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

Myers Industries, Inc. (NYSE:MYE)’s share price reached a new 52-week high on Monday . The company traded as high as $27.97 and last traded at $27.51, with a volume of 649736 shares. The stock had previously closed at $27.41.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on MYE shares. Weiss Ratings lowered shares of Myers Industries from a “hold (c+)” rating to a “hold (c)” rating in a research report on Monday, May 11th. Wall Street Zen lowered Myers Industries from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. Two analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company has a consensus rating of “Hold”.

Myers Industries Price Performance

The business’s fifty day moving average price is $22.98 and its 200-day moving average price is $21.41. The company has a market capitalization of $1.04 billion, a P/E ratio of 39.42 and a beta of 0.98. The company has a current ratio of 1.65, a quick ratio of 1.29 and a debt-to-equity ratio of 1.04.

Myers Industries (NYSE:MYE) last released its earnings results on Thursday, May 7th. The industrial products company reported $0.44 EPS for the quarter, beating analysts’ consensus estimates of $0.28 by $0.16. Myers Industries had a return on equity of 17.23% and a net margin of 3.36%.The business had revenue of $164.58 million for the quarter, compared to analysts’ expectations of $209.30 million.

Myers Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 2nd. Stockholders of record on Wednesday, June 17th will be given a dividend of $0.135 per share. The ex-dividend date is Wednesday, June 17th. This represents a $0.54 annualized dividend and a dividend yield of 2.0%. Myers Industries’s dividend payout ratio is 77.14%.

Institutional Trading of Myers Industries

A number of hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in shares of Myers Industries by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 2,889,837 shares of the industrial products company’s stock worth $54,098,000 after acquiring an additional 22,263 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Myers Industries by 2.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,589,420 shares of the industrial products company’s stock worth $33,663,000 after acquiring an additional 39,565 shares during the last quarter. Advisory Research Inc. boosted its stake in shares of Myers Industries by 84.5% in the 4th quarter. Advisory Research Inc. now owns 1,302,928 shares of the industrial products company’s stock valued at $24,391,000 after purchasing an additional 596,848 shares in the last quarter. Pzena Investment Management LLC boosted its stake in shares of Myers Industries by 813.5% in the 4th quarter. Pzena Investment Management LLC now owns 1,302,309 shares of the industrial products company’s stock valued at $24,379,000 after purchasing an additional 1,159,746 shares in the last quarter. Finally, 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 valued at $10,876,000 after purchasing an additional 23,866 shares during the last quarter. 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.