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

Myers Industries, Inc. (NYSE:MYE) shares reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $22.20 and last traded at $20.6550, with a volume of 840 shares. The stock had previously closed at $20.63.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Zacks Research raised shares of Myers Industries from a “strong sell” rating to a “hold” rating in a research report on Tuesday, December 16th. Weiss Ratings reiterated a “hold (c)” rating on shares of Myers Industries in a research note on Thursday, January 22nd. Finally, Wall Street Zen upgraded shares of Myers Industries from a “buy” rating to a “strong-buy” rating in a report on Friday, November 28th. One research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $21.00.

Myers Industries Stock Performance

The company has a market cap of $766.49 million, a PE ratio of 27.68 and a beta of 1.09. The stock’s 50-day simple moving average is $19.06 and its 200 day simple moving average is $17.32. The company has a debt-to-equity ratio of 1.18, a quick ratio of 1.09 and a current ratio of 1.67.

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

Insiders Place Their Bets

In related news, CFO Samantha Rutty purchased 3,000 shares of the stock in a transaction dated Friday, November 14th. The shares were acquired at an average cost of $17.50 per share, with a total value of $52,500.00. Following the purchase, the chief financial officer directly owned 3,000 shares in the company, valued at $52,500. This trade represents a ∞ increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Helmuth Ludwig purchased 5,000 shares of the business’s stock in a transaction dated Monday, November 3rd. The stock was bought at an average price of $17.21 per share, with a total value of $86,050.00. Following the acquisition, the director directly owned 13,436 shares in the company, valued at approximately $231,233.56. This represents a 59.27% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last three months, insiders acquired 9,000 shares of company stock valued at $156,000. 1.85% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Myers Industries

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

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.