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

StockNews.com downgraded shares of Myers Industries (NYSE:MYE - Free Report) from a hold rating to a sell rating in a research note released on Tuesday.

Separately, KeyCorp lowered Myers Industries from an "overweight" rating to a "sector weight" rating in a research report on Wednesday, November 6th.

Myers Industries Stock Down 1.1 %

Shares of MYE traded down $0.13 during midday trading on Tuesday, reaching $12.07. 96,427 shares of the company were exchanged, compared to its average volume of 233,913. 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 has a 1-year low of $10.35 and a 1-year high of $23.63. The company has a market cap of $449.77 million, a price-to-earnings ratio of 28.71 and a beta of 1.22. The stock has a 50-day moving average price of $11.59 and a 200-day moving average price of $12.84.

Myers Industries (NYSE:MYE - Get Free Report) last posted its quarterly earnings data 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 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 prior year, the company earned $0.38 EPS. Research analysts expect that Myers Industries will post 0.95 earnings per share for the current year.

Insider Activity at Myers Industries

In related news, CEO Dave Basque bought 5,000 shares of the stock in a transaction dated Thursday, December 5th. The stock was bought 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 owns 34,152 shares of the company's stock, valued at $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 accessible through this hyperlink. Insiders bought a total of 19,500 shares of company stock valued at $232,575 over the last three months. 1.40% of the stock is owned by insiders.

Hedge Funds Weigh In On Myers Industries

Hedge funds and other institutional investors have recently modified their holdings of the company. Point72 DIFC Ltd bought a new position in Myers Industries during the 3rd quarter valued at $28,000. nVerses Capital LLC boosted its stake in Myers Industries by 57.9% during the third quarter. nVerses Capital LLC now owns 3,000 shares of the industrial products company's stock valued at $41,000 after buying an additional 1,100 shares in the last quarter. Point72 Asset Management L.P. acquired a new position in Myers Industries during the third quarter worth about $72,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in Myers Industries in the third quarter worth about $85,000. Finally, Quest Partners LLC acquired a new stake in Myers Industries in the 3rd quarter valued at about $150,000. Institutional investors and hedge funds 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.