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

Key Points

• Myers Industries reached a new 52-week high of $15.91 during trading, closing at $15.82 with a trading volume of 168,276 shares.
• Analysts upgraded Myers Industries from "sector weight" to "overweight" with a target price of $21.00, indicating strong growth potential.
• The company declared a quarterly dividend of $0.135, equating to an annual yield of 3.4%, despite a payout ratio exceeding 200%.

Myers Industries, Inc. (NYSE:MYE - Get Free Report) hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $15.91 and last traded at $15.82, with a volume of 168276 shares trading hands. The stock had previously closed at $14.86.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. KeyCorp raised shares of 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 raised shares of Myers Industries from a "hold" rating to a "buy" rating in a report on Sunday, June 22nd.

Myers Industries Price Performance

The company has a debt-to-equity ratio of 1.24, a current ratio of 1.77 and a quick ratio of 1.12. The company has a market cap of $590.26 million, a PE ratio of 60.73 and a beta of 1.15. The stock's 50-day moving average is $14.50 and its 200 day moving average is $12.56.

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

Myers Industries Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, July 3rd. Investors of record on Wednesday, June 18th were paid a $0.135 dividend. The ex-dividend date was Wednesday, June 18th. This represents a $0.54 dividend on an annualized basis and a yield of 3.4%. Myers Industries's payout ratio is currently 207.69%.

Institutional Trading of Myers Industries

Several institutional investors have recently modified their holdings of the stock. Y Intercept Hong Kong Ltd increased its stake in Myers Industries by 141.0% in the 2nd quarter. Y Intercept Hong Kong Ltd now owns 95,506 shares of the industrial products company's stock valued at $1,384,000 after buying an additional 55,885 shares during the period. Nisa Investment Advisors LLC lifted its holdings in Myers Industries by 30.2% in the 2nd quarter. Nisa Investment Advisors LLC now owns 3,714 shares of the industrial products company's stock valued at $54,000 after purchasing an additional 861 shares in the last quarter. AlphaQuest LLC lifted its holdings in Myers Industries by 17.2% in the 2nd quarter. AlphaQuest LLC now owns 37,224 shares of the industrial products company's stock valued at $539,000 after purchasing an additional 5,463 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its position in shares of Myers Industries by 3.1% in 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 acquiring an additional 68,111 shares during the last quarter. Finally, CWM LLC boosted its position in shares of Myers Industries by 319.7% in the second quarter. CWM LLC now owns 19,706 shares of the industrial products company's stock worth $286,000 after acquiring an additional 15,011 shares during 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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