5 Best Plastics Stocks To Buy Now

In this article, we discuss the 5 best plastics stocks to buy now. If you want to see more stocks in this selection, check out the 11 Best Plastics Stocks To Buy Now.

5. Myers Industries, Inc. (NYSE:MYE)

Number of Hedge Fund Holders: 9

Myers Industries, Inc. (NYSE:MYE) is an Akron, Ohio-based diversified plastics and rubber company.

Myers Industries, Inc. (NYSE:MYE) develops reusable plastic bins, containers, pallets, and other products in the plastic value chain. The reusable containers produced by the company can be recycled and reprocessed into new products. These activities fall in the category of the material handling segment, which is responsible for contributing nearly 75% to the top line and 80% to the bottom line of the company. Myers Industries, Inc. (NYSE:MYE) saw its material handling segment’s revenue increase by 64% YoY in FY21, while the distribution segment revenue observed an increase of 18.5% YoY. The company’s growth trajectory persisted in 2022 as well, with the overall revenue for Q1 rising by 29.3% from the same period last year.

Myers Industries, Inc. (NYSE:MYE) offers an attractive forward dividend yield of 3.10% as of October 21. Despite a decline of 23% experienced by the S&P 500 Index since the start of the year, the share price of Myers Industries, Inc. (NYSE:MYE) has observed a fall of only 13%. This reflects the defensive nature of the stock.

Mario Gabelli’s GAMCO Investors is the biggest hedge fund investor in Myers Industries, Inc. (NYSE:MYE), with over 3.22 million shares as of Q2 2022.