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

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

Analyst Ratings Changes

MYE has been the subject of several recent research reports. Weiss Ratings lowered Myers Industries from a “hold (c+)” rating to a “hold (c)” rating in a report on Monday, May 11th. Wall Street Zen downgraded shares of Myers Industries from a “buy” rating to a “hold” rating in a report on Saturday, May 9th. Two analysts have rated the stock with a Hold rating, According to MarketBeat, Myers Industries presently has an average rating of “Hold”.

Myers Industries Price Performance

The business’s 50 day moving average is $22.39 and its two-hundred day moving average is $21.09. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.29 and a current ratio of 1.65. The firm has a market capitalization of $1.02 billion, a PE ratio of 39.00 and a beta of 0.98.

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

Myers Industries Dividend Announcement

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

Institutional Investors Weigh In On Myers Industries

Hedge funds and other institutional investors have recently modified their holdings of the stock. Royal Bank of Canada boosted its position in shares of Myers Industries by 44.5% in the first quarter. Royal Bank of Canada now owns 24,684 shares of the industrial products company’s stock valued at $295,000 after acquiring an additional 7,607 shares during the period. AQR Capital Management LLC increased its holdings in 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 acquiring an additional 99,881 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Myers Industries by 4.5% in 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 in the last quarter. Millennium Management LLC lifted its stake in Myers Industries by 2.7% in 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 in the last quarter. Finally, Goldman Sachs Group Inc. boosted its holdings in Myers Industries by 12.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 320,996 shares of the industrial products company’s stock valued at $3,829,000 after purchasing an additional 34,787 shares during the period. 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.