Last Updated: 13 Nov 2024
Executive Summary
Myers Industries Inc. (MYE) is a manufacturer and seller of polymeric products for various industries. The company has a market capitalization of $453.82 million and trades on the NYSE. MYE's latest stock price is $12.18.
Company Overview
Myers Industries is headquartered in Akron, Ohio, and has operations in the United States and internationally. The company's products include plastic containers, pallets, and other industrial and consumer goods. MYE serves a diverse customer base across various industries, including automotive, agricultural, and commercial.
Fundamental Analysis
Revenue: MYE reported revenue of $823.48 million for the trailing twelve months (TTM), representing a 3.7% year-over-year growth.
Earnings: Diluted EPS for the TTM was $0.42, reflecting a decline of 4.2% compared to the previous year.
Profitability: The company's profit margin and operating margin for the TTM stood at 1.88% and 8.41%, respectively.
Valuation: MYE has a trailing PE ratio of 29, which is higher than the industry average. The company's price-to-sales ratio of 0.551 is also above the industry median.
Dividend: MYE pays an annual dividend of $0.54 per share, resulting in a dividend yield of 0.0438%.
Technical Analysis
Moving Averages: MYE's 50-day moving average is $13.08, while its 200-day moving average is $16.47. The stock is currently trading below both moving averages.
Support and Resistance: The stock has support levels at $10.77 (52-week low) and $12 (recent low). Resistance levels lie at $13.08 (50-day moving average) and $16.47 (200-day moving average).
Momentum Indicators: The relative strength index (RSI) for MYE is currently at 45, indicating neutral momentum.
Short Term Outlook
In the short term, MYE's stock price is likely to face headwinds due to the company's declining earnings and higher valuation. The stock is trading below its moving averages and has limited support above $12.18.
Long Term Outlook
The long-term outlook for MYE is more positive. The company has a diversified product portfolio and serves a wide range of industries. The growing demand for plastics in various applications should support MYE's future growth.
Analyst Recommendations
One analyst has a "Buy" rating on MYE with a target price of $22. The analyst cites the company's strong market position and long-term growth potential.
