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

Myers Industries, Inc. (NYSE:MYE) shares reached a new 52-week high on Wednesday . The company traded as high as $37.45 and last traded at $36.6330, with a volume of 538866 shares changing hands. The stock had previously closed at $36.74.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on MYE. KeyCorp increased their target price on shares of Myers Industries from $26.00 to $37.00 and gave the stock an “overweight” rating in a research note on Tuesday, June 30th. Wall Street Zen upgraded Myers Industries from a “hold” rating to a “buy” rating in a research note on Saturday. Finally, Weiss Ratings raised Myers Industries from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday. One investment analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $37.00.

Myers Industries Price Performance

The company has a debt-to-equity ratio of 0.91, a quick ratio of 1.21 and a current ratio of 1.61. The stock has a market capitalization of $1.38 billion, a PE ratio of 37.77 and a beta of 0.89. The stock’s 50 day moving average is $29.28 and its two-hundred day moving average is $24.23.

Myers Industries (NYSE:MYE) last posted its quarterly earnings data on Thursday, July 30th. The industrial products company reported $0.53 EPS for the quarter, topping the consensus estimate of $0.36 by $0.17. Myers Industries had a return on equity of 19.86% and a net margin of 4.86%.The company had revenue of $179.20 million during the quarter, compared to analyst estimates of $166.00 million.

Myers Industries Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, July 2nd. Stockholders of record on Wednesday, June 17th were paid a $0.135 dividend. The ex-dividend date of this dividend was Wednesday, June 17th. This represents a $0.54 dividend on an annualized basis and a dividend yield of 1.5%. Myers Industries’s payout ratio is currently 55.67%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Sei Investments Co. lifted its holdings in Myers Industries by 77.5% in the 1st quarter. Sei Investments Co. now owns 358,375 shares of the industrial products company’s stock valued at $7,590,000 after purchasing an additional 156,470 shares in the last quarter. Lazard Asset Management LLC grew its holdings in shares of Myers Industries by 69.8% during the first quarter. Lazard Asset Management LLC now owns 155,766 shares of the industrial products company’s stock worth $3,299,000 after buying an additional 64,018 shares in the last quarter. Principal Financial Group Inc. grew its holdings in shares of Myers Industries by 86.8% during the first quarter. Principal Financial Group Inc. now owns 69,583 shares of the industrial products company’s stock worth $1,474,000 after buying an additional 32,340 shares in the last quarter. Pzena Investment Management LLC raised its position in shares of Myers Industries by 813.5% in the fourth quarter. Pzena Investment Management LLC now owns 1,302,309 shares of the industrial products company’s stock valued at $24,379,000 after buying an additional 1,159,746 shares during the last quarter. Finally, Ritholtz Wealth Management acquired a new stake in shares of Myers Industries in the fourth quarter valued at about $963,000. 90.82% of the stock is owned by institutional investors and hedge funds.

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.