Myers Industries (NYSE:MYE) Hits New 1-Year High – Here’s Why

Myers Industries, Inc. (NYSE:MYE)’s share price reached a new 52-week high on Monday . The stock traded as high as $27.97 and last traded at $27.51, with a volume of 649736 shares traded. The stock had previously closed at $27.41.

Analysts Set New Price Targets

MYE has been the topic of several analyst reports. Weiss Ratings downgraded Myers Industries from a “hold (c+)” rating to a “hold (c)” rating in a report on Monday, May 11th. Wall Street Zen lowered Myers Industries from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Two investment analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold”.

Myers Industries Price Performance

The stock has a market cap of $1.04 billion, a P/E ratio of 39.42 and a beta of 0.98. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.29 and a current ratio of 1.65. The firm has a 50-day moving average price of $22.98 and a 200-day moving average price of $21.41.

Myers Industries (NYSE:MYE) last released its quarterly earnings results 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 company had revenue of $164.58 million for the quarter, compared to analyst estimates of $209.30 million. Myers Industries had a return on equity of 17.23% and a net margin of 3.36%.

Myers Industries Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 2nd. Stockholders of record on Wednesday, June 17th will be issued a dividend of $0.135 per share. This represents a $0.54 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date is Wednesday, June 17th. Myers Industries’s payout ratio is 77.14%.

Institutional Trading of Myers Industries

Hedge funds and other institutional investors have recently modified their holdings of the business. EverSource Wealth Advisors LLC boosted its position in Myers Industries by 36.1% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,904 shares of the industrial products company’s stock worth $36,000 after purchasing an additional 505 shares during the last quarter. Strs Ohio increased its position in shares of Myers Industries by 5.5% during the 1st quarter. Strs Ohio now owns 13,500 shares of the industrial products company’s stock valued at $286,000 after purchasing an additional 700 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake 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 purchasing an additional 936 shares during the period. Diversified Trust Co lifted its stake in shares of Myers Industries by 8.9% in the 1st quarter. Diversified Trust Co now owns 12,981 shares of the industrial products company’s stock worth $275,000 after purchasing an additional 1,063 shares during the period. Finally, Franklin Resources Inc. boosted its holdings in shares of Myers Industries by 3.9% in the third quarter. Franklin Resources Inc. now owns 28,708 shares of the industrial products company’s stock worth $486,000 after buying an additional 1,081 shares during the last quarter. 90.82% of the stock is owned by hedge funds and other institutional investors.

About Myers Industries

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.