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

Shares of Myers Industries, Inc. (NYSE:MYE) reached a new 52-week high on Wednesday . The stock traded as high as $22.20 and last traded at $20.6550, with a volume of 840 shares traded. The stock had previously closed at $20.63.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the stock. Zacks Research raised shares of Myers Industries from a “strong sell” rating to a “hold” rating in a research report on Tuesday, December 16th. Wall Street Zen upgraded Myers Industries from a “buy” rating to a “strong-buy” rating in a research report on Friday, November 28th. Finally, Weiss Ratings restated 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 assigned a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $21.00.

Myers Industries Price Performance

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 has a 50-day moving average of $19.20 and a 200-day moving average of $17.36. The stock has a market capitalization of $771.39 million, a price-to-earnings ratio of 27.86 and a beta of 1.09.

Myers Industries (NYSE:MYE) last released its earnings results 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. The company had revenue of $205.44 million for the quarter, compared to analyst estimates of $206.40 million. Myers Industries had a net margin of 3.38% and a return on equity of 13.15%. As a group, equities research analysts expect that Myers Industries, Inc. will post 0.95 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Samantha Rutty purchased 3,000 shares of the company’s stock in a transaction that occurred on Friday, November 14th. The stock was acquired at an average price of $17.50 per share, for a total transaction of $52,500.00. Following the completion of the purchase, the chief financial officer owned 3,000 shares in the company, valued at approximately $52,500. This represents a ? increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Helmuth Ludwig acquired 5,000 shares of Myers Industries stock in a transaction that occurred on Monday, November 3rd. The stock was bought at an average cost of $17.21 per share, with a total value of $86,050.00. Following the acquisition, the director directly owned 13,436 shares of the company’s stock, valued at approximately $231,233.56. This trade represents a 59.27% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have bought 9,000 shares of company stock worth $156,000 in the last quarter. Insiders own 1.85% of the company’s stock.

Hedge Funds Weigh In On Myers Industries

Institutional investors have recently modified their holdings of the company. Gamco Investors INC. ET AL lifted its position in shares of Myers Industries by 3.2% in the 2nd quarter. Gamco Investors INC. ET AL now owns 3,593,462 shares of the industrial products company’s stock worth $52,069,000 after acquiring an additional 110,560 shares during the period. Vanguard Group Inc. lifted its stake in shares of Myers Industries by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 2,889,837 shares of the industrial products company’s stock valued at $54,098,000 after purchasing an additional 22,263 shares during the period. Allspring Global Investments Holdings LLC grew its holdings in Myers Industries by 2.3% during the third quarter. Allspring Global Investments Holdings LLC now owns 2,291,134 shares of the industrial products company’s stock valued at $39,064,000 after purchasing an additional 51,968 shares during the period. Millennium Management LLC increased its holdings in shares of Myers Industries by 2.7% in the first quarter. Millennium Management LLC now owns 911,626 shares of the industrial products company’s stock worth $10,876,000 after acquiring an additional 23,866 shares in the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of Myers Industries by 1.9% during the second quarter. Geode Capital Management LLC now owns 888,732 shares of the industrial products company’s stock worth $12,880,000 after acquiring an additional 16,265 shares during the period. 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.