Myers Industries (NYSE:MYE) Reaches New 52-Week High on Analyst Upgrade

Myers Industries (NYSE:MYE) reached a new 52-week high after Wall Street Zen upgraded its stock rating to strong-buy. The stock traded as high as $18.29. Despite mixed analyst ratings, with one downgrade to strong sell, the stock's average target price is $21.00. Recent insider purchases include CFO Samantha Rutty and Director Helmuth Ludwig acquiring shares. Institutional investors hold 90.82% of the stock. The company reported a quarterly EPS of $0.26, slightly above estimates, with a market cap of $680.83 million.

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

Is Myers Industries Poised for a Breakout?

Other equities analysts also recently issued reports about the stock. Zacks Research downgraded shares of Myers Industries from a "hold" rating to a "strong sell" rating in a report on Thursday, October 23rd. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Myers Industries in a research report on Wednesday, October 8th. One analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $21.00.

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Insider Activity

In related news, CFO Samantha Rutty bought 3,000 shares of the business's stock in a transaction on Friday, November 14th. The shares were purchased at an average price of $17.50 per share, for a total transaction of $52,500.00. Following the completion of the transaction, the chief financial officer directly owned 3,000 shares of the company's stock, valued at approximately $52,500. This represents a ∞ increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, Director Helmuth Ludwig purchased 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, for a total transaction of $86,050.00. Following the acquisition, the director owned 13,436 shares of the company's stock, valued at $231,233.56. This trade represents a 59.27% increase in their position. The SEC filing for this purchase provides additional information. In the last three months, insiders have acquired 9,000 shares of company stock valued at $156,000. Insiders own 1.85% of the company's stock.

Institutional Trading of Myers Industries

A number of institutional investors have recently bought and sold shares of the company. Wealth Enhancement Advisory Services LLC raised its stake in shares of Myers Industries by 5.0% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 14,871 shares of the industrial products company's stock valued at $248,000 after acquiring an additional 708 shares in the last quarter. Nisa Investment Advisors LLC grew its stake in shares of Myers Industries by 30.2% during the second quarter. Nisa Investment Advisors LLC now owns 3,714 shares of the industrial products company's stock worth $54,000 after purchasing an additional 861 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Myers Industries by 4.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,835 shares of the industrial products company's stock valued at $260,000 after buying an additional 936 shares during the last quarter. Franklin Resources Inc. increased its holdings in Myers Industries by 3.9% in the third quarter. Franklin Resources Inc. now owns 28,708 shares of the industrial products company's stock valued at $486,000 after buying an additional 1,081 shares during the last quarter. Finally, Fox Run Management L.L.C. increased its stake in Myers Industries by 5.0% in the first quarter. Fox Run Management L.L.C. now owns 23,904 shares of the industrial products company's stock valued at $285,000 after purchasing an additional 1,148 shares during the last quarter. Institutional investors own 90.82% of the company's stock.

Myers Industries Price Performance

The firm has a market cap of $680.83 million, a price-to-earnings ratio of 70.19 and a beta of 1.19. The stock has a 50-day moving average price of $17.06 and a 200 day moving average price of $15.74. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.77 and a quick ratio of 1.12.

Myers Industries (NYSE:MYE - Get Free Report) last posted its quarterly earnings data on Thursday, October 30th. The industrial products company reported $0.26 EPS for the quarter, beating the consensus estimate of $0.25 by $0.01. The firm had revenue of $205.44 million during the quarter, compared to the consensus estimate of $206.40 million. Myers Industries had a return on equity of 13.02% and a net margin of 1.20%. As a group, equities research analysts forecast that Myers Industries, Inc. will post 0.95 earnings per share for the current fiscal year.

Myers Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, January 5th. Shareholders of record on Wednesday, December 3rd will be given a $0.135 dividend. This represents a $0.54 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date of this dividend is Wednesday, December 3rd. Myers Industries's dividend payout ratio is presently 72.97%.

About Myers Industries

(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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