Myers Industries (NYSE:MYE) Upgraded by StockNews.com to Hold Rating

StockNews.com upgraded shares of Myers Industries (NYSE:MYE) from a sell rating to a hold rating in a report published on Thursday.

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

Myers Industries Trading Down 1.6 %

MYE opened at $10.76 on Thursday. The firm has a market capitalization of $400.92 million, a price-to-earnings ratio of 25.62 and a beta of 1.22. The company’s 50 day simple moving average is $11.58 and its two-hundred day simple moving average is $12.99. 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.

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 company had revenue of $205.07 million for the quarter. Myers Industries had a return on equity of 14.75% and a net margin of 1.88%. During the same quarter last year, the firm posted $0.38 EPS. Analysts expect that Myers Industries will post 0.95 EPS for the current fiscal year.

Myers Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 3rd. Investors of record on Tuesday, December 3rd were given a $0.135 dividend. The ex-dividend date was Tuesday, December 3rd. This represents a $0.54 annualized dividend and a yield of 5.02%. Myers Industries’s payout ratio is 128.57%.

Insiders Place Their Bets

In related news, CEO Dave Basque bought 5,000 shares of the stock in a transaction on Monday, December 9th. The stock was bought at an average price of $12.41 per share, with a total value of $62,050.00. Following the completion of the purchase, the chief executive officer now directly owns 39,152 shares in the company, valued at $485,876.32. This represents a 14.64 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders acquired a total of 19,500 shares of company stock valued at $232,575 over the last quarter. 1.40% of the stock is owned by insiders.

Hedge Funds Weigh In On Myers Industries

Several large investors have recently made changes to their positions in MYE. Point72 DIFC Ltd purchased a new stake in Myers Industries in the third quarter valued at approximately $28,000. nVerses Capital LLC raised its holdings in shares of Myers Industries by 57.9% in the 3rd 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 period. Point72 Asset Management L.P. acquired a new position in Myers Industries during the 3rd quarter worth about $72,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in Myers Industries during the 3rd quarter valued at about $85,000. Finally, Quest Partners LLC acquired a new position in Myers Industries in the 3rd quarter valued at about $150,000. 90.82% of the stock is currently owned by institutional investors and hedge funds.

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.