Myers Industries (NYSE:MYE) Stock Price Crosses Above Two Hundred Day Moving Average - Should You Sell?

Key Points

• Myers Industries shares climbed above their 200-day moving average, reaching $33.12 and closing near $33.01, compared with the average of $25.08.
• The company exceeded quarterly expectations, reporting EPS of $0.53 versus the $0.36 consensus and revenue of $179.2 million versus estimates of $166 million.
• Analyst sentiment remains mixed: the average rating is “Hold” with a $37 target price, while KeyCorp upgraded the stock to “Overweight.” Myers also pays a $0.54 annualized dividend, yielding about 1.6%.

Myers Industries, Inc. (NYSE:MYE - Get Free Report) shares passed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $25.08 and traded as high as $33.12. Myers Industries shares last traded at $33.01, with a volume of 208,956 shares changing hands.

Analyst Upgrades and Downgrades

MYE has been the subject of several recent analyst reports. Wall Street Zen raised Myers Industries from a "hold" rating to a "buy" rating in a research report on Saturday, August 1st. Weiss Ratings raised Myers Industries from a "hold (c)" rating to a "hold (c+)" rating in a research report on Friday, July 31st. Finally, KeyCorp increased their price objective on Myers Industries from $26.00 to $37.00 and gave the stock 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 company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $37.00.

Myers Industries Price Performance

The stock has a market capitalization of $1.24 billion, a PE ratio of 34.03 and a beta of 0.89. The company has a quick ratio of 1.21, a current ratio of 1.61 and a debt-to-equity ratio of 0.91. The stock's 50-day moving average is $31.12 and its 200 day moving average is $25.08.

Myers Industries (NYSE:MYE - Get Free Report) last released its earnings results on Thursday, July 30th. The industrial products company reported $0.53 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.36 by $0.17. The company had revenue of $179.20 million during the quarter, compared to the consensus estimate of $166.00 million. Myers Industries had a net margin of 4.86% and a return on equity of 19.86%.

Myers Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 2nd. Investors of record on Wednesday, June 17th were issued a dividend of $0.135 per share. This represents a $0.54 annualized dividend and a dividend yield of 1.6%. The ex-dividend date was Wednesday, June 17th. Myers Industries's dividend payout ratio (DPR) is currently 55.67%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. BlackRock Inc. acquired a new position in Myers Industries in the 2nd quarter worth about $104,161,000. Pzena Investment Management LLC lifted its holdings in shares of Myers Industries by 813.5% during 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 buying an additional 1,159,746 shares during the last quarter. Advisory Research Inc. grew its stake in shares of 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 buying an additional 596,848 shares in the last quarter. Tieton Capital Management LLC acquired a new position in Myers Industries in the second quarter worth approximately $16,321,000. Finally, Bank of New York Mellon Corp bought a new position in Myers Industries during the second quarter valued at approximately $14,988,000. Hedge funds and other institutional investors own 90.82% of the company's stock.

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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