Myers Industries (NYSE:MYE) Stock Price Passes Above 200-Day Moving Average - Time to Sell?

Key Points

• Myers Industries shares rose above their 200-day moving average, reaching $30.92 and last trading at $30.78, compared with the $26.62 long-term average.
• Analyst sentiment remains mixed: the consensus rating is “Hold”, with an average price target of $37.00. Recent actions included upgrades from WallStreetZen and KeyCorp, alongside a downgrade from Weiss Ratings.
• The company beat quarterly expectations, reporting earnings of $0.53 per share and revenue of $179.2 million, while maintaining a quarterly dividend of $0.135 per share, equivalent to a 1.8% yield.

Myers Industries, Inc. (NYSE:MYE - Get Free Report) crossed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $26.62 and traded as high as $30.92. Myers Industries shares last traded at $30.78, with a volume of 359,320 shares changing hands.

Analyst Ratings Changes

Several brokerages have weighed in on MYE. Wall Street Zen upgraded Myers Industries from a "hold" rating to a "buy" rating in a report on Saturday, August 1st. KeyCorp raised their price target on Myers Industries from $26.00 to $37.00 and gave the company an "overweight" rating in a research note on Tuesday, June 30th. Finally, Weiss Ratings downgraded Myers Industries from a "buy (b-)" rating to a "hold (c+)" rating in a report on Monday. One analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $37.00.

Myers Industries Trading Up 3.3%

The company has a market capitalization of $1.16 billion, a PE ratio of 31.73 and a beta of 0.87. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.61 and a quick ratio of 1.21. The company's fifty day moving average is $32.24 and its 200-day moving average is $26.62.

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

Myers Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 5th. Investors of record on Friday, September 18th will be given a dividend of $0.135 per share. The ex-dividend date of this dividend is Friday, September 18th. This represents a $0.54 dividend on an annualized basis and a yield of 1.8%. Myers Industries's dividend payout ratio (DPR) is presently 55.67%.

Hedge Funds Weigh In On Myers Industries

Several institutional investors and hedge funds have recently added to or reduced their stakes in MYE. Tidal Investments LLC purchased a new stake in shares of Myers Industries during the second quarter valued at about $926,000. WINTON GROUP Ltd purchased a new position in shares of Myers Industries in the 2nd quarter worth approximately $304,000. Integrated Wealth Concepts LLC purchased a new position in shares of Myers Industries in the 2nd quarter worth approximately $112,000. HighTower Advisors LLC raised its stake in shares of Myers Industries by 34.7% during the 2nd quarter. HighTower Advisors LLC now owns 16,947 shares of the industrial products company's stock worth $598,000 after acquiring an additional 4,363 shares in the last quarter. Finally, AXQ Capital LP bought a new position in shares of Myers Industries during the 2nd quarter worth approximately $387,000. Hedge funds and other institutional investors own 90.82% of the company's stock.

About Myers Industries

Myers Industries, Inc is an industrial manufacturing and distribution company headquartered in Akron, Ohio. The company serves customers primarily in North America through two principal business areas: material handling and distribution.

Its material handling business manufactures reusable plastic products used to store, transport and protect materials. Products include pallets, totes, containers, drums, tanks, carts and other custom plastic components for industrial, agricultural, automotive, food processing and commercial applications.

Through its distribution operations, including Myers Tire Supply, the company provides tire service supplies, equipment and related products to tire dealers, automotive service businesses and commercial customers.

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