Myers Industries (NYSE:MYE) Sets New 12-Month High – Here’s What Happened

Myers Industries, Inc. (NYSE:MYE) hit a new 52-week high on Monday . The company traded as high as $27.97 and last traded at $27.51, with a volume of 649736 shares changing hands. The stock had previously closed at $27.41.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on MYE shares. Wall Street Zen downgraded Myers Industries from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Weiss Ratings downgraded shares of Myers Industries from a “hold (c+)” rating to a “hold (c)” rating in a research note on Monday, May 11th. Two analysts have rated the stock with a Hold rating, According to data from MarketBeat, Myers Industries presently has an average rating of “Hold”.

Myers Industries Stock Performance

The firm’s 50-day simple moving average is $23.20 and its 200-day simple moving average is $21.54. The company has a quick ratio of 1.29, a current ratio of 1.65 and a debt-to-equity ratio of 1.04. The firm has a market capitalization of $1.05 billion, a PE ratio of 39.96 and a beta of 0.98.

Myers Industries (NYSE:MYE) last released its quarterly earnings data on Thursday, May 7th. The industrial products company reported $0.44 EPS for the quarter, topping the consensus estimate of $0.28 by $0.16. Myers Industries had a return on equity of 17.23% and a net margin of 3.36%.The firm had revenue of $164.58 million for the quarter, compared to the consensus estimate of $209.30 million.

Myers Industries Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 2nd. Shareholders of record on Wednesday, June 17th will be paid a $0.135 dividend. This represents a $0.54 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend is Wednesday, June 17th. Myers Industries’s payout ratio is 77.14%.

Institutional Trading of Myers Industries

A number of institutional investors have recently made changes to their positions in the stock. Royal Bank of Canada increased its stake in shares of Myers Industries by 44.5% in the first quarter. Royal Bank of Canada now owns 24,684 shares of the industrial products company’s stock worth $295,000 after buying an additional 7,607 shares during the period. AQR Capital Management LLC boosted its position in Myers Industries by 148.8% during the 1st quarter. AQR Capital Management LLC now owns 166,990 shares of the industrial products company’s stock valued at $1,992,000 after buying an additional 99,881 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Myers Industries by 4.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,835 shares of the industrial products company’s stock valued at $260,000 after buying an additional 936 shares during the period. Millennium Management LLC grew its holdings in Myers Industries by 2.7% in the 1st quarter. Millennium Management LLC now owns 911,626 shares of the industrial products company’s stock worth $10,876,000 after acquiring an additional 23,866 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its holdings in Myers Industries by 12.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 320,996 shares of the industrial products company’s stock worth $3,829,000 after acquiring an additional 34,787 shares during the last quarter. Hedge funds and other institutional investors own 90.82% of the company’s stock.

Myers Industries Company Profile

Myers Industries, Inc is a diversified manufacturer of polymer products serving industrial, commercial and consumer markets. The company designs, produces and markets a broad range of molded and fabricated plastic components, including pallets, bulk containers, tanks and drums used in material handling and storage applications. Myers Industries leverages proprietary polymer technologies to provide durable, reusable solutions that help customers optimize supply chain efficiency and reduce environmental impact.

Myers operates primarily through two business segments.