Myers Industries (NYSE:MYE) Sets New 12-Month High – Time to Buy?

Myers Industries, Inc. (NYSE:MYE)’s share price reached a new 52-week high during trading on Tuesday . The stock traded as high as $17.14 and last traded at $17.06, with a volume of 48038 shares changing hands. The stock had previously closed at $16.61.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on MYE. Wall Street Zen raised shares of Myers Industries from a “hold” rating to a “buy” rating in a research report on Sunday, June 22nd. KeyCorp raised shares of Myers Industries from a “sector weight” rating to an “overweight” rating and set a $21.00 price target on the stock in a research note on Friday, June 13th. One equities research analyst has rated the stock with a Buy rating, According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $21.00.

Myers Industries Stock Up 0.5%

The company has a market capitalization of $624.75 million, a price-to-earnings ratio of 64.23 and a beta of 1.19. The company has a current ratio of 1.77, a quick ratio of 1.12 and a debt-to-equity ratio of 1.24. The firm’s 50-day moving average price is $15.90 and its 200 day moving average price is $13.70.

Myers Industries (NYSE:MYE) last posted its quarterly earnings data on Thursday, July 31st. The industrial products company reported $0.31 EPS for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.01). Myers Industries had a net margin of 1.20% and a return on equity of 13.02%. The firm had revenue of $209.58 million during the quarter, compared to the consensus estimate of $220.60 million. On average, sell-side analysts forecast that Myers Industries, Inc. will post 0.95 EPS for the current fiscal year.

Myers Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 2nd. Shareholders of record on Friday, September 12th will be given a dividend of $0.135 per share. This represents a $0.54 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date is Friday, September 12th. Myers Industries’s dividend payout ratio (DPR) is currently 207.69%.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. EverSource Wealth Advisors LLC increased its position 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 valued at $28,000 after purchasing an additional 1,498 shares during the last quarter. Huntington National Bank purchased a new stake in Myers Industries in the second quarter worth $29,000. GAMMA Investing LLC increased its stake in Myers Industries by 586.6% in the first quarter. GAMMA Investing LLC now owns 2,609 shares of the industrial products company’s stock worth $31,000 after purchasing an additional 2,229 shares during the period. Nisa Investment Advisors LLC increased its stake in shares of Myers Industries by 30.2% during the second quarter. Nisa Investment Advisors LLC now owns 3,714 shares of the industrial products company’s stock valued at $54,000 after buying an additional 861 shares during the period. Finally, CWM LLC increased its stake in shares of Myers Industries by 829.7% during the first quarter. CWM LLC now owns 4,695 shares of the industrial products company’s stock valued at $56,000 after buying an additional 4,190 shares during the period. 90.82% of the stock is owned by hedge funds and other institutional investors.

Myers Industries Company Profile

Myers Industries, Inc engages in distribution of tire service supplies in Ohio. It operates through two segments, The Material Handling and Distribution. The Material Handling segment offers pallets, small parts bins, bulk shipping containers, and OEM parts, as well as storage and organization, and custom plastic products; and injection molded, rotationally molded or blow molded products, consumer fuel containers and tanks for water, fuel, and waste handling.