Myers Industries (NYSE:MYE) Upgraded to “Hold” at StockNews.com

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

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

Myers Industries Price Performance

MYE stock traded down $0.18 during trading on Thursday, hitting $10.76. The stock had a trading volume of 161,610 shares, compared to its average volume of 312,062. The stock has a market cap of $400.92 million, a price-to-earnings ratio of 25.62 and a beta of 1.22. The company has a debt-to-equity ratio of 1.36, a quick ratio of 1.11 and a current ratio of 1.80. The company’s 50 day moving average price is $11.58 and its two-hundred day moving average price is $12.99. Myers Industries has a 1-year low of $10.35 and a 1-year high of $23.63.

Myers Industries (NYSE:MYE) last posted its quarterly earnings data 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 during the quarter. During the same period in the previous year, the company posted $0.38 earnings per share. On average, sell-side analysts forecast that Myers Industries will post 0.95 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Dave Basque purchased 5,000 shares of the stock in a transaction on Tuesday, December 3rd. The stock was purchased at an average price of $11.33 per share, with a total value of $56,650.00. Following the completion of the transaction, the chief executive officer now owns 29,152 shares in the company, valued at approximately $330,292.16. The trade was a 20.70 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Over the last quarter, insiders purchased 19,500 shares of company stock valued at $232,575. Insiders own 1.40% of the company’s stock.

Hedge Funds Weigh In On Myers Industries

Hedge funds and other institutional investors have recently modified their holdings of the company. Dimensional Fund Advisors LP increased its position in 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 worth $21,466,000 after purchasing an additional 4,777 shares in the last quarter. Gabelli Funds LLC increased its position in shares of 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 worth $21,037,000 after acquiring an additional 58,500 shares in the last quarter. Renaissance Technologies LLC raised its stake in shares of Myers Industries by 8.3% in the 2nd 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 lifted its holdings in shares of Myers Industries by 2.6% during the 3rd quarter. State Street Corp now owns 1,374,246 shares of the industrial products company’s stock valued at $19,176,000 after acquiring an additional 35,456 shares in the last quarter. Finally, Victory Capital Management Inc. boosted its position in 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 worth $14,292,000 after purchasing an additional 11,434 shares during the period. 90.82% of the stock is owned by institutional investors and hedge funds.

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.