William A. Foley, a director at Myers Industries Inc . (NYSE:MYE), recently acquired 1,000 shares of the company's common stock. The purchase, made on December 2, was executed at an average price of approximately $12.03 per share, amounting to a total transaction value of $12,030. The transaction price sits above the current trading price of $11.51, with InvestingPro analysis suggesting the stock is currently undervalued. Following this acquisition, Foley's direct ownership in Myers Industries has increased to 47,431 shares.
The transaction was executed through a broker-dealer, with prices ranging from $12.02 to $12.03 per share. Foley's recent purchase is documented in a filing with the Securities and Exchange Commission.
In other recent news, Myers Industries, a diversified manufacturing and distribution company, reported a 3.7% increase in net sales to $205.1 million in its Q3 2024 earnings call. This growth was marked by a significant sales surge in the Scepter brand. Despite demand challenges in several sectors, Myers Industries has revised its full-year adjusted earnings per share guidance to $0.92 to $1.02 and is implementing cost-cutting measures to enhance its financial position.
The company also reduced its debt by $13 million and is targeting a leverage ratio of approximately 2x by the end of 2025. In addition to its financial developments, Myers Industries is focusing on strengthening its power brands and expanding in high-growth markets.
These are the latest developments for Myers Industries, which is also enhancing its e-commerce strategy and filling sales structure coverage gaps. Despite facing headwinds in recreational vehicles, marine, automotive aftermarket, and food and beverage sectors, the company remains confident in the growth opportunities for its four power brands.
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