Myers Industries, Inc. (NYSE:MYE), a Zacks Rank #1 (Strong Buy), has soared over 250% since March 2020 after plunging to nearly $6/share during the pandemic-induced market bottom. This is impressive considering that very few companies have successfully rebounded from nearly worthless to mid-double digits. All of these companies experience exceptional revenue and earnings growth, and Myers Industries, Inc. (NYSE:MYE) is no exception. While most stocks are in the bear market, Myers Industries, Inc.’s (NYSE:MYE) stock is up over 15% this year.
The stock has experienced a slight pullback since hitting a 52-week high in the last month, creating a fantastic buying opportunity as its continues to benefit from increased product demand. Clearly, the management team has proven its ability to adapt to the constantly changing market landscape, as evidenced by the company’s longevity and relentless climb in stock price.
One of the best ways to determine which stocks are outperforming the market is to identify leading sectors and industry groups. For example, The Zacks Rubber – Plastics industry currently ranks in the top 8% of nearly 250 industries. This is why many experts expect this group to beat the market over the next 3-6 months.
According to quantitative research, about half of a stock’s future price appreciation can be attributed to its industry grouping. This means investing in stocks within high-performing industry groups can boost your odds of overall success. Due to favorable characteristics in certain key metrics, Myers Industries, Inc. (NYSE:MYE) stock’s industry group (Zacks Industrial Products sector) currently ranks in the top 32% of 16 Ranked sectors.
Here’s How Myers Industries Is Positioned Within A Powerful Sector And Industry.
Company Overview
Founded in 1933 and headquartered in Akron, OH. Myers Industries, Inc. (NYSE:MYE) is a leading global manufacturer of a wide range of polymer and metal products for industrial, agricultural, automotive, commercial and consumer markets. In addition, the company is the largest wholesale distributor of tire service supplies and tools. It also provides equipment for under-vehicle service for heavy trucks and off-road vehicles, along with tire repair materials and custom rubber products.
The company has a diversified portfolio of branded products falling under 4 key segments and nearly 20 locations; Distribution: Myers Tire Supply, Myers Tire Supply International, Patch Rubber Company, Tuffy, Scepter Injection, Buckhorn, Akro-Mils, Jamco Products, Elkhart Plastics, Ameri-Kart and Trilogy Plastics
Earnings Trends and Future Projections
Myers Industries, Inc. (NYSE:MYE) has exceeded earnings estimates in 2 of the past four quarters. For example, the company most recently reported Q1 EPS back in May of $0.50 per share, an upward surprise of 78.57% over the $0.28/share consensus estimate. This compares remarkably to the $0.22/share reported in the same quarter prior year. Furthermore, net sales for the first quarter of $225.49 million beat estimates by a whopping 10.42%.
Over the past 60 days, many analysts have also raised their full-year EPS projections by 26.56% after Myers Industries, Inc. (NYSE:MYE) beat earnings expectations by 20.11% over the last four quarters. Right now, The Zacks Consensus Estimate stands at $1.62, corresponding to a 67% growth rate relative to last year. Sales are predicted to grow by 14.66% to $873.05 million.
Setting The Course
At the time of writing, Myers Industries, Inc. (NYSE:MYE) is trading at $22.71, up from $6.47/share in March 2020. This is stunning because only stocks that are in exceptionally powerful uptrends can achieve this type of price movement. Despite the fact that the market is in correction mode, this stock has continued to perform well. This is why experts recommend adding this stock to your portfolio because it is trending well and experiencing positive revisions to earnings estimates.
With both robust fundamentals and technicals, Myers Industries, Inc. (NYSE:MYE) has been one of the most successful companies during the pandemic.
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