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

Myers Industries, Inc. (NYSE:MYE) shares hit a new 52-week high during trading on Thursday . The company traded as high as $23.84 and last traded at $23.76, with a volume of 114969 shares traded. The stock had previously closed at $21.77.

Analysts Set New Price Targets

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

Myers Industries Stock Up 10.2%

The company has a quick ratio of 1.09, a current ratio of 1.67 and a debt-to-equity ratio of 1.18. The firm has a market capitalization of $897.84 million, a PE ratio of 32.43 and a beta of 1.06. The firm’s 50 day moving average price is $20.80 and its two-hundred day moving average price is $18.49.

Myers Industries Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, April 3rd. Investors of record on Friday, March 13th will be paid a $0.135 dividend. This represents a $0.54 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date is Friday, March 13th. Myers Industries’s dividend payout ratio (DPR) is 72.97%.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. State of Alaska Department of Revenue bought a new position in shares of Myers Industries in the 3rd quarter worth about $25,000. EverSource Wealth Advisors LLC boosted its stake in Myers Industries by 372.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,900 shares of the industrial products company’s stock valued at $28,000 after purchasing an additional 1,498 shares in the last quarter. Huntington National Bank acquired a new position in Myers Industries during the second quarter worth about $29,000. Kestra Advisory Services LLC bought a new stake in Myers Industries during the fourth quarter worth approximately $38,000. Finally, Quarry LP bought a new stake in Myers Industries during the third quarter worth approximately $48,000. 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.