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

Myers Industries, Inc. (NYSE:MYE) shares reached a new 52-week high during trading on Monday . The company traded as high as $32.23 and last traded at $31.6570, with a volume of 1381613 shares trading hands. The stock had previously closed at $32.14.

Analyst Ratings Changes

A number of brokerages recently issued reports on MYE. Weiss Ratings lowered Myers Industries from a “hold (c+)” rating to a “hold (c)” rating in a research note on Monday, May 11th. Wall Street Zen downgraded Myers Industries from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Two research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the company presently has an average rating of “Hold”.

Myers Industries Price Performance

The firm has a market capitalization of $1.18 billion, a P/E ratio of 44.91 and a beta of 0.98. The stock’s 50 day simple moving average is $23.73 and its 200 day simple moving average is $21.80. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.29 and a current ratio of 1.65.

Myers Industries (NYSE:MYE) last posted its quarterly earnings results on Thursday, May 7th. The industrial products company reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.16. Myers Industries had a net margin of 3.36% and a return on equity of 17.23%. The firm had revenue of $164.58 million during the quarter, compared to the consensus estimate of $209.30 million.

Myers Industries Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 2nd. Shareholders of record on Wednesday, June 17th will be issued a $0.135 dividend. This represents a $0.54 annualized dividend and a dividend yield of 1.7%. The ex-dividend date is Wednesday, June 17th. Myers Industries’s dividend payout ratio is currently 77.14%.

Hedge Funds Weigh In On Myers Industries

Institutional investors have recently made changes to their positions in the company. Royal Bank of Canada grew its holdings in 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 acquiring an additional 7,607 shares in the last quarter. AQR Capital Management LLC lifted its position in shares of Myers Industries by 148.8% in 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. boosted its stake in shares of Myers Industries by 4.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,835 shares of the industrial products company’s stock valued at $260,000 after purchasing an additional 936 shares in the last quarter. Millennium Management LLC boosted its stake in shares of Myers Industries by 2.7% during the first quarter. Millennium Management LLC now owns 911,626 shares of the industrial products company’s stock valued at $10,876,000 after purchasing an additional 23,866 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its holdings in Myers Industries by 12.2% during the first quarter. Goldman Sachs Group Inc. now owns 320,996 shares of the industrial products company’s stock valued at $3,829,000 after buying an additional 34,787 shares during the period. Hedge funds and other 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.