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

Myers Industries, Inc. (NYSE:MYE)’s share price reached a new 52-week high during trading on Monday . The stock traded as high as $27.75 and last traded at $27.5010, with a volume of 442 shares. The stock had previously closed at $27.10.

Wall Street Analyst Weigh In

Several brokerages have recently commented on MYE. Wall Street Zen lowered Myers Industries from a “buy” rating to a “hold” rating in a report on Saturday, May 9th. 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. Two research analysts have rated the stock with a Hold rating, According to MarketBeat.com, the stock has a consensus rating of “Hold”.

Myers Industries Stock Up 0.5%

The company has a quick ratio of 1.29, a current ratio of 1.65 and a debt-to-equity ratio of 1.04. The stock has a 50-day simple moving average of $22.39 and a two-hundred day simple moving average of $21.09. The firm has a market cap of $1.02 billion, a PE ratio of 39.00 and a beta of 0.98.

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

Myers Industries Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 2nd. Shareholders of record on Wednesday, June 17th will be given a dividend of $0.135 per share. This represents a $0.54 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date is Wednesday, June 17th. Myers Industries’s dividend payout ratio (DPR) is presently 77.14%.

Institutional Investors Weigh In On Myers Industries

A number of hedge funds have recently made changes to their positions in MYE. NewEdge Advisors LLC bought a new position in shares of Myers Industries during the 1st quarter valued at $43,000. Bank of America Corp DE lifted its stake in Myers Industries by 2.0% in the first quarter. Bank of America Corp DE now owns 318,135 shares of the industrial products company’s stock worth $6,738,000 after purchasing an additional 6,147 shares during the last quarter. Quantinno Capital Management LP boosted its position in Myers Industries by 5.9% during the first quarter. Quantinno Capital Management LP now owns 48,499 shares of the industrial products company’s stock valued at $1,027,000 after buying an additional 2,709 shares during the period. Lazard Asset Management LLC boosted its position in Myers Industries by 69.8% during the first quarter. Lazard Asset Management LLC now owns 155,766 shares of the industrial products company’s stock valued at $3,299,000 after buying an additional 64,018 shares during the period. Finally, Arrowstreet Capital Limited Partnership grew its stake in shares of Myers Industries by 10.4% during the first quarter. Arrowstreet Capital Limited Partnership now owns 712,692 shares of the industrial products company’s stock valued at $15,095,000 after buying an additional 67,080 shares during the last quarter. 90.82% of the stock is currently owned by institutional investors.

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.