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

Myers Industries, Inc. (NYSE:MYE) hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $20.37 and last traded at $20.3150, with a volume of 35101 shares changing hands. The stock had previously closed at $19.84.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on MYE shares. 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. Weiss Ratings reiterated a “hold (c)” rating on shares of Myers Industries in a research report on Wednesday, October 8th. Finally, Zacks Research raised Myers Industries from a “strong sell” rating to a “hold” rating in a research note on Tuesday, December 16th. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $21.00.

Myers Industries Stock Up 0.2%

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 business has a 50 day simple moving average of $18.92 and a 200-day simple moving average of $17.22. The firm has a market capitalization of $761.59 million, a price-to-earnings ratio of 27.51 and a beta of 1.09.

Myers Industries (NYSE:MYE) last announced its quarterly earnings data on Thursday, October 30th. The industrial products company reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.25 by $0.01. Myers Industries had a net margin of 3.38% and a return on equity of 13.15%. The firm had revenue of $205.44 million during the quarter, compared to analyst estimates of $206.40 million. On average, equities analysts expect that Myers Industries, Inc. will post 0.95 EPS for the current year.

Insider Activity at Myers Industries

In other news, Director Helmuth Ludwig purchased 5,000 shares of Myers Industries stock in a transaction dated Monday, November 3rd. The shares were purchased at an average price of $17.21 per share, with a total value of $86,050.00. Following the transaction, the director owned 13,436 shares in the company, valued at $231,233.56. This represents a 59.27% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Samantha Rutty bought 3,000 shares of the business’s stock in a transaction on Friday, November 14th. The shares were acquired at an average cost of $17.50 per share, with a total value of $52,500.00. Following the purchase, the chief financial officer owned 3,000 shares of the company’s stock, valued at $52,500. The trade was a ? increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last ninety days, insiders have bought 9,000 shares of company stock worth $156,000. Corporate insiders own 1.85% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Advisory Research Inc. raised its holdings in shares of Myers Industries by 476.4% in the 3rd quarter. Advisory Research Inc. now owns 706,080 shares of the industrial products company’s stock valued at $11,961,000 after buying an additional 583,585 shares during the period. Teton Advisors LLC acquired a new position in Myers Industries in the 3rd quarter valued at about $5,184,000. Simcoe Capital Management LLC purchased a new stake in Myers Industries during the third quarter worth about $4,120,000. Arrowstreet Capital Limited Partnership lifted its position in shares of Myers Industries by 84.8% during the second quarter. Arrowstreet Capital Limited Partnership now owns 512,201 shares of the industrial products company’s stock worth $7,422,000 after purchasing an additional 235,030 shares in the last quarter. Finally, AQR Capital Management LLC boosted its stake in shares of Myers Industries by 137.9% in the second quarter. AQR Capital Management LLC now owns 397,242 shares of the industrial products company’s stock valued at $5,756,000 after purchasing an additional 230,252 shares during the period. 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.