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

Myers Industries, Inc. (NYSE:MYE)’s stock price hit a new 52-week high during trading on Wednesday . The stock traded as high as $37.45 and last traded at $36.6330, with a volume of 538866 shares trading hands. The stock had previously closed at $36.74.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. KeyCorp boosted their target price on shares of Myers Industries from $26.00 to $37.00 and gave the company an “overweight” rating in a research note on Tuesday, June 30th. Weiss Ratings raised shares of Myers Industries from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, July 31st. Finally, Wall Street Zen upgraded shares of Myers Industries from a “hold” rating to a “buy” rating in a research note on Saturday, August 1st. One research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $37.00.

Myers Industries Price Performance

The stock’s 50-day moving average is $29.76 and its 200-day moving average is $24.44. The firm has a market cap of $1.32 billion, a P/E ratio of 36.04 and a beta of 0.89. The company has a quick ratio of 1.21, a current ratio of 1.61 and a debt-to-equity ratio of 0.91.

Myers Industries (NYSE:MYE) last released its earnings results on Thursday, July 30th. The industrial products company reported $0.53 earnings per share for the quarter, topping analysts’ consensus estimates of $0.36 by $0.17. Myers Industries had a return on equity of 19.86% and a net margin of 4.86%.The business had revenue of $179.20 million for the quarter, compared to the consensus estimate of $166.00 million.

Myers Industries Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 2nd. Stockholders of record on Wednesday, June 17th were given a dividend of $0.135 per share. This represents a $0.54 annualized dividend and a dividend yield of 1.5%. The ex-dividend date was Wednesday, June 17th. Myers Industries’s payout ratio is 55.67%.

Hedge Funds Weigh In On Myers Industries

Hedge funds have recently modified their holdings of the stock. EverSource Wealth Advisors LLC grew its position 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 acquiring an additional 1,498 shares during the period. Kestra Advisory Services LLC bought a new stake in shares of Myers Industries during the fourth quarter valued at approximately $38,000. NewEdge Advisors LLC acquired a new stake in shares of Myers Industries in the 1st quarter valued at $43,000. Quarry LP acquired a new stake in Myers Industries in the third quarter worth about $48,000. Finally, Aquatic Capital Management LLC bought a new stake in shares of Myers Industries during the third quarter worth approximately $61,000. 90.82% of the stock is owned by institutional investors and hedge funds.

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.