Myers Industries (NYSE:MYE) Sets New 12-Month High on Earnings Beat

Myers Industries, Inc. (NYSE:MYE) hit a new 52-week high during trading on Thursday following a stronger than expected earnings report. The stock traded as high as $24.25 and last traded at $23.1290, with a volume of 53215 shares trading hands. The stock had previously closed at $20.72.

The industrial products company reported $0.44 EPS for the quarter, beating the consensus estimate of $0.28 by $0.16. The firm had revenue of $164.58 million during the quarter, compared to analyst estimates of $209.30 million. Myers Industries had a net margin of 4.23% and a return on equity of 14.46%.

Myers Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 3rd. Investors of record on Friday, March 13th were given a $0.135 dividend. This represents a $0.54 annualized dividend and a dividend yield of 2.3%. The ex-dividend date of this dividend was Friday, March 13th. Myers Industries’s dividend payout ratio (DPR) is presently 58.06%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on MYE shares. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Myers Industries in a research note on Thursday, January 22nd. Wall Street Zen cut shares of Myers Industries from a “strong-buy” rating to a “buy” rating in a research note on Saturday, March 28th. One research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $21.00.

Hedge Funds Weigh In On Myers Industries

A number of hedge funds have recently modified their holdings of MYE. Royal Bank of Canada grew its holdings in shares of Myers Industries by 44.5% during the 1st quarter. Royal Bank of Canada now owns 24,684 shares of the industrial products company’s stock worth $295,000 after purchasing an additional 7,607 shares during the period. AQR Capital Management LLC grew its holdings in shares of Myers Industries by 148.8% during the 1st quarter. AQR Capital Management LLC now owns 166,990 shares of the industrial products company’s stock worth $1,992,000 after purchasing an additional 99,881 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Myers Industries by 4.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,835 shares of the industrial products company’s stock worth $260,000 after purchasing an additional 936 shares during the period. Millennium Management LLC grew its holdings in shares of Myers Industries by 2.7% during the 1st quarter. Millennium Management LLC now owns 911,626 shares of the industrial products company’s stock worth $10,876,000 after purchasing an additional 23,866 shares during the period. Finally, Goldman Sachs Group Inc. grew its holdings in shares of Myers Industries by 12.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 320,996 shares of the industrial products company’s stock worth $3,829,000 after purchasing an additional 34,787 shares during the period. 90.82% of the stock is currently owned by hedge funds and other institutional investors.

Myers Industries Trading Up 11.3%

The firm has a market capitalization of $862.26 million, a PE ratio of 24.80 and a beta of 0.96. The company has a current ratio of 1.67, a quick ratio of 1.16 and a debt-to-equity ratio of 1.08. The business has a fifty day moving average price of $21.35 and a two-hundred day moving average price of $19.94.

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.