Myers Industries (NYSE:MYE) Sets New 12-Month High - Here's What Happened

Key Points

• Myers Industries shares reached a new 52-week high of $16.35, marking a significant increase from a previous close at $15.73.
• Research analysts have upgraded the stock rating, with KeyCorp raising it to "overweight" and setting a target price of $21.00.
• The company announced a quarterly dividend of $0.135, translating to an annualized yield of 3.3%, despite a high payout ratio of 207.69%.

Myers Industries, Inc. (NYSE:MYE - Get Free Report) shares reached a new 52-week high on Tuesday . The stock traded as high as $16.33 and last traded at $16.35, with a volume of 25198 shares traded. The stock had previously closed at $15.73.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on MYE shares. KeyCorp upgraded Myers Industries from a "sector weight" rating to an "overweight" rating and set a $21.00 target price for the company in a report on Friday, June 13th. Wall Street Zen upgraded Myers Industries from a "hold" rating to a "buy" rating in a report on Sunday, June 22nd.

Myers Industries Trading Down 1.6%

The company has a fifty day moving average of $15.12 and a two-hundred day moving average of $12.83. The company has a current ratio of 1.77, a quick ratio of 1.12 and a debt-to-equity ratio of 1.24. The stock has a market capitalization of $604.55 million, a price-to-earnings ratio of 62.15 and a beta of 1.15.

Myers Industries (NYSE:MYE - Get Free Report) last issued its quarterly 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 business had revenue of $209.58 million for the quarter, compared to analyst estimates of $220.60 million. On average, research analysts expect that Myers Industries, Inc. will post 0.95 EPS for the current year.

Myers Industries Announces Dividend

The firm also recently declared 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 was Wednesday, June 18th. This represents a $0.54 dividend on an annualized basis and a dividend yield of 3.3%. Myers Industries's payout ratio is 207.69%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of MYE. Barington Capital Group L.P. acquired a new position in shares of Myers Industries during the fourth quarter worth approximately $9,055,000. Millennium Management LLC lifted its holdings in shares of Myers Industries by 824.9% during the fourth quarter. Millennium Management LLC now owns 887,760 shares of the industrial products company's stock worth $9,801,000 after buying an additional 791,780 shares during the last quarter. Nuveen LLC acquired a new position in shares of Myers Industries during the first quarter worth approximately $9,247,000. Invenomic Capital Management LP lifted its holdings in shares of Myers Industries by 163.3% during the first quarter. Invenomic Capital Management LP now owns 1,018,116 shares of the industrial products company's stock worth $12,146,000 after buying an additional 631,463 shares during the last quarter. Finally, Ameriprise Financial Inc. increased its position in shares of Myers Industries by 175.7% during the fourth quarter. Ameriprise Financial Inc. now owns 805,608 shares of the industrial products company's stock valued at $8,895,000 after purchasing an additional 513,431 shares during the period. 90.82% of the stock is currently owned by institutional investors and hedge funds.

About Myers Industries

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.