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

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

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

Myers Industries Trading Down 5.0 %

Shares of MYE stock opened at $11.71 on Monday. Myers Industries has a fifty-two week low of $10.35 and a fifty-two week high of $23.63. The company has a 50 day moving average price of $12.06 and a 200 day moving average price of $13.43. The stock has a market capitalization of $436.31 million, a P/E ratio of 27.88 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 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). The business had revenue of $205.07 million during the quarter. Myers Industries had a return on equity of 14.75% and a net margin of 1.88%. During the same period last year, the business posted $0.38 EPS. Equities research analysts predict that Myers Industries will post 0.95 EPS for the current fiscal year.

Myers Industries Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 3rd. Shareholders of record on Tuesday, December 3rd will be issued a dividend of $0.135 per share. This represents a $0.54 annualized dividend and a yield of 4.61%. The ex-dividend date is Tuesday, December 3rd. Myers Industries’s dividend payout ratio (DPR) is presently 128.57%.

Insider Buying and Selling at Myers Industries

In other Myers Industries news, CEO Dave Basque acquired 5,000 shares of the stock in a transaction dated 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 transaction, the chief executive officer now owns 34,152 shares in the company, valued at $414,263.76. The trade was a 17.15 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last three months, insiders have bought 19,500 shares of company stock valued at $232,575. Insiders own 1.40% of the company’s stock.

Institutional Investors Weigh In On Myers Industries

Several hedge funds and other institutional investors have recently made changes to their positions in MYE. nVerses Capital LLC purchased a new position in Myers Industries in the second quarter valued at approximately $25,000. Point72 DIFC Ltd acquired a new position in shares of Myers Industries in the 3rd quarter valued at $28,000. Point72 Asset Management L.P. purchased a new position in shares of Myers Industries in the 3rd quarter valued at $72,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Myers Industries during the 3rd quarter worth $85,000. Finally, Quest Partners LLC purchased a new stake in Myers Industries in the third quarter valued at $150,000. Institutional investors and hedge funds 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.