Myers Industries (NYSE:MYE) Hits New 52-Week High – Here’s Why

Myers Industries, Inc. (NYSE:MYE) shares reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $24.70 and last traded at $24.64, with a volume of 102206 shares trading hands. The stock had previously closed at $23.72.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on MYE shares. Weiss Ratings cut shares of Myers Industries from a “hold (c+)” rating to a “hold (c)” rating in a research note on Monday, May 11th. Wall Street Zen cut shares of Myers Industries from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. One investment analyst has rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $21.00.

Myers Industries Stock Performance

The company has a market cap of $922.40 million, a P/E ratio of 35.13 and a beta of 0.98. The business’s 50 day simple moving average is $21.89 and its 200 day simple moving average is $20.78. The company has a current ratio of 1.65, a quick ratio of 1.29 and a debt-to-equity ratio of 1.04.

Myers Industries (NYSE:MYE) last released its earnings results on Thursday, May 7th. The industrial products company reported $0.44 EPS for the quarter, topping analysts’ consensus estimates of $0.28 by $0.16. Myers Industries had a net margin of 3.36% and a return on equity of 17.23%. The company had revenue of $164.58 million for the quarter, compared to analysts’ expectations of $209.30 million.

Myers Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 2nd. Investors of record on Wednesday, June 17th will be issued a $0.135 dividend. The ex-dividend date of this dividend is Wednesday, June 17th. This represents a $0.54 dividend on an annualized basis and a dividend yield of 2.2%. Myers Industries’s dividend payout ratio (DPR) is 77.14%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. EverSource Wealth Advisors LLC grew its holdings in shares of Myers Industries by 372.6% in the second quarter. EverSource Wealth Advisors LLC now owns 1,900 shares of the industrial products company’s stock valued at $28,000 after purchasing an additional 1,498 shares in the last quarter. Kestra Advisory Services LLC purchased a new position in shares of Myers Industries in the fourth quarter valued at $38,000. NewEdge Advisors LLC bought a new stake in Myers Industries in the first quarter worth $43,000. Quarry LP bought a new stake in Myers Industries in the third quarter worth $48,000. Finally, Aquatic Capital Management LLC bought a new stake in Myers Industries in the third quarter worth $61,000. 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.