Myers Industries (NYSE:MYE) Sets New 52-Week High – Time to Buy?

Myers Industries, Inc. (NYSE:MYE) hit a new 52-week high on Wednesday . The company traded as high as $23.14 and last traded at $22.97, with a volume of 89820 shares. The stock had previously closed at $21.84.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on MYE shares. Zacks Research raised Myers Industries from a “strong sell” rating to a “hold” rating in a research report on Tuesday, December 16th. Weiss Ratings reissued a “hold (c)” rating on shares of Myers Industries in a report on Thursday, January 22nd. Finally, Wall Street Zen upgraded shares of Myers Industries from a “buy” rating to a “strong-buy” rating in a research report on Friday, November 28th. One analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, Myers Industries has a consensus rating of “Hold” and an average target price of $21.00.

Myers Industries Price Performance

The firm has a 50 day moving average price of $20.32 and a two-hundred day moving average price of $18.13. The company has a market cap of $845.09 million, a P/E ratio of 30.53 and a beta of 1.08. The company has a debt-to-equity ratio of 1.18, a quick ratio of 1.09 and a current ratio of 1.67.

Institutional Trading of Myers Industries

Several hedge funds and other institutional investors have recently modified their holdings of the business. State of Alaska Department of Revenue bought a new stake in Myers Industries during the 3rd quarter valued at $25,000. EverSource Wealth Advisors LLC grew its position in shares of 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 purchasing an additional 1,498 shares in the last quarter. Huntington National Bank bought a new stake in shares of Myers Industries during the 2nd quarter valued at $29,000. Kestra Advisory Services LLC purchased a new stake in Myers Industries during the 4th quarter worth about $38,000. Finally, Quarry LP purchased a new stake in Myers Industries during the 3rd quarter worth about $48,000. Institutional investors own 90.82% of the company’s stock.

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.