Myers Industries (NYSE:MYE) Reaches New 1-Year High on Analyst Upgrade

by · The Markets Daily

Myers Industries, Inc. (NYSE:MYE – Get Free Report)’s share price hit a new 52-week high on Monday after Wall Street Zen upgraded the stock from a buy rating to a strong-buy rating. The company traded as high as $18.29 and last traded at $18.25, with a volume of 45111 shares. The stock had previously closed at $18.06.

A number of other research firms also recently weighed in on MYE. Weiss Ratings restated a “hold (c)” rating on shares of Myers Industries in a research report on Wednesday, October 8th. Zacks Research downgraded shares of Myers Industries from a “hold” rating to a “strong sell” rating in a research report on Thursday, October 23rd. One analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Myers Industries has a consensus rating of “Hold” and an average target price of $21.00.

Get Our Latest Report on MYE

Insider Activity at Myers Industries

In other Myers Industries news, Director Helmuth Ludwig acquired 5,000 shares of the business’s stock in a transaction dated Monday, November 3rd. The shares were acquired at an average price of $17.21 per share, with a total value of $86,050.00. Following the completion of the transaction, the director directly owned 13,436 shares in the company, valued at $231,233.56. This trade represents a 59.27% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Samantha Rutty purchased 3,000 shares of the stock in a transaction on Friday, November 14th. The stock was acquired at an average price of $17.50 per share, for a total transaction of $52,500.00. Following the completion of the purchase, the chief financial officer directly owned 3,000 shares in the company, valued at approximately $52,500. The trade was a ∞ increase in their position. The SEC filing for this purchase provides additional information. Insiders have bought a total of 9,000 shares of company stock valued at $156,000 over the last ninety days. Company insiders own 1.85% of the company’s stock.

Institutional Investors Weigh In On Myers Industries

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Gamco Investors INC. ET AL raised its position 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 valued at $52,069,000 after purchasing an additional 110,560 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Myers Industries by 4.9% in the third quarter. Vanguard Group Inc. now owns 2,867,574 shares of the industrial products company’s stock valued at $48,577,000 after buying an additional 133,496 shares during the period. Allspring Global Investments Holdings LLC raised its holdings in Myers Industries by 2.3% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 2,291,134 shares of the industrial products company’s stock valued at $39,064,000 after buying an additional 51,968 shares during the last quarter. Gabelli Funds LLC boosted its position in Myers Industries by 0.8% during the 1st quarter. Gabelli Funds LLC now owns 1,575,150 shares of the industrial products company’s stock worth $18,792,000 after buying an additional 12,000 shares during the period. Finally, Invenomic Capital Management LP grew its holdings in Myers Industries by 163.3% during the 1st quarter. Invenomic Capital Management LP now owns 1,018,116 shares of the industrial products company’s stock worth $12,146,000 after acquiring an additional 631,463 shares during the last quarter. 90.82% of the stock is currently owned by institutional investors.

Myers Industries Price Performance

The stock has a market cap of $680.83 million, a P/E ratio of 70.19 and a beta of 1.19. The company’s 50 day moving average price is $17.06 and its 200-day moving average price is $15.74. 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 posted its quarterly earnings data on Thursday, October 30th. The industrial products company reported $0.26 earnings per share for the quarter, beating analysts’ consensus estimates of $0.25 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 $205.44 million during the quarter, compared to the consensus estimate of $206.40 million. As a group, sell-side analysts expect that Myers Industries, Inc. will post 0.95 earnings per share for the current year.

Myers Industries Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, January 5th. Investors of record on Wednesday, December 3rd will be issued a dividend of $0.135 per share. The ex-dividend date is Wednesday, December 3rd. This represents a $0.54 annualized dividend and a yield of 3.0%. Myers Industries’s payout ratio is 72.97%.

Myers Industries Company Profile

(Get Free Report)

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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