Myers Industries (NYSE:MYE) Hits New 12-Month High Following Earnings Beat

Key Points

• Myers Industries beat quarterly expectations: The company reported earnings of $0.53 per share versus the $0.36 consensus estimate, while revenue reached $179.2 million compared with expectations of $166 million.
• Shares surged to a new 52-week high of $36.00 following the earnings report, with the stock last trading around $34.04. The company has a market capitalization of approximately $1.24 billion.
• Myers Industries announced a quarterly dividend of $0.135 per share, equivalent to an annualized $0.54 dividend and a 1.6% yield. Analysts’ average rating remains Hold, with an average price target of $37.

Myers Industries, Inc. (NYSE:MYE - Get Free Report)'s share price reached a new 52-week high during trading on Thursday after the company announced better than expected quarterly earnings. The company traded as high as $36.00 and last traded at $34.0350, with a volume of 27453 shares traded. The stock had previously closed at $32.89.

The industrial products company reported $0.53 earnings per share for the quarter, topping analysts' consensus estimates of $0.36 by $0.17. The business had revenue of $179.20 million for the quarter, compared to the consensus estimate of $166.00 million. Myers Industries had a return on equity of 17.23% and a net margin of 3.36%.

Myers Industries Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, July 2nd. Stockholders of record on Wednesday, June 17th were given a dividend of $0.135 per share. This represents a $0.54 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date of this dividend was Wednesday, June 17th. Myers Industries's dividend payout ratio is presently 77.14%.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on MYE. KeyCorp lifted their price target on shares of Myers Industries from $26.00 to $37.00 and gave the company an "overweight" rating in a research report on Tuesday, June 30th. Weiss Ratings downgraded shares of Myers Industries from a "hold (c+)" rating to a "hold (c)" rating in a report on Monday, May 11th. Finally, Wall Street Zen lowered shares of Myers Industries from a "buy" rating to a "hold" rating in a research note on Saturday, May 9th. One analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $37.00.

Institutional Trading of Myers Industries

Institutional investors and hedge funds have recently modified their holdings of the stock. EverSource Wealth Advisors LLC lifted its holdings in shares of Myers Industries by 372.6% in the second 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. Kestra Advisory Services LLC bought a new stake in Myers Industries during the fourth quarter worth $38,000. NewEdge Advisors LLC bought a new stake in Myers Industries during the first quarter worth $43,000. Quarry LP purchased a new stake in Myers Industries in the 3rd quarter valued at $48,000. Finally, Aquatic Capital Management LLC purchased a new stake in Myers Industries in the 3rd quarter valued at $61,000. 90.82% of the stock is owned by hedge funds and other institutional investors.

Myers Industries Trading Up 0.7%

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 50 day simple moving average of $28.26 and a two-hundred day simple moving average of $23.80. The firm has a market capitalization of $1.24 billion, a P/E ratio of 47.30 and a beta of 0.88.

Myers Industries Company Profile

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.

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