Myers Industries (NYSE:MYE) Sets New 52-Week High After Analyst Upgrade

Myers Industries, Inc. (NYSE:MYE)’s share price reached a new 52-week high during trading on Monday after Wall Street Zen upgraded the stock from a buy rating to a strong-buy rating. The company traded as high as $18.29 and last traded at $18.25, with a volume of 45111 shares changing hands. The stock had previously closed at $18.06.

A number of other brokerages have also weighed in on MYE. Zacks Research lowered shares of Myers Industries from a “hold” rating to a “strong sell” rating in a report on Thursday, October 23rd. Weiss Ratings reiterated a “hold (c)” rating on shares of Myers Industries in a research report on Wednesday, October 8th. One equities research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $21.00.

Insider Buying and Selling at Myers Industries

In related news, CFO Samantha Rutty purchased 3,000 shares of Myers Industries stock in a transaction that occurred on Friday, November 14th. The shares were bought at an average price of $17.50 per share, for a total transaction of $52,500.00. Following the completion of the transaction, the chief financial officer directly owned 3,000 shares of the company’s stock, valued at $52,500. This represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Helmuth Ludwig bought 5,000 shares of the firm’s stock in a transaction on Monday, November 3rd. The stock was purchased at an average cost of $17.21 per share, with a total value of $86,050.00. Following the completion of the acquisition, the director directly owned 13,436 shares of the company’s stock, valued at approximately $231,233.56. The trade was a 59.27% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders purchased 9,000 shares of company stock worth $156,000. 1.85% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Myers Industries

Institutional investors and hedge funds have recently bought and sold shares of the company. State of Alaska Department of Revenue bought a new stake in shares of Myers Industries during the third quarter valued at approximately $25,000. EverSource Wealth Advisors LLC grew its holdings in shares of Myers Industries by 372.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,900 shares of the industrial products company’s stock worth $28,000 after purchasing an additional 1,498 shares in the last quarter. Huntington National Bank acquired a new stake in shares of Myers Industries during the 2nd quarter valued at $29,000. Quarry LP acquired a new position in shares of Myers Industries in the 3rd quarter worth approximately $48,000. Finally, Nisa Investment Advisors LLC boosted its holdings in Myers Industries by 30.2% in the second quarter. Nisa Investment Advisors LLC now owns 3,714 shares of the industrial products company’s stock worth $54,000 after acquiring an additional 861 shares in the last quarter. 90.82% of the stock is owned by hedge funds and other institutional investors.

Myers Industries Stock Up 0.4%

The firm has a market capitalization of $678.13 million, a P/E ratio of 69.72 and a beta of 1.19. The company has a current ratio of 1.77, a quick ratio of 1.12 and a debt-to-equity ratio of 1.24. The stock’s 50-day simple moving average is $17.12 and its 200-day simple moving average is $15.82.

Myers Industries (NYSE:MYE) last announced its quarterly earnings results on Thursday, October 30th. The industrial products company reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.25 by $0.01. The firm had revenue of $205.44 million for the quarter, compared to the consensus estimate of $206.40 million. Myers Industries had a net margin of 1.20% and a return on equity of 13.02%. As a group, research analysts predict that Myers Industries, Inc. will post 0.95 earnings per share for the current fiscal year.

Myers Industries Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, January 5th. Stockholders of record on Wednesday, December 3rd will be given a dividend of $0.135 per share. This represents a $0.54 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date is Wednesday, December 3rd. Myers Industries’s dividend payout ratio is currently 72.97%.

Myers Industries Company Profile

Myers Industries, Inc engages in distribution of tire service supplies in Ohio. It operates through two segments, The Material Handling and Distribution. The Material Handling segment offers pallets, small parts bins, bulk shipping containers, and OEM parts, as well as storage and organization, and custom plastic products; and injection molded, rotationally molded or blow molded products, consumer fuel containers and tanks for water, fuel, and waste handling.