Myers Industries (NYSE:MYE) Downgraded to “Sell” Rating by StockNews.com

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

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

Myers Industries Trading Up 2.1 %

Myers Industries stock opened at $11.62 on Friday. Myers Industries has a 12 month low of $10.35 and a 12 month high of $23.63. The company has a market capitalization of $432.85 million, a price-to-earnings ratio of 27.66 and a beta of 1.22. The business’s fifty day simple moving average is $11.52 and its two-hundred day simple moving average is $12.92. The company has a current ratio of 1.80, a quick ratio of 1.11 and a debt-to-equity ratio of 1.36.

Myers Industries (NYSE:MYE) last announced its quarterly earnings results on Monday, November 4th. The industrial products company reported $0.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.04). The firm 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 quarter last year, the firm posted $0.38 EPS. As a group, equities analysts predict that Myers Industries will post 0.95 earnings per share for the current fiscal year.

Insider Activity at Myers Industries

In related news, CEO Dave Basque acquired 5,000 shares of the firm’s stock in a transaction dated 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 completion of the acquisition, the chief executive officer now directly owns 34,152 shares of the company’s stock, valued at approximately $414,263.76. This trade represents a 17.15 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders have acquired 19,500 shares of company stock valued at $232,575 over the last ninety days. Insiders own 1.40% of the company’s stock.

Institutional Investors Weigh In On Myers Industries

Several institutional investors and hedge funds have recently added to or reduced their stakes in MYE. Dimensional Fund Advisors LP lifted its holdings in shares of Myers Industries by 0.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,604,324 shares of the industrial products company’s stock valued at $21,466,000 after buying an additional 4,777 shares during the period. Gabelli Funds LLC lifted its holdings in Myers Industries by 3.9% in the second quarter. Gabelli Funds LLC now owns 1,572,250 shares of the industrial products company’s stock valued at $21,037,000 after acquiring an additional 58,500 shares during the period. Renaissance Technologies LLC lifted its holdings in Myers Industries by 8.3% in the second quarter. Renaissance Technologies LLC now owns 1,480,597 shares of the industrial products company’s stock valued at $19,810,000 after acquiring an additional 113,100 shares during the period. State Street Corp boosted its position in Myers Industries by 2.6% in the third quarter. State Street Corp now owns 1,374,246 shares of the industrial products company’s stock worth $19,176,000 after purchasing an additional 35,456 shares during the last quarter. Finally, Victory Capital Management Inc. grew its stake in shares of Myers Industries by 1.1% during the 3rd quarter. Victory Capital Management Inc. now owns 1,034,125 shares of the industrial products company’s stock valued at $14,292,000 after purchasing an additional 11,434 shares during the period. Hedge funds and other 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.