Myers Industries (NYSE:MYE) Reaches New 52-Week High – Time to Buy?

Myers Industries, Inc. (NYSE:MYE)’s stock price reached a new 52-week high during trading on Thursday . The company traded as high as $23.84 and last traded at $23.76, with a volume of 114969 shares changing hands. The stock had previously closed at $21.77.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. Wall Street Zen upgraded Myers Industries from a “buy” rating to a “strong-buy” rating in a research report on Friday, November 28th. Zacks Research upgraded shares of Myers Industries from a “strong sell” rating to a “hold” rating in a research note on Tuesday, December 16th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Myers Industries in a research note on Thursday, January 22nd. One 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.com, the stock has an average rating of “Hold” and a consensus price target of $21.00.

Myers Industries Price Performance

The company has a market cap of $897.84 million, a P/E ratio of 32.43 and a beta of 1.06. 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 firm has a 50 day moving average price of $20.80 and a two-hundred day moving average price of $18.49.

Myers Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 3rd. Shareholders of record on Friday, March 13th will be given a $0.135 dividend. The ex-dividend date is Friday, March 13th. This represents a $0.54 annualized dividend and a yield of 2.3%. Myers Industries’s payout ratio is presently 72.97%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. EverSource Wealth Advisors LLC increased its holdings in shares of Myers Industries by 36.1% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,904 shares of the industrial products company’s stock worth $36,000 after purchasing an additional 505 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its position in Myers Industries by 5.0% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 14,871 shares of the industrial products company’s stock valued at $248,000 after acquiring an additional 708 shares during the last quarter. Nisa Investment Advisors LLC increased its holdings in 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 last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Myers Industries by 4.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,835 shares of the industrial products company’s stock worth $260,000 after purchasing an additional 936 shares in the last quarter. Finally, Franklin Resources Inc. lifted its position in Myers Industries by 3.9% during the third quarter. Franklin Resources Inc. now owns 28,708 shares of the industrial products company’s stock valued at $486,000 after purchasing an additional 1,081 shares in the last quarter. Hedge funds and other institutional investors own 90.82% of the company’s stock.

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.