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

Shares of Myers Industries, Inc. (NYSE:MYE) reached a new 52-week high during trading on Wednesday . The stock traded as high as $23.14 and last traded at $22.97, with a volume of 89820 shares. The stock had previously closed at $21.84.

Analysts Set New Price Targets

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

Myers Industries Stock Up 4.1%

The firm has a market cap of $850.52 million, a PE ratio of 30.72 and a beta of 1.08. The company has a debt-to-equity ratio of 1.18, a quick ratio of 1.09 and a current ratio of 1.67. The company’s 50-day simple moving average is $20.14 and its two-hundred day simple moving average is $18.02.

Institutional Investors Weigh In On Myers Industries

Institutional investors and hedge funds have recently modified their holdings of the stock. Gamco Investors INC. ET AL boosted its stake in shares of Myers Industries by 3.2% during the 2nd quarter. Gamco Investors INC. ET AL now owns 3,593,462 shares of the industrial products company’s stock valued at $52,069,000 after purchasing an additional 110,560 shares in the last quarter. Vanguard Group Inc. raised its stake in Myers Industries by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 2,889,837 shares of the industrial products company’s stock valued at $54,098,000 after buying an additional 22,263 shares during the last quarter. Allspring Global Investments Holdings LLC raised its position in shares of Myers Industries by 2.3% in 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 purchasing an additional 51,968 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Myers Industries by 1.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,549,855 shares of the industrial products company’s stock worth $29,014,000 after buying an additional 14,779 shares in the last quarter. Finally, Advisory Research Inc. lifted its position in Myers Industries by 84.5% in the 4th quarter. Advisory Research Inc. now owns 1,302,928 shares of the industrial products company’s stock valued at $24,391,000 after acquiring an additional 596,848 shares in the last quarter. 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.