Myers Industries (NYSE:MYE) Hits 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)'s stock price reached a new 52-week high during trading on Monday . The company 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.

Analysts Set New Price Targets

Several equities research analysts have weighed in on MYE shares. Wall Street Zen raised Myers Industries from a "hold" rating to a "buy" rating in a report on Sunday, June 22nd. 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 report on Friday, June 13th.

Myers Industries Stock Down 0.4%

The stock has a market cap of $589.58 million, a PE ratio of 60.61 and a beta of 1.15. The business has a 50 day moving average price of $14.76 and a 200 day moving average price of $12.66. The company has a quick ratio of 1.12, a current ratio of 1.77 and a debt-to-equity ratio of 1.24.

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

Myers Industries Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 3rd. Stockholders of record on Wednesday, June 18th were issued a dividend of $0.135 per share. The ex-dividend date of this dividend was Wednesday, June 18th. This represents a $0.54 dividend on an annualized basis and a dividend yield of 3.4%. Myers Industries's dividend payout ratio is presently 207.69%.

Hedge Funds Weigh In On Myers Industries

A number of institutional investors and hedge funds have recently bought and sold shares of MYE. GAMMA Investing LLC boosted its holdings in shares of Myers Industries by 586.6% during the 1st quarter. GAMMA Investing LLC now owns 2,609 shares of the industrial products company's stock worth $31,000 after purchasing an additional 2,229 shares during the last quarter. Teacher Retirement System of Texas grew its holdings in Myers Industries by 102.2% in the 1st quarter. Teacher Retirement System of Texas now owns 98,877 shares of the industrial products company's stock valued at $1,180,000 after buying an additional 49,979 shares in the last quarter. Rhumbline Advisers increased its stake in shares of Myers Industries by 4.6% in the 1st quarter. Rhumbline Advisers now owns 54,098 shares of the industrial products company's stock worth $645,000 after acquiring an additional 2,389 shares during the last quarter. Nuveen Asset Management LLC raised its holdings in shares of Myers Industries by 2.8% during the 4th quarter. Nuveen Asset Management LLC now owns 437,753 shares of the industrial products company's stock worth $4,833,000 after acquiring an additional 11,985 shares during the period. Finally, Barington Capital Group L.P. purchased a new position in Myers Industries during the fourth quarter worth about $9,055,000. 90.82% of the stock is currently owned by institutional investors and hedge funds.

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.