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

StockNews.com lowered shares of Myers Industries (NYSE:MYE) from a hold rating to a sell rating in a research note issued to investors on Friday morning.

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

Myers Industries Stock Down 3.1 %

MYE stock opened at $11.08 on Friday. The stock has a fifty day moving average of $11.84 and a 200-day moving average of $13.23. Myers Industries has a fifty-two week low of $10.35 and a fifty-two week high of $23.63. The company has a market capitalization of $412.84 million, a price-to-earnings ratio of 26.38 and a beta of 1.22. 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 (NYSE:MYE) last released its quarterly earnings data 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). The business had revenue of $205.07 million for 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 business posted $0.38 earnings per share. As a group, equities research analysts predict that Myers Industries will post 0.95 earnings per share for the current year.

Myers Industries Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, January 3rd. Shareholders of record on Tuesday, December 3rd will be paid a $0.135 dividend. The ex-dividend date of this dividend is Tuesday, December 3rd. This represents a $0.54 annualized dividend and a yield of 4.87%. Myers Industries’s dividend payout ratio is currently 128.57%.

Insider Activity

In other news, CEO Dave Basque purchased 5,000 shares of the business’s stock in a transaction on Thursday, December 5th. The stock was purchased at an average cost of $12.13 per share, with a total value of $60,650.00. Following the acquisition, 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 document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders have purchased a total of 19,500 shares of company stock worth $232,575 over the last ninety days. Company insiders own 1.40% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. nVerses Capital LLC purchased a new position in Myers Industries during the second quarter worth about $25,000. Point72 DIFC Ltd purchased a new position in shares of Myers Industries during the third quarter worth about $28,000. 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. bought a new position in shares of Myers Industries in the third quarter worth approximately $85,000. Finally, Quest Partners LLC purchased a new stake in Myers Industries in the third 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.