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

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

Wall Street Analyst Weigh In

MYE has been the topic of several analyst reports. Wall Street Zen cut shares of Myers Industries from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Weiss Ratings cut shares of Myers Industries from a “hold (c+)” rating to a “hold (c)” rating in a research report on Monday, May 11th. One analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $21.00.

Myers Industries Stock Up 5.9%

The firm’s 50-day simple moving average is $22.08 and its 200 day simple moving average is $20.90. 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 stock has a market capitalization of $978.93 million, a P/E ratio of 37.23 and a beta of 0.98.

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

Myers Industries Announces Dividend

The company 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 $0.135 dividend. This represents a $0.54 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend is Wednesday, June 17th. Myers Industries’s dividend payout ratio is presently 77.14%.

Institutional Investors Weigh In On Myers Industries

A number of institutional investors and hedge funds have recently modified their holdings of the company. EverSource Wealth Advisors LLC increased its holdings in shares of Myers Industries by 372.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,900 shares of the industrial products company’s stock worth $28,000 after acquiring an additional 1,498 shares during the last quarter. Kestra Advisory Services LLC acquired a new position in shares of Myers Industries during the 4th quarter worth approximately $38,000. NewEdge Advisors LLC acquired a new position in shares of Myers Industries during the 1st quarter worth approximately $43,000. Quarry LP acquired a new position in shares of Myers Industries during the 3rd quarter worth approximately $48,000. Finally, Aquatic Capital Management LLC acquired a new position in shares of Myers Industries during the 3rd quarter worth approximately $61,000. 90.82% of the stock is owned by 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.