Myers Industries (NYSE:MYE) Hits New 12-Month High – What’s Next?

Myers Industries, Inc. (NYSE:MYE)’s stock price reached a new 52-week high during trading on Tuesday . The stock traded as high as $21.13 and last traded at $20.9140, with a volume of 199125 shares changing hands. The stock had previously closed at $20.67.

Wall Street Analysts Forecast Growth

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

Myers Industries Trading Up 1.2%

The company has a debt-to-equity ratio of 1.18, a current ratio of 1.67 and a quick ratio of 1.09. The business’s 50 day simple moving average is $19.33 and its 200 day simple moving average is $17.48. The stock has a market cap of $782.35 million, a P/E ratio of 28.26 and a beta of 1.09.

Insider Buying and Selling

In related news, CFO Samantha Rutty purchased 3,000 shares of the firm’s stock in a transaction that occurred on Friday, November 14th. The shares were acquired 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 $52,500. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. 1.85% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Myers Industries

Several institutional investors and hedge funds have recently made changes to their positions in MYE. Oliver Luxxe Assets LLC bought a new position in shares of Myers Industries in the third quarter valued at about $1,178,000. Barington Capital Group L.P. increased its position in Myers Industries by 3.4% in the 2nd quarter. Barington Capital Group L.P. now owns 770,100 shares of the industrial products company’s stock valued at $11,159,000 after acquiring an additional 25,000 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its stake in shares of 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. Y Intercept Hong Kong Ltd lifted its position in shares of Myers Industries by 141.0% during the second quarter. Y Intercept Hong Kong Ltd now owns 95,506 shares of the industrial products company’s stock worth $1,384,000 after purchasing an additional 55,885 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its holdings in Myers Industries by 2.3% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 2,291,134 shares of the industrial products company’s stock worth $39,064,000 after buying an additional 51,968 shares in the last quarter. Institutional investors and hedge funds own 90.82% of the company’s stock.

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.