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

Myers Industries, Inc. (NYSE:MYE)’s share price passed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $19.38 and traded as high as $22.59. Myers Industries shares last traded at $22.3470, with a volume of 104,461 shares changing hands.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Weiss Ratings reissued a “hold (c)” rating on shares of Myers Industries in a report on Thursday, January 22nd. Zacks Research upgraded Myers Industries from a “strong sell” rating to a “hold” rating in a research report on Tuesday, December 16th. Finally, Wall Street Zen downgraded Myers Industries from a “strong-buy” rating to a “buy” rating in a research report on Saturday, March 28th. One research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $21.00.

Myers Industries Price Performance

The company has a 50-day moving average of $21.60 and a two-hundred day moving average of $19.39. The stock has a market capitalization of $835.78 million, a PE ratio of 24.03 and a beta of 1.09. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.67 and a quick ratio of 1.16.

Myers Industries (NYSE:MYE) last released its earnings results on Thursday, March 5th. The industrial products company reported $0.31 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.08. Myers Industries had a return on equity of 14.46% and a net margin of 4.23%.The firm had revenue of $203.97 million for the quarter, compared to the consensus estimate of $202.60 million. Sell-side analysts predict that Myers Industries, Inc. will post 0.95 EPS for the current fiscal year.

Myers Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 3rd. Stockholders of record on Friday, March 13th were issued a $0.135 dividend. This represents a $0.54 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date was Friday, March 13th. Myers Industries’s dividend payout ratio (DPR) is 58.06%.

Hedge Funds Weigh In On Myers Industries

A number of large investors have recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in shares of Myers Industries by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 2,889,837 shares of the industrial products company’s stock worth $54,098,000 after purchasing an additional 22,263 shares during the period. Allspring Global Investments Holdings LLC raised its holdings in shares of Myers Industries by 2.3% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 2,291,134 shares of the industrial products company’s stock worth $39,064,000 after purchasing an additional 51,968 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of Myers Industries by 1.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,549,855 shares of the industrial products company’s stock worth $29,014,000 after purchasing an additional 14,779 shares during the period. Advisory Research Inc. raised its holdings 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 worth $24,391,000 after purchasing an additional 596,848 shares during the period. Finally, Pzena Investment Management LLC raised its holdings in shares of Myers Industries by 813.5% in the 4th quarter. Pzena Investment Management LLC now owns 1,302,309 shares of the industrial products company’s stock worth $24,379,000 after purchasing an additional 1,159,746 shares during the period. 90.82% of the stock is currently owned by hedge funds and other institutional investors.

About Myers Industries

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.