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

Key Points

• Myers Industries (NYSE:MYE) shares recently surpassed their 200-day moving average, trading at $16.95, significantly higher than the average of $13.86.
• The stock has received several upgrades, including a price target of $21.00 from KeyCorp, reflecting a consensus rating of "Buy" among analysts.
• Myers Industries announced a quarterly dividend of $0.135 per share, representing a 3.2% yield, with a payout ratio of 207.69%.

Myers Industries, Inc. (NYSE:MYE - Get Free Report) shares crossed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $13.86 and traded as high as $16.97. Myers Industries shares last traded at $16.95, with a volume of 191,897 shares changing hands.

Wall Street Analyst Weigh In

MYE has been the topic of several research reports. KeyCorp upgraded Myers Industries from a "sector weight" rating to an "overweight" rating and set a $21.00 price target on the stock in a research note on Friday, June 13th. Wall Street Zen upgraded Myers Industries from a "hold" rating to a "buy" rating in a research note on Sunday, June 22nd. One equities research analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average price target of $21.00.

Myers Industries Stock Up 1.6%

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 fifty day simple moving average of $16.13 and a two-hundred day simple moving average of $13.86. The company has a market capitalization of $634.10 million, a price-to-earnings ratio of 65.19 and a beta of 1.19.

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

Myers Industries Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 2nd. Stockholders of record on Friday, September 12th will be issued a $0.135 dividend. This represents a $0.54 annualized dividend and a dividend yield of 3.2%. The ex-dividend date of this dividend is Friday, September 12th. Myers Industries's payout ratio is presently 207.69%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. EverSource Wealth Advisors LLC boosted its holdings 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 worth $28,000 after acquiring an additional 1,498 shares in the last quarter. Huntington National Bank acquired a new position in shares of Myers Industries in the 2nd quarter worth approximately $29,000. GAMMA Investing LLC boosted its holdings in shares of Myers Industries by 586.6% in the 1st quarter. GAMMA Investing LLC now owns 2,609 shares of the industrial products company's stock worth $31,000 after acquiring an additional 2,229 shares in the last quarter. Nisa Investment Advisors LLC lifted its holdings in Myers Industries by 30.2% during the 2nd quarter. Nisa Investment Advisors LLC now owns 3,714 shares of the industrial products company's stock worth $54,000 after buying an additional 861 shares in the last quarter. Finally, CWM LLC lifted its holdings in Myers Industries by 829.7% during the 1st quarter. CWM LLC now owns 4,695 shares of the industrial products company's stock worth $56,000 after buying an additional 4,190 shares in the last quarter. 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.

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