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

Myers Industries, Inc. (NYSE:MYE)’s share price reached a new 52-week high on Monday . The company traded as high as $32.23 and last traded at $31.6570, with a volume of 1381613 shares. The stock had previously closed at $32.14.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on MYE shares. Wall Street Zen downgraded Myers Industries from a “buy” rating to a “hold” rating in a report on Saturday, May 9th. Weiss Ratings cut Myers Industries from a “hold (c+)” rating to a “hold (c)” rating in a research note on Monday, May 11th. Two investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock has a consensus rating of “Hold”.

Myers Industries Stock Performance

The company has a current ratio of 1.65, a quick ratio of 1.29 and a debt-to-equity ratio of 1.04. The stock has a market cap of $1.18 billion, a PE ratio of 44.91 and a beta of 0.98. The business’s 50-day moving average price is $23.73 and its 200-day moving average price is $21.80.

Myers Industries (NYSE:MYE) last posted its earnings results on Thursday, May 7th. The industrial products company reported $0.44 EPS for the quarter, beating analysts’ consensus estimates of $0.28 by $0.16. The company had revenue of $164.58 million during 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 Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 2nd. Stockholders of record on Wednesday, June 17th will be issued a dividend of $0.135 per share. This represents a $0.54 annualized dividend and a dividend yield of 1.7%. The ex-dividend date is Wednesday, June 17th. Myers Industries’s dividend payout ratio is currently 77.14%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC raised its stake in Myers Industries by 372.6% in the second quarter. EverSource Wealth Advisors LLC now owns 1,900 shares of the industrial products company’s stock valued at $28,000 after buying an additional 1,498 shares during the last quarter. Kestra Advisory Services LLC acquired a new position in shares of Myers Industries during the fourth quarter valued at about $38,000. NewEdge Advisors LLC purchased a new position in shares of Myers Industries in the 1st quarter valued at approximately $43,000. Quarry LP purchased a new position in shares of Myers Industries in the 3rd quarter valued at approximately $48,000. Finally, Aquatic Capital Management LLC acquired a new stake in Myers Industries in the 3rd quarter worth approximately $61,000. 90.82% of the stock is currently owned by hedge funds and other 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.