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

StockNews.com lowered shares of Myers Industries (NYSE:MYE - Free Report) from a hold rating to a sell rating in a research report released on Friday morning.

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

Myers Industries Trading Down 3.1 %

NYSE MYE traded down $0.35 on Friday, reaching $11.08. The stock had a trading volume of 273,270 shares, compared to its average volume of 307,974. The company has a quick ratio of 1.11, a current ratio of 1.80 and a debt-to-equity ratio of 1.36. The stock has a fifty day moving average price of $11.84 and a two-hundred day moving average price of $13.23. Myers Industries has a 12-month low of $10.35 and a 12-month high of $23.63. The firm has a market capitalization of $412.84 million, a price-to-earnings ratio of 26.38 and a beta of 1.22.

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 the consensus estimate 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 during the quarter. During the same quarter in the previous year, the company earned $0.38 EPS. As a group, sell-side analysts forecast that Myers Industries will post 0.95 EPS for the current fiscal year.

Myers Industries Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, January 3rd. Investors of record on Tuesday, December 3rd will be paid a dividend of $0.135 per share. The ex-dividend date of this dividend is Tuesday, December 3rd. This represents a $0.54 annualized dividend and a yield of 4.87%. Myers Industries's payout ratio is 128.57%.

Insiders Place Their Bets

In other news, CEO Dave Basque purchased 5,000 shares of the firm's stock in a transaction that occurred on Thursday, December 5th. The stock was bought at an average price of $12.13 per share, for a total transaction of $60,650.00. Following the completion of the purchase, the chief executive officer now directly owns 34,152 shares of the company's stock, valued at $414,263.76. The trade was a 17.15 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders have purchased a total of 19,500 shares of company stock worth $232,575 in the last quarter. 1.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Myers Industries

A number of hedge funds and other institutional investors have recently modified their holdings of MYE. nVerses Capital LLC acquired a new stake in shares of Myers Industries during the 2nd quarter worth about $25,000. Point72 DIFC Ltd purchased a new position in Myers Industries in the third quarter valued at approximately $28,000. Point72 Asset Management L.P. acquired a new stake in Myers Industries during the third quarter worth approximately $72,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Myers Industries during the 3rd quarter worth approximately $85,000. Finally, Quest Partners LLC acquired a new position in shares of Myers Industries in the 3rd quarter valued at $150,000. 90.82% of the stock is currently owned by institutional investors and hedge funds.

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.