Basque Dave, the Interim President and CEO of Myers Industries Inc . (NYSE:MYE), has made significant acquisitions of the company's stock. According to a recent SEC filing, Dave purchased a total of 15,000 shares over three separate transactions in early December. The timing appears strategic, as InvestingPro analysis indicates the company is currently undervalued, with a strong free cash flow yield and a solid financial health score of "GOOD." The shares were bought at prices ranging from $11.33 to $12.41, amounting to a total investment of approximately $179,350. Following these transactions, Dave now holds 39,152 shares directly. These purchases reflect the executive's increased stake in the company, which has maintained dividend payments for 53 consecutive years and remains profitable with a market cap of $450 million. For deeper insights into insider trading patterns and comprehensive analysis, access the full Myers Industries Pro Research Report, available exclusively on InvestingPro.
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. Despite demand challenges in several sectors, the company has updated its full-year guidance and is implementing significant cost-cutting measures to improve its financial standing. The company's adjusted gross profit rose by 5.8%, and EBITDA reached $30.7 million. Myers Industries also announced an additional $15 million in cost savings and reduced debt by $13 million, aiming for a leverage ratio of approximately 2x by the end of 2025. Full-year adjusted earnings per share guidance was revised to $0.92 to $1.02. In a bid to strengthen its power brands and expand in high-growth markets, the company is enhancing its e-commerce strategy and filling sales structure coverage gaps. These are recent developments, reflecting Myers Industries' strategic steps to navigate the current economic environment.
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