Myers Industries (NYSE:MYE) Hits New 12-Month High - Still a Buy?

Key Points

• Myers Industries shares reached a new 52-week high of $37.45, supported by analyst upgrades and KeyCorp raising its price target to $37. The stock carries a consensus “Hold” rating with an average target of $37.
• The company reported a strong quarterly performance, with EPS of $0.53 versus estimates of $0.36 and revenue of $179.2 million compared with the $166 million consensus.
• Myers Industries pays a quarterly dividend of $0.135, or $0.54 annualized, yielding about 1.5%; institutional investors own approximately 90.82% of its shares.

Shares of Myers Industries, Inc. (NYSE:MYE - Get Free Report) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $37.45 and last traded at $36.6330, with a volume of 538866 shares traded. The stock had previously closed at $36.74.

Analysts Set New Price Targets

Several research firms have weighed in on MYE. Wall Street Zen upgraded Myers Industries from a "hold" rating to a "buy" rating in a research note on Saturday. Weiss Ratings upgraded Myers Industries from a "hold (c)" rating to a "hold (c+)" rating in a research note on Friday. Finally, KeyCorp lifted their target price on Myers Industries from $26.00 to $37.00 and gave the stock an "overweight" rating in a report on Tuesday, June 30th. One research analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, Myers Industries presently has a consensus rating of "Hold" and an average target price of $37.00.

Myers Industries Price Performance

The company has a quick ratio of 1.21, a current ratio of 1.61 and a debt-to-equity ratio of 0.91. The stock's 50 day moving average price is $29.28 and its two-hundred day moving average price is $24.23. The stock has a market cap of $1.38 billion, a price-to-earnings ratio of 37.77 and a beta of 0.89.

Myers Industries (NYSE:MYE - Get Free Report) last posted its earnings results on Thursday, July 30th. The industrial products company reported $0.53 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.36 by $0.17. Myers Industries had a net margin of 4.86% and a return on equity of 19.86%. The company had revenue of $179.20 million during the quarter, compared to the consensus estimate of $166.00 million.

Myers Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 2nd. Stockholders of record on Wednesday, June 17th were issued a $0.135 dividend. This represents a $0.54 annualized dividend and a dividend yield of 1.5%. The ex-dividend date of this dividend was Wednesday, June 17th. Myers Industries's payout ratio is 55.67%.

Institutional Trading of Myers Industries

A number of hedge funds have recently modified their holdings of the stock. Sei Investments Co. boosted its position in Myers Industries by 77.5% in the 1st quarter. Sei Investments Co. now owns 358,375 shares of the industrial products company's stock worth $7,590,000 after purchasing an additional 156,470 shares in the last quarter. Lazard Asset Management LLC grew its stake in shares of Myers Industries by 69.8% during the 1st quarter. Lazard Asset Management LLC now owns 155,766 shares of the industrial products company's stock worth $3,299,000 after purchasing an additional 64,018 shares during the period. Principal Financial Group Inc. increased its holdings in shares of Myers Industries by 86.8% during the 1st quarter. Principal Financial Group Inc. now owns 69,583 shares of the industrial products company's stock valued at $1,474,000 after purchasing an additional 32,340 shares in the last quarter. Pzena Investment Management LLC increased its holdings in shares of Myers Industries by 813.5% during the 4th quarter. Pzena Investment Management LLC now owns 1,302,309 shares of the industrial products company's stock valued at $24,379,000 after purchasing an additional 1,159,746 shares in the last quarter. Finally, Ritholtz Wealth Management acquired a new position in shares of Myers Industries in the 4th quarter valued at $963,000. Hedge funds and other institutional investors own 90.82% of the company's stock.

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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