Myers Industries (NYSE:MYE) Reaches New 52-Week High - Still a Buy?

Key Points

• Myers Industries hit a new 52-week high of $17.14, following a trading volume of 48,038 shares, closing last at $17.06.
• Brokerages have shown increased confidence in the stock, with KeyCorp upgrading it to an "overweight" rating and a price target of $21.00.
• The company recently declared a quarterly dividend of $0.135 per share, translating to a 3.2% dividend yield, despite facing earnings that missed analyst estimates.

Myers Industries, Inc. (NYSE:MYE - Get Free Report) hit a new 52-week high on Tuesday . The stock traded as high as $17.14 and last traded at $17.06, with a volume of 48038 shares. The stock had previously closed at $16.61.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on MYE. KeyCorp raised Myers Industries from a "sector weight" rating to an "overweight" rating and set a $21.00 price objective on the stock in a research note on Friday, June 13th. Wall Street Zen upgraded Myers Industries from a "hold" rating to a "buy" rating in a research note on Sunday, June 22nd. One equities research analyst has rated the stock with a Buy rating, According to MarketBeat.com, Myers Industries currently has an average rating of "Buy" and a consensus price target of $21.00.

Myers Industries Stock Performance

The firm has a market capitalization of $624.75 million, a price-to-earnings ratio of 64.23 and a beta of 1.19. The firm has a 50 day moving average price of $15.90 and a 200-day moving average price of $13.70. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.77 and a quick ratio of 1.12.

Myers Industries (NYSE:MYE - Get Free Report) last posted its earnings results on Thursday, July 31st. The industrial products company reported $0.31 EPS for the quarter, missing analysts' consensus estimates of $0.32 by ($0.01). Myers Industries had a return on equity of 13.02% and a net margin of 1.20%.The firm had revenue of $209.58 million for the quarter, compared to analyst estimates of $220.60 million. As a group, sell-side analysts expect that Myers Industries, Inc. will post 0.95 earnings per share for the current fiscal year.

Myers Industries Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 2nd. Stockholders of record on Friday, September 12th will be given a dividend of $0.135 per share. This represents a $0.54 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date is Friday, September 12th. Myers Industries's dividend payout ratio (DPR) is presently 207.69%.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in MYE. Gamco Investors INC. ET AL grew 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 in the last quarter. Vanguard Group Inc. raised its holdings in Myers Industries by 3.2% during the first quarter. Vanguard Group Inc. now owns 2,684,971 shares of the industrial products company's stock worth $32,032,000 after purchasing an additional 82,223 shares in the last quarter. Allspring Global Investments Holdings LLC raised its holdings in Myers Industries by 3.1% during the second quarter. Allspring Global Investments Holdings LLC now owns 2,239,166 shares of the industrial products company's stock worth $33,699,000 after purchasing an additional 68,111 shares in the last quarter. Gabelli Funds LLC increased its holdings in shares of Myers Industries by 0.8% in the first quarter. Gabelli Funds LLC now owns 1,575,150 shares of the industrial products company's stock valued at $18,792,000 after buying an additional 12,000 shares in the last quarter. Finally, Invenomic Capital Management LP increased its holdings in shares of Myers Industries by 163.3% in the first quarter. Invenomic Capital Management LP now owns 1,018,116 shares of the industrial products company's stock valued at $12,146,000 after buying an additional 631,463 shares in the last quarter. Hedge funds and other institutional investors own 90.82% of the company's stock.

Myers Industries Company Profile

Myers Industries, Inc engages in distribution of tire service supplies in Ohio. It operates through two segments, The Material Handling and Distribution. The Material Handling segment offers pallets, small parts bins, bulk shipping containers, and OEM parts, as well as storage and organization, and custom plastic products; and injection molded, rotationally molded or blow molded products, consumer fuel containers and tanks for water, fuel, and waste handling.

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