Extremely important negative changes in investment behavior have recently occurred for Myers Industries Inc. (NYSE: MYE): negative upside/downside volume developed, and the stock fell on very heavy volume.
Myers Industries Inc. (NYSE: MYE). Important negative changes in fundamentals have recently occurred: the stock’s power rating fell below 50, and the consensus estimate for December, 2024 decreased significantly.
In light of these highly negative signals we are reviewing our current Overall Rating of C. We would view the shares with caution pending completion of this review in the next several days.
Current PriceTarget Research Rating
Reflecting future returns on capital that are forecasted to be above the cost of capital, MYE is expected to continue to be an important Value Builder.
Myers Industries has a current Value Trend Rating of C (Neutral). The Value Trend Rating reflects highly consistent signals from PTR’s two proprietary measures of a stock’s attractiveness. Myers Industries has a neutral Appreciation Score of 50 and a neutral Power Rating of 50, leading to the Neutral Value Trend Rating.
Recent Price Action
On 6/21/24, Myers Industries Inc. (NYSE: MYE) stock declined by -2.2%, closing at $14.04. Moreover, exceptionally high trading volume at 355% of normal accompanied the decline. Relative to the market the stock has been weak over the last nine months and has declined -8.2% during the last week.
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