% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. nVerses Capital LLC acquired a new stake in Myers Industries during the 2nd quarter worth about $25,000. Point72 DIFC Ltd purchased a new position in shares of Myers Industries in the third quarter worth approximately $28,000. Point72 Asset Management L.P. purchased a new position in shares of Myers Industries in the third quarter worth approximately $72,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Myers Industries during the third quarter valued at approximately $85,000. Finally, Quest Partners LLC purchased a new stake in shares of Myers Industries in the 3rd quarter valued at approximately $150,000. 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.