Myers Industries (NYSE:MYE) Sets New 12-Month High on Earnings Beat

Key Points

• Shares jumped to a 52-week high after Myers reported Q results with EPS of $0.44 versus a $0.28 consensus, although revenue missed at $164.6M versus $209.3M expected.
• Dividend announced: the company paid a quarterly dividend of $0.135 ($0.54 annualized) for a yield of 2.3% and a payout ratio of 58.06%.
• Analyst and institutional outlook: MarketBeat shows a consensus "Hold" rating with a $21 price target (below the current price), while institutional investors own about 90.82% of the stock and several funds recently boosted positions.

Myers Industries, Inc. (NYSE:MYE - Get Free Report) reached a new 52-week high during trading on Thursday following a stronger than expected earnings report. The stock traded as high as $24.25 and last traded at $23.1290, with a volume of 53215 shares trading hands. The stock had previously closed at $20.72.

The industrial products company reported $0.44 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.16. Myers Industries had a net margin of 4.23% and a return on equity of 14.46%. The business had revenue of $164.58 million for the quarter, compared to the consensus estimate of $209.30 million.

Myers Industries Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, April 3rd. Stockholders of record on Friday, March 13th were paid a dividend of $0.135 per share. This represents a $0.54 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date of this dividend was Friday, March 13th. Myers Industries's payout ratio is currently 58.06%.

Analyst Ratings Changes

Several brokerages have issued reports on MYE. Wall Street Zen cut shares of Myers Industries from a "strong-buy" rating to a "buy" rating in a report on Saturday, March 28th. Weiss Ratings reiterated a "hold (c)" rating on shares of Myers Industries in a report on Thursday, January 22nd. One equities research analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $21.00.

Institutional Trading of Myers Industries

Several hedge funds have recently modified their holdings of the company. Vanguard Group Inc. lifted its position in shares of Myers Industries by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 2,889,837 shares of the industrial products company's stock valued at $54,098,000 after buying an additional 22,263 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Myers Industries by 1.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,549,855 shares of the industrial products company's stock valued at $29,014,000 after buying an additional 14,779 shares during the last quarter. Advisory Research Inc. lifted its position in shares of Myers Industries by 84.5% during the fourth quarter. Advisory Research Inc. now owns 1,302,928 shares of the industrial products company's stock valued at $24,391,000 after buying an additional 596,848 shares during the last quarter. Pzena Investment Management LLC lifted its position in shares of Myers Industries by 813.5% during the fourth quarter. Pzena Investment Management LLC now owns 1,302,309 shares of the industrial products company's stock valued at $24,379,000 after buying an additional 1,159,746 shares during the last quarter. Finally, Millennium Management LLC raised its position in shares of Myers Industries by 2.7% in the 1st quarter. Millennium Management LLC now owns 911,626 shares of the industrial products company's stock valued at $10,876,000 after purchasing an additional 23,866 shares during the last quarter. 90.82% of the stock is owned by hedge funds and other institutional investors.

Myers Industries Stock Up 11.3%

The stock has a market capitalization of $862.26 million, a PE ratio of 24.80 and a beta of 0.96. The company has a current ratio of 1.67, a quick ratio of 1.16 and a debt-to-equity ratio of 1.08. The company's 50-day moving average is $21.35 and its 200 day moving average is $19.94.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.