Myers Industries (NYSE:MYE) Hits New 52-Week High – What’s Next?

Myers Industries, Inc. (NYSE:MYE)’s stock price reached a new 52-week high on Monday . The stock traded as high as $19.87 and last traded at $19.51, with a volume of 187026 shares traded. The stock had previously closed at $19.75.

Wall Street Analyst Weigh In

MYE has been the subject of a number of recent research reports. Weiss Ratings reiterated a “hold (c)” rating on shares of Myers Industries in a report on Wednesday, October 8th. Wall Street Zen raised Myers Industries from a “buy” rating to a “strong-buy” rating in a research note on Friday, November 28th. Finally, Zacks Research lowered shares of Myers Industries from a “hold” rating to a “strong sell” rating in a research report on Thursday, October 23rd. One equities research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $21.00.

Myers Industries Price Performance

The company has a debt-to-equity ratio of 1.18, a quick ratio of 1.09 and a current ratio of 1.67. The stock has a market cap of $719.99 million, a PE ratio of 26.01 and a beta of 1.14. The stock’s 50-day moving average is $17.46 and its two-hundred day moving average is $16.18.

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 analysts’ expectations of $206.40 million. Myers Industries had a return on equity of 13.15% and a net margin of 3.38%. On average, equities analysts predict that Myers Industries, Inc. will post 0.95 earnings per share for the current year.

Myers Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, January 5th. Investors of record on Wednesday, December 3rd will be paid a dividend of $0.135 per share. This represents a $0.54 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend is Wednesday, December 3rd. Myers Industries’s dividend payout ratio is presently 72.97%.

Insider Buying and Selling at Myers Industries

In related news, Director Helmuth Ludwig purchased 5,000 shares of the business’s stock in a transaction on Monday, November 3rd. The shares were bought at an average price of $17.21 per share, for a total transaction of $86,050.00. Following the acquisition, the director directly owned 13,436 shares in the company, valued at $231,233.56. This trade represents a 59.27% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Samantha Rutty acquired 3,000 shares of the firm’s stock in a transaction dated Friday, November 14th. The stock was bought at an average price 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 approximately $52,500. This trade represents a ∞ increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have purchased a total of 9,000 shares of company stock valued at $156,000 over the last three months. 1.85% of the stock is currently owned by insiders.

Institutional Trading of Myers Industries

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. boosted its position in shares of Myers Industries by 3.2% during the 1st quarter. Vanguard Group Inc. now owns 2,684,971 shares of the industrial products company’s stock worth $32,032,000 after acquiring an additional 82,223 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in Myers Industries by 10.4% in the first quarter. Charles Schwab Investment Management Inc. now owns 420,885 shares of the industrial products company’s stock valued at $5,021,000 after purchasing an additional 39,504 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Myers Industries in the first quarter valued at approximately $503,000. Nuveen LLC purchased a new stake in shares of Myers Industries during the 1st quarter worth approximately $9,247,000. Finally, HighTower Advisors LLC boosted its holdings in shares of Myers Industries by 1,347.8% in the 1st quarter. HighTower Advisors LLC now owns 172,183 shares of the industrial products company’s stock valued at $2,054,000 after buying an additional 160,290 shares in the last quarter. 90.82% of the stock is currently owned by institutional investors and hedge funds.

About Myers Industries

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.