Insider Buying: Myers Industries (NYSE:MYE) Director Acquires 1,000 Shares of Stock

Myers Industries, Inc. (NYSE:MYE) Director Yvette Dapremont Bright bought 1,000 shares of the business’s stock in a transaction that occurred on Monday, November 3rd. The shares were acquired at an average cost of $17.45 per share, for a total transaction of $17,450.00. Following the completion of the purchase, the director owned 28,711 shares in the company, valued at $501,006.95. This trade represents a 3.61% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Myers Industries Stock Down 2.5%

Shares of Myers Industries stock traded down $0.46 during trading hours on Tuesday, hitting $17.63. The company had a trading volume of 421,183 shares, compared to its average volume of 277,443. The company’s 50-day moving average is $16.62 and its two-hundred day moving average is $14.86. Myers Industries, Inc. has a twelve month low of $9.06 and a twelve month high of $18.29. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.77 and a quick ratio of 1.12. The company has a market cap of $659.58 million, a P/E ratio of 67.81 and a beta of 1.15.

Myers Industries (NYSE:MYE) last issued its quarterly earnings results on Thursday, October 30th. The industrial products company reported $0.26 earnings per share for the quarter, topping analysts’ consensus estimates of $0.25 by $0.01. The firm had revenue of $205.44 million during the quarter, compared to analysts’ expectations of $206.40 million. Myers Industries had a net margin of 1.20% and a return on equity of 13.02%. Analysts anticipate that Myers Industries, Inc. will post 0.95 earnings per share for the current fiscal year.

Myers Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, January 5th. Shareholders of record on Wednesday, December 3rd will be given a dividend of $0.135 per share. The ex-dividend date is Wednesday, December 3rd. This represents a $0.54 dividend on an annualized basis and a yield of 3.1%. Myers Industries’s dividend payout ratio is presently 72.97%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of MYE. Wealth Enhancement Advisory Services LLC lifted its holdings in Myers Industries by 5.0% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 14,871 shares of the industrial products company’s stock worth $248,000 after buying an additional 708 shares in the last quarter. Nisa Investment Advisors LLC lifted its holdings in Myers Industries by 30.2% in the 2nd quarter. Nisa Investment Advisors LLC now owns 3,714 shares of the industrial products company’s stock worth $54,000 after buying an additional 861 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Myers Industries by 4.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,835 shares of the industrial products company’s stock worth $260,000 after buying an additional 936 shares in the last quarter. Fox Run Management L.L.C. lifted its holdings in Myers Industries by 5.0% in the 1st quarter. Fox Run Management L.L.C. now owns 23,904 shares of the industrial products company’s stock worth $285,000 after buying an additional 1,148 shares in the last quarter. Finally, Tieton Capital Management LLC lifted its holdings in Myers Industries by 0.3% in the 2nd quarter. Tieton Capital Management LLC now owns 434,850 shares of the industrial products company’s stock worth $6,301,000 after buying an additional 1,260 shares in the last quarter. 90.82% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on MYE shares. Zacks Research downgraded shares of Myers Industries from a “hold” rating to a “strong sell” rating in a research report on Thursday, October 23rd. Weiss Ratings restated a “hold (c)” rating on shares of Myers Industries in a report on Wednesday, October 8th. Finally, Wall Street Zen cut shares of Myers Industries from a “buy” rating to a “hold” rating in a research note on Saturday, October 11th. One equities research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Myers Industries currently has an average rating of “Hold” and a consensus target price of $21.00.

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.