Myers Industries (NYSE:MYE) Reaches New 12-Month High – Here’s What Happened

Myers Industries, Inc. (NYSE:MYE) shares reached a new 52-week high during mid-day trading on Monday . The company traded as high as $22.38 and last traded at $22.1550, with a volume of 142659 shares changing hands. The stock had previously closed at $22.17.

Analysts Set New Price Targets

MYE has been the subject of several analyst reports. Zacks Research upgraded shares of Myers Industries from a “strong sell” rating to a “hold” rating in a research note on Tuesday, December 16th. Wall Street Zen raised shares of 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 research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $21.00.

Myers Industries Price Performance

The company has a market cap of $832.55 million, a P/E ratio of 30.08 and a beta of 1.08. The company’s 50-day moving average price is $19.62 and its two-hundred day moving average price is $17.67. The company has a current ratio of 1.67, a quick ratio of 1.09 and a debt-to-equity ratio of 1.18.

Insiders Place Their Bets

In other news, CFO Samantha Rutty acquired 3,000 shares of the business’s stock in a transaction on Friday, November 14th. The shares were purchased 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 directly owned 3,000 shares of the company’s stock, valued at $52,500. This represents a ∞ increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.85% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Myers Industries

Institutional investors have recently made changes to their positions in the company. Clearstead Advisors LLC raised its position in shares of Myers Industries by 56.0% during the 4th quarter. Clearstead Advisors LLC now owns 3,438 shares of the industrial products company’s stock valued at $64,000 after acquiring an additional 1,234 shares in the last quarter. EverSource Wealth Advisors LLC increased its stake in Myers Industries by 36.1% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,904 shares of the industrial products company’s stock valued at $36,000 after purchasing an additional 505 shares during the last quarter. LSV Asset Management increased its stake in Myers Industries by 5.2% during the fourth quarter. LSV Asset Management now owns 454,740 shares of the industrial products company’s stock valued at $8,513,000 after purchasing an additional 22,340 shares during the last quarter. Pzena Investment Management LLC raised its holdings in shares of Myers Industries by 813.5% during the fourth quarter. Pzena Investment Management LLC now owns 1,302,309 shares of the industrial products company’s stock worth $24,379,000 after purchasing an additional 1,159,746 shares during the period. Finally, Versor Investments LP lifted its position in shares of Myers Industries by 91.7% in the 4th quarter. Versor Investments LP now owns 25,500 shares of the industrial products company’s stock worth $477,000 after buying an additional 12,200 shares during the last quarter. 90.82% of the stock is currently owned by institutional investors.

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.