Yvette Dapremont Bright, a director at Myers Industries Inc . (NYSE:MYE), acquired 1,000 shares of the company's common stock on November 27, according to a recent SEC filing. The shares were purchased at a price of $11.60 each, totaling $11,600. Following this transaction, Bright holds 20,961 shares directly. Myers Industries, based in Akron, Ohio, is a company involved in the plastics products industry.
In other recent news, Myers Industries reported a 3.7% increase in net sales to $205.1 million during its Q3 2024 earnings call, led by Interim CEO Dave Basque and CFO Grant Fitz. The company also highlighted a sales surge in its Scepter brand. Despite facing demand challenges in several sectors, Myers Industries is implementing significant cost-cutting measures, with an additional $15 million in savings announced. The company has also revised its full-year adjusted earnings per share guidance to $0.92 to $1.02.
Myers Industries is actively working on performance improvement and sales structure optimization. The company participated in the SEMA Conference, launching a promotional program expected to drive additional volume. Additionally, the company aims to strengthen its Distribution business and grow in sectors such as military and infrastructure.
These are recent developments that highlight the company's strategic steps to navigate the current economic environment and position itself for future growth. Despite encountering softer demand in several key sectors, Myers Industries remains focused on expanding its e-commerce presence, investing in high-growth markets, and implementing cost-saving initiatives.
InvestingPro Insights
The recent insider purchase by Yvette Dapremont Bright at Myers Industries Inc. (NYSE:MYE) comes at an interesting time for the company. According to InvestingPro data, MYE's stock price has fallen significantly over the last three months, with a 25.24% decline in the three-month price total return. This insider buy could be seen as a vote of confidence in the company's future prospects, especially considering the current market valuation.
InvestingPro Tips highlight that Myers Industries has maintained dividend payments for 53 consecutive years, showcasing the company's commitment to shareholder returns. This long-standing dividend history is particularly noteworthy given the current dividend yield of 4.8%, which may be attractive to income-focused investors.
Despite the recent stock price decline, analysts remain optimistic about Myers Industries' profitability. An InvestingPro Tip indicates that analysts predict the company will be profitable this year, which aligns with the company's current price-to-earnings ratio of 27.36. Moreover, the adjusted P/E ratio for the last twelve months stands at a more modest 16.25, suggesting the stock might be more reasonably valued than it appears at first glance.
For investors seeking a deeper understanding of Myers Industries' potential, InvestingPro offers additional tips and insights. There are 5 more InvestingPro Tips available for MYE, which could provide valuable context for the company's financial health and market position.
Yvette Dapremont Bright, a director at Myers Industries Inc. (NYSE:MYE), acquired 1,000 shares of the company's common stock on November 27, according to a recent SEC filing. The shares were purchased at a price of $11.60 each, totaling $11,600. Following this transaction, Bright holds 20,961 shares directly. Myers Industries, based in Akron, Ohio, is a company involved in the plastics products industry.
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