Myers Industries (NYSE:MYE) Stock Price Passes Above Two Hundred Day Moving Average - What's Next?

Key Points

• Myers Industries (NYSE:MYE) shares have risen above their two hundred day moving average of $12.74, peaking at $16.59, with the latest trade at $16.55 and a volume of 209,844 shares.
• KeyCorp has upgraded Myers Industries from a "sector weight" to an "overweight" rating, with a new price target of $21.00, while Wall Street Zen has also raised its rating from "hold" to "buy."
• The company recently declared a quarterly dividend of $0.135 per share, indicating an annualized yield of 3.3%, though its dividend payout ratio stands at a high 207.69%.

Myers Industries, Inc. (NYSE:MYE - Get Free Report)'s stock price passed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $12.74 and traded as high as $16.59. Myers Industries shares last traded at $16.55, with a volume of 209,844 shares traded.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on MYE shares. Wall Street Zen raised shares of Myers Industries from a "hold" rating to a "buy" rating in a research report on Sunday, June 22nd. KeyCorp upgraded Myers Industries from a "sector weight" rating to an "overweight" rating and set a $21.00 price target for the company in a research note on Friday, June 13th.

Myers Industries Stock Performance

The company has a quick ratio of 1.12, a current ratio of 1.77 and a debt-to-equity ratio of 1.24. The business has a 50 day simple moving average of $15.12 and a two-hundred day simple moving average of $12.83. The firm has a market cap of $604.55 million, a PE ratio of 62.15 and a beta of 1.15.

Myers Industries (NYSE:MYE - Get Free Report) last posted its earnings results on Thursday, July 31st. The industrial products company reported $0.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.32 by ($0.01). The company had revenue of $209.58 million during the quarter, compared to analysts' expectations of $220.60 million. Myers Industries had a net margin of 1.20% and a return on equity of 13.02%. As a group, equities research analysts forecast that Myers Industries, Inc. will post 0.95 earnings per share for the current fiscal year.

Myers Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 3rd. Investors of record on Wednesday, June 18th were paid a $0.135 dividend. This represents a $0.54 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend was Wednesday, June 18th. Myers Industries's dividend payout ratio is currently 207.69%.

Institutional Trading of Myers Industries

A number of hedge funds and other institutional investors have recently modified their holdings of MYE. LPL Financial LLC grew its holdings in shares of Myers Industries by 75.9% during the 4th quarter. LPL Financial LLC now owns 28,844 shares of the industrial products company's stock worth $318,000 after purchasing an additional 12,443 shares during the period. JPMorgan Chase & Co. grew its holdings in shares of Myers Industries by 70.5% during the 4th quarter. JPMorgan Chase & Co. now owns 227,635 shares of the industrial products company's stock worth $2,513,000 after purchasing an additional 94,129 shares during the period. Geode Capital Management LLC grew its holdings in shares of Myers Industries by 1.2% during the 4th quarter. Geode Capital Management LLC now owns 842,106 shares of the industrial products company's stock worth $9,299,000 after purchasing an additional 9,664 shares during the period. Wells Fargo & Company MN grew its holdings in shares of Myers Industries by 32.9% during the 4th quarter. Wells Fargo & Company MN now owns 22,464 shares of the industrial products company's stock worth $248,000 after purchasing an additional 5,566 shares during the period. Finally, Barclays PLC grew its holdings in shares of Myers Industries by 17.6% during the 4th quarter. Barclays PLC now owns 87,093 shares of the industrial products company's stock worth $962,000 after purchasing an additional 13,021 shares during the period. 90.82% of the stock is owned by institutional investors and hedge funds.

About Myers Industries

Myers Industries, Inc engages in distribution of tire service supplies in Ohio. It operates through two segments, The Material Handling and Distribution. The Material Handling segment offers pallets, small parts bins, bulk shipping containers, and OEM parts, as well as storage and organization, and custom plastic products; and injection molded, rotationally molded or blow molded products, consumer fuel containers and tanks for water, fuel, and waste handling.