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

Myers Industries, Inc. (NYSE:MYE) reached a new 52-week high during trading on Wednesday . The company traded as high as $20.37 and last traded at $20.3150, with a volume of 35101 shares. The stock had previously closed at $19.84.

Analysts Set New Price Targets

Several analysts recently commented on the company. Zacks Research raised Myers Industries from a “strong sell” rating to a “hold” rating in a report on Tuesday, December 16th. Wall Street Zen raised shares of Myers Industries from a “buy” rating to a “strong-buy” rating in a report on Friday, November 28th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Myers Industries in a report on Wednesday, October 8th. One research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $21.00.

Myers Industries Stock Up 4.0%

The company has a market capitalization of $771.66 million, a price-to-earnings ratio of 27.87 and a beta of 1.09. The company has a current ratio of 1.67, a quick ratio of 1.09 and a debt-to-equity ratio of 1.18. The company has a 50-day moving average of $18.76 and a 200-day moving average of $17.14.

Myers Industries (NYSE:MYE) last issued its quarterly earnings results on Thursday, October 30th. The industrial products company reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of $0.25 by $0.01. Myers Industries had a return on equity of 13.15% and a net margin of 3.38%.The company had revenue of $205.44 million during the quarter, compared to analysts’ expectations of $206.40 million. On average, equities analysts predict that Myers Industries, Inc. will post 0.95 earnings per share for the current fiscal year.

Myers Industries Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, January 5th. Shareholders of record on Wednesday, December 3rd were issued a $0.135 dividend. This represents a $0.54 annualized dividend and a yield of 2.6%. The ex-dividend date was Wednesday, December 3rd. Myers Industries’s dividend payout ratio is presently 72.97%.

Insider Buying and Selling

In other Myers Industries news, CFO Samantha Rutty purchased 3,000 shares of the company’s stock in a transaction on Friday, November 14th. The stock was acquired at an average price of $17.50 per share, for a total transaction of $52,500.00. Following the completion of the purchase, the chief financial officer directly owned 3,000 shares in the company, valued at approximately $52,500. The trade was a ∞ increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Helmuth Ludwig acquired 5,000 shares of the stock in a transaction dated Monday, November 3rd. The shares were bought at an average cost of $17.21 per share, with a total value of $86,050.00. Following the completion of the transaction, the director owned 13,436 shares of the company’s stock, valued at approximately $231,233.56. This represents a 59.27% increase in their position. The SEC filing for this purchase provides additional information. Insiders purchased 9,000 shares of company stock worth $156,000 over the last quarter. 1.85% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Myers Industries

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Advisory Research Inc. raised its holdings in Myers Industries by 476.4% in the 3rd quarter. Advisory Research Inc. now owns 706,080 shares of the industrial products company’s stock valued at $11,961,000 after acquiring an additional 583,585 shares during the last quarter. Teton Advisors LLC acquired a new stake in shares of Myers Industries during the third quarter valued at about $5,184,000. Simcoe Capital Management LLC bought a new stake in Myers Industries in the third quarter valued at about $4,120,000. Arrowstreet Capital Limited Partnership lifted its holdings in Myers Industries by 84.8% in the second quarter. Arrowstreet Capital Limited Partnership now owns 512,201 shares of the industrial products company’s stock worth $7,422,000 after acquiring an additional 235,030 shares during the last quarter. Finally, AQR Capital Management LLC raised its position in shares of Myers Industries by 137.9% during the 2nd quarter. AQR Capital Management LLC now owns 397,242 shares of the industrial products company’s stock worth $5,756,000 after purchasing an additional 230,252 shares during the period. 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.