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

Key Points

• Myers Industries stock crossed above its 200-day moving average ($19.66), trading as high as $21.43 and last at $21.09, a potential technical breakout signal.
• Analysts hold a consensus rating of 'Hold' (one Buy, two Holds) with an average price target of $21.00, and Wall Street Zen recently cut its rating from "strong-buy" to "buy".
• The company posted an earnings beat (EPS $0.31 vs. $0.23) on $203.97M revenue, has a market cap of $788.8M, and pays a quarterly dividend implying a 2.6% yield (annualized $0.54; DPR 58.06%).

Myers Industries, Inc. (NYSE:MYE - Get Free Report)'s share price passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $19.66 and traded as high as $21.43. Myers Industries shares last traded at $21.0910, with a volume of 174,757 shares.

Analyst Ratings Changes

MYE has been the topic of a number of research analyst reports. Wall Street Zen cut shares of Myers Industries from a "strong-buy" rating to a "buy" rating in a report on Saturday, March 28th. Weiss Ratings reissued a "hold (c)" rating on shares of Myers Industries in a research note on Thursday, January 22nd. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $21.00.

Myers Industries Stock Performance

The stock has a market cap of $788.80 million, a price-to-earnings ratio of 22.68 and a beta of 1.09. The stock's 50-day moving average is $21.56 and its 200-day moving average is $19.66. The company has a current ratio of 1.67, a quick ratio of 1.16 and a debt-to-equity ratio of 1.08.

Myers Industries (NYSE:MYE - Get Free Report) last released its quarterly earnings results on Thursday, March 5th. The industrial products company reported $0.31 earnings per share for the quarter, topping analysts' consensus estimates of $0.23 by $0.08. The firm had revenue of $203.97 million during the quarter, compared to analysts' expectations of $202.60 million. Myers Industries had a return on equity of 14.46% and a net margin of 4.23%.

Myers Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 3rd. Investors of record on Friday, March 13th were paid a dividend of $0.135 per share. The ex-dividend date was Friday, March 13th. This represents a $0.54 annualized dividend and a yield of 2.6%. Myers Industries's dividend payout ratio (DPR) is 58.06%.

Institutional Investors Weigh In On Myers Industries

Several large investors have recently added to or reduced their stakes in MYE. State of Alaska Department of Revenue acquired a new position in shares of Myers Industries during the third quarter valued at $25,000. EverSource Wealth Advisors LLC boosted its position in shares of Myers Industries by 372.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,900 shares of the industrial products company's stock valued at $28,000 after purchasing an additional 1,498 shares during the period. Kestra Advisory Services LLC acquired a new stake in Myers Industries during the 4th quarter worth about $38,000. Quarry LP acquired a new stake in Myers Industries during the 3rd quarter worth about $48,000. Finally, New York State Teachers Retirement System acquired a new stake in Myers Industries during the 3rd quarter worth about $57,000. 90.82% of the stock is owned by institutional investors and hedge funds.

About Myers Industries

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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