Myers Industries (NYSE:MYE) Stock Price Passes Above Two Hundred Day Moving Average – Here’s Why

by · The Cerbat Gem

Myers Industries, Inc. (NYSE:MYE – Get Free Report) crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-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 traded.

Analyst Ratings Changes

Several equities research analysts have recently commented on MYE shares. Wall Street Zen raised Myers Industries from a “hold” rating to a “buy” rating in a research note on Saturday, August 1st. Weiss Ratings lowered Myers Industries from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday. Finally, KeyCorp raised their target price on Myers Industries from $26.00 to $37.00 and gave the stock an “overweight” rating in a report on Tuesday, June 30th. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $37.00.

View Our Latest Analysis on MYE

Myers Industries Price Performance

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 50-day moving average price is $32.26 and its 200-day moving average price is $26.68. The company has a market cap of $1.16 billion, a P/E ratio of 31.64 and a beta of 0.87.

Myers Industries (NYSE:MYE – Get Free Report) last announced 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. The firm had revenue of $179.20 million during the quarter, compared to analyst estimates of $166.00 million. Myers Industries had a net margin of 4.86% and a return on equity of 19.86%.

Myers Industries Announces Dividend

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

Institutional Trading of Myers Industries

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. BlackRock Inc. acquired a new stake in Myers Industries in the 2nd quarter valued at $104,161,000. Dimensional Fund Advisors LP raised its holdings in Myers Industries by 2.6% during the first quarter. Dimensional Fund Advisors LP now owns 1,589,420 shares of the industrial products company’s stock worth $33,663,000 after acquiring an additional 39,565 shares in the last quarter. Pzena Investment Management LLC bought a new stake in Myers Industries during the second quarter worth about $27,578,000. Tieton Capital Management LLC acquired a new position in Myers Industries during the second quarter valued at approximately $16,321,000. Finally, Arrowstreet Capital Limited Partnership boosted its position in Myers Industries by 10.4% during the first quarter. Arrowstreet Capital Limited Partnership now owns 712,692 shares of the industrial products company’s stock valued at $15,095,000 after purchasing an additional 67,080 shares during the last quarter. 90.82% of the stock is currently owned by institutional investors and hedge funds.

Myers Industries Company Profile

(Get Free Report)

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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