Myers Industries (NYSE:MYE) Reaches New 1-Year High After Insider Buying Activity

Shares of Myers Industries, Inc. (NYSE:MYE) reached a new 52-week high during mid-day trading on Tuesday following insider buying activity. The stock traded as high as $18.29 and last traded at $18.1020, with a volume of 570496 shares. The stock had previously closed at $17.33.

Specifically, Director Helmuth Ludwig purchased 5,000 shares of the firm’s stock in a transaction that occurred on Monday, November 3rd. The shares were acquired at an average price of $17.21 per share, for a total transaction of $86,050.00. Following the completion of the acquisition, the director directly owned 13,436 shares in the company, valued at approximately $231,233.56. The trade was a 59.27% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on MYE. Wall Street Zen cut Myers Industries from a “buy” rating to a “hold” rating in a report on Saturday, October 11th. Zacks Research cut Myers Industries from a “hold” rating to a “strong sell” rating in a report on Thursday, October 23rd. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Myers Industries in a report on Wednesday, October 8th. One 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. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $21.00.

Myers Industries Stock Performance

The company has a market cap of $666.27 million, a price-to-earnings ratio of 68.50 and a beta of 1.15. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.77 and a quick ratio of 1.12. The stock has a 50-day moving average price of $16.65 and a 200 day moving average price of $14.94.

Myers Industries (NYSE:MYE) last released 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. The company had revenue of $205.44 million for the quarter, compared to analyst estimates of $206.40 million. Myers Industries had a return on equity of 13.02% and a net margin of 1.20%. As a group, analysts anticipate that Myers Industries, Inc. will post 0.95 EPS for the current fiscal year.

Myers Industries Dividend Announcement

The firm also recently declared 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. The ex-dividend date of this dividend is Wednesday, December 3rd. This represents a $0.54 dividend on an annualized basis and a dividend yield of 3.0%. Myers Industries’s dividend payout ratio (DPR) is currently 72.97%.

Institutional Investors Weigh In On Myers Industries

A number of hedge funds have recently modified their holdings of the business. State of Wyoming acquired a new stake in Myers Industries in the 3rd quarter valued at approximately $132,000. Principal Financial Group Inc. acquired a new stake in Myers Industries in the 3rd quarter valued at approximately $444,000. AlphaQuest LLC raised its position in Myers Industries by 45.5% in the 3rd quarter. AlphaQuest LLC now owns 54,144 shares of the industrial products company’s stock valued at $917,000 after buying an additional 16,920 shares during the last quarter. SummerHaven Investment Management LLC acquired a new stake in Myers Industries in the 3rd quarter valued at approximately $931,000. Finally, Strs Ohio acquired a new stake in Myers Industries in the 3rd quarter valued at approximately $154,000. Institutional investors and hedge funds own 90.82% of the company’s stock.

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.