Jeffrey Kramer, a director at Myers Industries Inc . (NYSE:MYE), recently acquired 1,000 shares of the company's common stock, according to a filing with the Securities and Exchange Commission. The transaction, which took place on November 27, 2024, involved a purchase at $11.59 per share, totaling $11,590. According to InvestingPro data, this purchase comes as the stock trades near its 52-week low of $10.35, with shares down about 39% year-to-date. Following this acquisition, Kramer now holds 22,328 shares directly. The timing appears strategic, as InvestingPro analysis suggests the stock is currently undervalued, with a notably strong free cash flow yield. This move reflects Kramer's continued investment in the Akron, Ohio-based company, known for its plastic products and industrial applications and its impressive 53-year track record of consecutive dividend payments, currently yielding 4.66%. For deeper insights into Myers Industries' valuation and financial health metrics, investors can access the comprehensive Pro Research Report, available exclusively on InvestingPro.
In other recent news, Myers Industries has reported a 3.7% increase in net sales to $205.1 million in its Q3 2024 earnings call, despite facing demand challenges in various sectors. The company also revealed an adjusted gross profit rise of 5.8% and EBITDA reaching $30.7 million. Amid these developments, Myers Industries has revised its full-year adjusted earnings per share guidance to $0.92 to $1.02. The firm has also announced an additional $15 million in cost savings and reduced its debt by $13 million. In its efforts to strengthen its financial position, the company is focusing on its power brands and high-growth markets. As part of its strategies, Myers Industries is enhancing its e-commerce presence and addressing sales structure coverage gaps. These are the recent developments for the company, which is navigating through demand headwinds in several sectors while implementing significant cost-cutting measures.
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