Lori A. Lutey, 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 shares were purchased at a price of $12.15 each, amounting to a total transaction value of $12,150. Following this acquisition, Lutey holds 12,500 shares indirectly through the Phillip & Lori Lutey Revocable Trust, where she serves as co-trustee. Additionally, Lutey directly owns 30,078 shares of Myers Industries stock.
In other recent news, Myers Industries reported a 3.7% increase in net sales to $205.1 million during its Q3 2024 earnings call, despite facing demand challenges in several sectors. The company also revealed a significant sales surge in the Scepter brand. To strengthen its financial position, Myers Industries is implementing substantial cost-cutting measures, including an additional $15 million in savings. The company reduced its debt by $13 million and aims to achieve a leverage ratio of approximately 2x by the end of 2025.
Further, Myers Industries revised its full-year adjusted earnings per share guidance to $0.92 to $1.02. The company also announced its focus on strengthening its power brands and expanding in high-growth markets. The company is enhancing its e-commerce strategy and aims to fill sales structure coverage gaps. In addition, Myers Industries participated in the SEMA Conference, launching a promotional program expected to drive additional volume. These are the recent developments in the company's operations, aiming to navigate the current economic environment and position itself for future growth.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.