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

Key Points

• Myers Industries' stock price has recently surpassed its 200-day moving average, trading as high as $17.00 with a last traded price of $16.83.
• Analysts have upgraded Myers Industries' shares, with Wall Street Zen increasing their rating from "hold" to "buy" and KeyCorp setting a target price of $21.00.
• The company declared a quarterly dividend of $0.135 per share, representing an annual yield of 3.2% despite a high payout ratio of 207.69%.

Shares of Myers Industries, Inc. (NYSE:MYE - Get Free Report) passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $14.02 and traded as high as $17.00. Myers Industries shares last traded at $16.83, with a volume of 112,809 shares traded.

Analyst Upgrades and Downgrades

MYE has been the subject of a number of analyst reports. Wall Street Zen raised shares of Myers Industries from a "hold" rating to a "buy" rating in a report on Sunday, June 22nd. KeyCorp raised shares of Myers Industries from a "sector weight" rating to an "overweight" rating and set a $21.00 target price for the company in a report on Friday, June 13th. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Myers Industries in a report on Wednesday. One research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $21.00.

Myers Industries Stock Up 1.0%

The firm's 50-day simple moving average is $16.35 and its 200 day simple moving average is $14.02. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.12 and a current ratio of 1.77. The stock has a market capitalization of $629.69 million, a P/E ratio of 64.74 and a beta of 1.15.

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

Myers Industries Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 2nd. Shareholders of record on Friday, September 12th were given a dividend of $0.135 per share. The ex-dividend date of this dividend was Friday, September 12th. This represents a $0.54 annualized dividend and a yield of 3.2%. Myers Industries's payout ratio is 207.69%.

Institutional Investors Weigh In On Myers Industries

A number of institutional investors and hedge funds have recently modified their holdings of the company. Tower Research Capital LLC TRC raised its holdings in shares of Myers Industries by 113.9% in the 2nd quarter. Tower Research Capital LLC TRC now owns 5,508 shares of the industrial products company's stock valued at $80,000 after purchasing an additional 2,933 shares during the period. EVR Research LP bought a new stake in shares of Myers Industries in the 2nd quarter valued at about $1,449,000. Bluefin Capital Management LLC bought a new stake in shares of Myers Industries in the 2nd quarter valued at about $1,594,000. AQR Capital Management LLC raised its holdings in shares of Myers Industries by 137.9% in the 2nd quarter. AQR Capital Management LLC now owns 397,242 shares of the industrial products company's stock valued at $5,756,000 after purchasing an additional 230,252 shares during the period. Finally, Quantinno Capital Management LP raised its holdings in shares of Myers Industries by 5.5% in the 2nd quarter. Quantinno Capital Management LP now owns 28,341 shares of the industrial products company's stock valued at $411,000 after purchasing an additional 1,467 shares during the period. 90.82% of the stock is owned by institutional investors.

Myers Industries Company Profile

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.

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