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

Myers Industries, Inc. (NYSE:MYE)’s stock price crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-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 traded.

Analysts Set New Price Targets

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

Myers Industries Stock Performance

The stock has a 50 day moving average price of $16.13 and a two-hundred day moving average price of $13.86. The company has a current ratio of 1.77, a quick ratio of 1.12 and a debt-to-equity ratio of 1.24. The company has a market cap of $634.10 million, a price-to-earnings ratio of 65.19 and a beta of 1.19.

Myers Industries (NYSE:MYE) last posted its quarterly earnings results 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 during 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%. Analysts predict that Myers Industries, Inc. will post 0.95 EPS for the current year.

Myers Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 2nd. Investors of record on Friday, September 12th will be given a $0.135 dividend. The ex-dividend date is Friday, September 12th. This represents a $0.54 dividend on an annualized basis and a dividend yield of 3.2%. Myers Industries’s dividend payout ratio is currently 207.69%.

Institutional Trading of Myers Industries

Large investors have recently made changes to their positions in the company. Nisa Investment Advisors LLC lifted its position in Myers Industries by 30.2% during the second quarter. Nisa Investment Advisors LLC now owns 3,714 shares of the industrial products company’s stock worth $54,000 after acquiring an additional 861 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Myers Industries by 4.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,835 shares of the industrial products company’s stock worth $260,000 after purchasing an additional 936 shares during the period. Fox Run Management L.L.C. increased its holdings in shares of Myers Industries by 5.0% during the first quarter. Fox Run Management L.L.C. now owns 23,904 shares of the industrial products company’s stock worth $285,000 after purchasing an additional 1,148 shares during the period. Tieton Capital Management LLC increased its holdings in shares of Myers Industries by 0.3% during the second quarter. Tieton Capital Management LLC now owns 434,850 shares of the industrial products company’s stock worth $6,301,000 after purchasing an additional 1,260 shares during the period. Finally, Quantinno Capital Management LP increased its holdings in shares of Myers Industries by 5.5% during the second quarter. Quantinno Capital Management LP now owns 28,341 shares of the industrial products company’s stock worth $411,000 after purchasing an additional 1,467 shares during the period. Institutional investors own 90.82% of the company’s stock.

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.