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

Myers Industries, Inc. (NYSE:MYE) hit a new 52-week high on Monday . The company traded as high as $19.93 and last traded at $19.86, with a volume of 49308 shares. The stock had previously closed at $19.60.

Wall Street Analyst Weigh In

MYE has been the topic of a number of research reports. Wall Street Zen upgraded Myers Industries from a “buy” rating to a “strong-buy” rating in a report on Friday, November 28th. Weiss Ratings reissued a “hold (c)” rating on shares of Myers Industries in a research report on Wednesday, October 8th. Finally, Zacks Research upgraded Myers Industries from a “strong sell” rating to a “hold” rating in a research note on Tuesday, December 16th. One research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $21.00.

Myers Industries Trading Up 1.4%

The firm has a market cap of $743.78 million, a price-to-earnings ratio of 26.87 and a beta of 1.09. The company has a debt-to-equity ratio of 1.18, a current ratio of 1.67 and a quick ratio of 1.09. The business has a 50-day moving average of $18.45 and a 200-day moving average of $16.90.

Myers Industries (NYSE:MYE) last announced its quarterly earnings results on Thursday, October 30th. The industrial products company reported $0.26 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 analysts’ expectations of $206.40 million. Research analysts anticipate that Myers Industries, Inc. will post 0.95 EPS for the current year.

Myers Industries Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, January 5th. Stockholders of record on Wednesday, December 3rd were given a $0.135 dividend. The ex-dividend date of this dividend was Wednesday, December 3rd. This represents a $0.54 annualized dividend and a dividend yield of 2.7%. Myers Industries’s dividend payout ratio is presently 72.97%.

Insider Activity at Myers Industries

In other Myers Industries news, CFO Samantha Rutty purchased 3,000 shares of the company’s stock in a transaction dated Friday, November 14th. The stock was bought at an average cost of $17.50 per share, for a total transaction of $52,500.00. Following the completion of the transaction, 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 acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, Director Helmuth Ludwig bought 5,000 shares of the business’s stock in a transaction dated Monday, November 3rd. The shares were bought at an average price of $17.21 per share, with a total value of $86,050.00. Following the completion of the transaction, the director owned 13,436 shares in the company, valued at approximately $231,233.56. This trade represents a 59.27% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last three months, insiders have purchased 9,000 shares of company stock valued at $156,000. 1.85% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Myers Industries

Hedge funds have recently added to or reduced their stakes in the business. State of Alaska Department of Revenue bought a new stake in shares of Myers Industries in the 3rd quarter valued at $25,000. EverSource Wealth Advisors LLC increased its stake in Myers Industries by 372.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,900 shares of the industrial products company’s stock valued at $28,000 after purchasing an additional 1,498 shares in the last quarter. Huntington National Bank bought a new stake in shares of Myers Industries during the second quarter worth about $29,000. Quarry LP purchased a new stake in shares of Myers Industries in the third quarter worth approximately $48,000. Finally, Nisa Investment Advisors LLC lifted its holdings in shares of Myers Industries by 30.2% in the second quarter. Nisa Investment Advisors LLC now owns 3,714 shares of the industrial products company’s stock valued at $54,000 after purchasing an additional 861 shares in the last quarter. 90.82% of the stock is currently owned by institutional investors and hedge funds.

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.