Myers Industries (NYSE:MYE) Raised to Hold at StockNews.com

Myers Industries (NYSE:MYE) was upgraded by equities research analysts at StockNews.com from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Thursday.

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

Myers Industries Trading Down 0.9 %

MYE stock opened at $10.65 on Thursday. The business has a fifty day moving average price of $11.58 and a 200 day moving average price of $12.99. 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 has a fifty-two week low of $10.35 and a fifty-two week high of $23.63. The stock has a market capitalization of $396.82 million, a price-to-earnings ratio of 25.36 and a beta of 1.22.

Myers Industries (NYSE:MYE) last announced 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). The business had revenue of $205.07 million during the quarter. Myers Industries had a net margin of 1.88% and a return on equity of 14.75%. During the same period in the previous year, the business posted $0.38 EPS. Analysts expect that Myers Industries will post 0.95 EPS for the current fiscal year.

Insider Activity

In related news, CEO Dave Basque acquired 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, December 3rd. The stock was acquired at an average price of $11.33 per share, for a total transaction of $56,650.00. Following the completion of the acquisition, the chief executive officer now owns 29,152 shares of the company’s stock, valued at $330,292.16. This trade represents a 20.70 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. In the last quarter, insiders have acquired 19,500 shares of company stock valued at $232,575. 1.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. JPMorgan Chase & Co. increased its stake in Myers Industries by 78.6% in the third quarter. JPMorgan Chase & Co. now owns 133,506 shares of the industrial products company’s stock valued at $1,845,000 after purchasing an additional 58,761 shares in the last quarter. Barclays PLC grew its holdings in shares of Myers Industries by 464.7% in the 3rd quarter. Barclays PLC now owns 74,072 shares of the industrial products company’s stock valued at $1,024,000 after buying an additional 60,954 shares during the period. Geode Capital Management LLC increased its position in shares of Myers Industries by 1.3% in the 3rd quarter. Geode Capital Management LLC now owns 832,442 shares of the industrial products company’s stock valued at $11,507,000 after buying an additional 10,666 shares in the last quarter. Wellington Management Group LLP raised its stake in Myers Industries by 2.3% during the 3rd quarter. Wellington Management Group LLP now owns 323,538 shares of the industrial products company’s stock worth $4,471,000 after buying an additional 7,192 shares during the period. Finally, State Street Corp lifted its holdings in Myers Industries by 2.6% during the third quarter. State Street Corp now owns 1,374,246 shares of the industrial products company’s stock worth $19,176,000 after acquiring an additional 35,456 shares in the last quarter. Institutional investors own 90.82% of the company’s stock.

Myers Industries Company Profile

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.