Shares of Myers Industries, Inc. (NYSE:MYE) hit a new 52-week high and low on Friday . The company traded as low as $24.25 and last traded at $24.00, with a volume of 18068 shares changing hands. The stock had previously closed at $23.75.
A number of analysts have recently weighed in on the company. Zacks Investment Research upgraded Myers Industries from a “hold” rating to a “buy” rating and set a $26.00 target price for the company in a research note on Saturday, April 7th. ValuEngine upgraded Myers Industries from a “hold” rating to a “buy” rating in a research report on Monday, April 2nd. Finally, Wells Fargo upgraded Myers Industries from a “market perform” rating to an “outperform” rating and set a $24.00 price objective for the company in a research report on Wednesday, January 3rd. Two research analysts have rated the stock with a sell rating and three have issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $21.67.
The company has a quick ratio of 1.04, a current ratio of 1.52 and a debt-to-equity ratio of 1.61. The stock has a market capitalization of $722.90, a P/E ratio of 47.50, a PEG ratio of 9.31 and a beta of 1.78.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 3rd. Investors of record on Tuesday, March 20th were given a $0.135 dividend. The ex-dividend date of this dividend was Monday, March 19th. This represents a $0.54 dividend on an annualized basis and a yield of 2.25%. Myers Industries’s payout ratio is 105.88%.
In other news, Director Jane Scaccetti acquired 1,500 shares of the stock in a transaction that occurred on Tuesday, March 13th. The stock was purchased at an average cost of $21.50 per share, for a total transaction of $32,250.00. Following the completion of the transaction, the director now directly owns 13,590 shares in the company, valued at $292,185. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.75% of the stock is owned by company insiders.
Hedge funds have recently made changes to their positions in the stock. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp boosted its holdings in Myers Industries by 42.7% during the fourth quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 58,800 shares of the industrial products company’s stock worth $1,147,000 after buying an additional 17,600 shares during the last quarter. MetLife Investment Advisors LLC bought a new position in Myers Industries during the fourth quarter worth about $208,000. Millennium Management LLC boosted its holdings in Myers Industries by 119.7% during the fourth quarter. Millennium Management LLC now owns 423,455 shares of the industrial products company’s stock worth $8,257,000 after buying an additional 230,680 shares during the last quarter. Teachers Advisors LLC boosted its holdings in Myers Industries by 8.4% during the fourth quarter. Teachers Advisors LLC now owns 44,372 shares of the industrial products company’s stock worth $865,000 after buying an additional 3,427 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its holdings in Myers Industries by 70.0% during the fourth quarter. Goldman Sachs Group Inc. now owns 123,507 shares of the industrial products company’s stock worth $2,409,000 after buying an additional 50,838 shares during the last quarter. Hedge funds and other institutional investors own 87.29% of the company’s stock.
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Myers Industries Company Profile
Myers Industries, Inc manufactures and sells polymer products for industrial, agricultural, automotive, commercial, and consumer markets worldwide. The company's Material Handling segment provides plastic reusable material handling containers, pallets, small parts bins, bulk shipping containers, storage and organization products, and rotationally-molded plastic tanks for water, fuel, and waste handling applications; welded steel service carts, platform trucks, mobile work centers, racks, and cabinets; plastic trim and interior parts used in the production of seat components, consoles, and other applications in the recreational vehicle, marine, and industrial markets; and plastic fuel containers, portable marine fuel tanks and water containers, ammunition containers, and storage totes under the Buckhorn, Akro-Mils, Jamco Products, Ameri-Kart, and Scepter brands.
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