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

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

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

Myers Industries Price Performance

Myers Industries stock opened at $11.43 on Friday. 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 stock has a market cap of $425.88 million, a price-to-earnings ratio of 27.21 and a beta of 1.22. The firm has a 50-day moving average of $11.88 and a two-hundred day moving average of $13.26. Myers Industries has a 1 year low of $10.35 and a 1 year high of $23.63.

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

Insider Transactions at Myers Industries

In other news, CEO Dave Basque bought 5,000 shares of the business’s stock in a transaction on Monday, December 9th. The shares were bought at an average price of $12.41 per share, with a total value of $62,050.00. Following the completion of the transaction, the chief executive officer now directly owns 39,152 shares in the company, valued at $485,876.32. This trade represents a 14.64 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have purchased a total of 19,500 shares of company stock worth $232,575 in the last quarter. Company insiders own 1.40% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Victory Capital Management Inc. acquired a new position in Myers Industries in the second quarter valued at approximately $13,684,000. Hotchkis & Wiley Capital Management LLC grew its holdings in shares of Myers Industries by 60.2% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 624,010 shares of the industrial products company’s stock worth $8,624,000 after purchasing an additional 234,390 shares during the last quarter. Renaissance Technologies LLC increased its position in shares of Myers Industries by 8.3% during the second quarter. Renaissance Technologies LLC now owns 1,480,597 shares of the industrial products company’s stock worth $19,810,000 after purchasing an additional 113,100 shares in the last quarter. Hodges Capital Management Inc. lifted its holdings in shares of Myers Industries by 336.3% in the 2nd quarter. Hodges Capital Management Inc. now owns 105,800 shares of the industrial products company’s stock valued at $1,416,000 after purchasing an additional 81,550 shares during the last quarter. Finally, ClariVest Asset Management LLC increased its position in Myers Industries by 60.0% during the second quarter. ClariVest Asset Management LLC now owns 200,266 shares of the industrial products company’s stock worth $2,680,000 after buying an additional 75,108 shares during the period. 90.82% of the stock is currently owned by hedge funds and other institutional investors.

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.