Myers Industries (NYSE:MYE) Shares Pass Above 200 Day Moving Average - Here's Why

Key Points

• Myers Industries shares moved above their 200-day moving average on Tuesday, with the stock trading as high as $31.24 and last changing hands near $30.95. That marks a technical breakout above the $22.83 long-term average.
• Analyst sentiment is mixed but generally cautious, with two recent downgrades to Hold and KeyCorp raising its price target to $37 while keeping an Overweight rating. The stock’s consensus rating remains Hold.
• The company beat EPS expectations in its latest quarter, reporting $0.44 per share versus the $0.28 estimate, though revenue came in below forecasts at $164.58 million. Myers also pays a quarterly dividend of $0.135, yielding about 1.7% annualized.

Myers Industries, Inc. (NYSE:MYE - Get Free Report)'s share price crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $22.83 and traded as high as $31.24. Myers Industries shares last traded at $30.9450, with a volume of 488,381 shares traded.

Analyst Ratings Changes

Several equities analysts have commented on the company. Weiss Ratings downgraded Myers Industries from a "hold (c+)" rating to a "hold (c)" rating in a report on Monday, May 11th. Wall Street Zen downgraded shares of Myers Industries from a "buy" rating to a "hold" rating in a report on Saturday, May 9th. Finally, KeyCorp raised their target price on shares of Myers Industries from $26.00 to $37.00 and gave the company an "overweight" rating in a research note on Tuesday, June 30th. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, Myers Industries currently has a consensus rating of "Hold" and a consensus price target of $37.00.

Myers Industries Stock Performance

The company has a debt-to-equity ratio of 1.04, a current ratio of 1.65 and a quick ratio of 1.29. The stock's 50 day moving average is $26.23 and its two-hundred day moving average is $22.83. The firm has a market cap of $1.16 billion, a P/E ratio of 44.21 and a beta of 0.88.

Myers Industries (NYSE:MYE - Get Free Report) last issued its quarterly earnings data on Thursday, May 7th. The industrial products company reported $0.44 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.28 by $0.16. Myers Industries had a return on equity of 17.23% and a net margin of 3.36%.The company had revenue of $164.58 million during the quarter, compared to analysts' expectations of $209.30 million.

Myers Industries Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, July 2nd. Shareholders of record on Wednesday, June 17th were given a $0.135 dividend. The ex-dividend date was Wednesday, June 17th. This represents a $0.54 dividend on an annualized basis and a yield of 1.7%. Myers Industries's payout ratio is 77.14%.

Institutional Trading of Myers Industries

Large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in shares of Myers Industries by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 2,889,837 shares of the industrial products company's stock valued at $54,098,000 after acquiring an additional 22,263 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in Myers Industries by 2.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,589,420 shares of the industrial products company's stock valued at $33,663,000 after purchasing an additional 39,565 shares in the last quarter. Advisory Research Inc. raised its position in Myers Industries by 84.5% in the 4th quarter. Advisory Research Inc. now owns 1,302,928 shares of the industrial products company's stock valued at $24,391,000 after purchasing an additional 596,848 shares during the last quarter. Pzena Investment Management LLC raised its position in Myers Industries by 813.5% in the 4th quarter. Pzena Investment Management LLC now owns 1,302,309 shares of the industrial products company's stock valued at $24,379,000 after purchasing an additional 1,159,746 shares during the last quarter. Finally, Millennium Management LLC raised its position in Myers Industries by 2.7% in the 1st quarter. Millennium Management LLC now owns 911,626 shares of the industrial products company's stock valued at $10,876,000 after purchasing an additional 23,866 shares during the last quarter. 90.82% of the stock is owned by institutional investors.

Myers Industries Company Profile

Myers Industries, Inc is a diversified manufacturer of polymer products serving industrial, commercial and consumer markets. The company designs, produces and markets a broad range of molded and fabricated plastic components, including pallets, bulk containers, tanks and drums used in material handling and storage applications. Myers Industries leverages proprietary polymer technologies to provide durable, reusable solutions that help customers optimize supply chain efficiency and reduce environmental impact.

Myers operates primarily through two business segments.

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