Myers Industries (NYSE:MYE) Sets New 52-Week High – Here’s Why

Myers Industries, Inc. (NYSE:MYE) hit a new 52-week high during trading on Monday . The company traded as high as $32.23 and last traded at $31.6570, with a volume of 1381613 shares. The stock had previously closed at $32.14.

Analyst Ratings Changes

MYE has been the topic of several research analyst reports. KeyCorp lifted their target price on Myers Industries to $37.00 and gave the company an “overweight” rating in a research note on Tuesday. Wall Street Zen cut shares of Myers Industries from a “buy” rating to a “hold” rating in a report on Saturday, May 9th. Finally, Weiss Ratings downgraded shares of Myers Industries from a “hold (c+)” rating to a “hold (c)” rating in a research report on Monday, May 11th. One analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $37.00.

Myers Industries Trading Up 14.7%

The firm has a market cap of $1.33 billion, a P/E ratio of 50.55 and a beta of 0.98. The company has a 50 day moving average of $24.20 and a 200 day moving average of $22.00. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.29 and a current ratio of 1.65.

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

Myers Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 2nd. Shareholders of record on Wednesday, June 17th will be given a dividend of $0.135 per share. This represents a $0.54 annualized dividend and a yield of 1.5%. The ex-dividend date of this dividend is Wednesday, June 17th. Myers Industries’s dividend payout ratio is presently 77.14%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in MYE. EverSource Wealth Advisors LLC lifted its holdings in Myers Industries by 372.6% in 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 during the last quarter. Kestra Advisory Services LLC bought a new position in shares of Myers Industries in the fourth quarter valued at approximately $38,000. NewEdge Advisors LLC bought a new position in shares of Myers Industries in the first quarter valued at approximately $43,000. Quarry LP acquired a new stake in shares of Myers Industries in the third quarter worth $48,000. Finally, Clearstead Advisors LLC lifted its stake in shares of Myers Industries by 56.0% in the fourth quarter. Clearstead Advisors LLC now owns 3,438 shares of the industrial products company’s stock worth $64,000 after buying an additional 1,234 shares during the last quarter. Institutional investors and hedge funds 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.