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

Key Points

• Myers Industries shares crossed above their 200-day moving average, reaching $31.86 and last trading near $31.45, compared with a 200-day average of $28.23.
• Analyst sentiment is positive, with a consensus rating of “Moderate Buy” and an average price target of $37.00; KeyCorp recently raised its target to $37.
• The company exceeded quarterly expectations, reporting $0.53 in EPS versus the $0.36 estimate and revenue of $179.2 million versus $166 million expected. Myers also maintains a quarterly dividend of $0.135 per share, yielding approximately 1.7%.

Myers Industries, Inc. (NYSE:MYE - Get Free Report) passed above its two hundred day moving average during trading on Monday. The stock has a two hundred day moving average of $28.23 and traded as high as $31.86. Myers Industries shares last traded at $31.4510, with a volume of 269,955 shares trading hands.

Wall Street Analyst Weigh In

MYE has been the subject of a number of recent research reports. Weiss Ratings upgraded shares of Myers Industries from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Friday, October 2nd. KeyCorp boosted their target price on shares of Myers Industries from $26.00 to $37.00 and gave the company an "overweight" rating in a report on Tuesday, June 30th. Finally, Wall Street Zen downgraded Myers Industries from a "strong-buy" rating to a "buy" rating in a research report on Tuesday. Two investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $37.00.

Myers Industries Stock Up 0.5%

The stock has a fifty day simple moving average of $31.64 and a two-hundred day simple moving average of $28.23. The firm has a market cap of $1.18 billion, a PE ratio of 32.42 and a beta of 0.83. The company has a current ratio of 1.61, a quick ratio of 1.21 and a debt-to-equity ratio of 0.91.

Myers Industries (NYSE:MYE - Get Free Report) last announced its quarterly 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. Myers Industries had a net margin of 4.86% and a return on equity of 19.86%. The firm had revenue of $179.20 million for the quarter, compared to the consensus estimate of $166.00 million.

Myers Industries Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, October 5th. Shareholders of record on Friday, September 18th were paid a $0.1350 dividend. The ex-dividend date was Friday, September 18th. This represents a $0.54 annualized dividend and a yield of 1.7%. Myers Industries's dividend payout ratio is currently 55.67%.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of MYE. Public Employees Retirement System of Ohio bought a new position in shares of Myers Industries in the second quarter worth $40,000. NewEdge Advisors LLC purchased a new stake in shares of Myers Industries in the first quarter worth $43,000. Integrated Wealth Concepts LLC purchased a new stake in shares of Myers Industries in the second quarter worth $112,000. Quantbot Technologies LP bought a new stake in Myers Industries during the second quarter valued at $192,000. Finally, Sanctuary Advisors LLC bought a new stake in Myers Industries during the second quarter valued at $209,000. 90.82% of the stock is owned by institutional investors.

Myers Industries Company Profile

Myers Industries, Inc is a diversified manufacturer and distributor headquartered in Akron, Ohio. Founded in 1933, the company serves industrial, commercial, agricultural, automotive, and other end markets through its businesses in material handling and tire service distribution.

Its material handling operations produce reusable plastic products, including pallets, totes, containers, bulk bins, drums, tanks, and other molded components. These products are used for the storage, transport, and handling of materials across manufacturing, supply chain, agricultural, and commercial applications.

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