Myers Industries (NYSE:MYE) Reaches New 52-Week High – What’s Next?

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

Analysts Set New Price Targets

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

Myers Industries Trading Up 4.1%

The stock has a market cap of $850.52 million, a P/E ratio of 30.72 and a beta of 1.08. The company has a current ratio of 1.67, a quick ratio of 1.09 and a debt-to-equity ratio of 1.18. The company has a 50-day moving average price of $20.14 and a two-hundred day moving average price of $18.02.

Hedge Funds Weigh In On Myers Industries

Hedge funds have recently bought and sold shares of the business. Gamco Investors INC. ET AL increased its stake in Myers Industries by 3.2% in the second quarter. Gamco Investors INC. ET AL now owns 3,593,462 shares of the industrial products company’s stock worth $52,069,000 after purchasing an additional 110,560 shares during the period. Vanguard Group Inc. boosted 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 valued at $54,098,000 after purchasing an additional 22,263 shares during the period. Allspring Global Investments Holdings LLC grew its holdings in shares of Myers Industries by 2.3% in the third quarter. Allspring Global Investments Holdings LLC now owns 2,291,134 shares of the industrial products company’s stock worth $39,064,000 after purchasing an additional 51,968 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Myers Industries by 1.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,549,855 shares of the industrial products company’s stock worth $29,014,000 after purchasing an additional 14,779 shares during the last quarter. Finally, Advisory Research Inc. increased its stake in 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 worth $24,391,000 after buying an additional 596,848 shares during the period. 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.