Myers Industries (NYSE:MYE) Share Price Crosses Above Two Hundred Day Moving Average – Time to Sell?

Myers Industries, Inc. (NYSE:MYE) crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $19.66 and traded as high as $21.43. Myers Industries shares last traded at $21.0910, with a volume of 174,757 shares changing hands.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Wall Street Zen downgraded shares of Myers Industries from a “strong-buy” rating to a “buy” rating in a research report on Saturday, March 28th. Weiss Ratings reiterated a “hold (c)” rating on shares of Myers Industries in a research report on Thursday, January 22nd. One analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, Myers Industries currently has a consensus rating of “Hold” and a consensus price target of $21.00.

Myers Industries Stock Performance

The business’s 50-day simple moving average is $21.54 and its two-hundred day simple moving average is $19.71. The firm has a market cap of $802.04 million, a price-to-earnings ratio of 23.06 and a beta of 1.09. The company has a quick ratio of 1.16, a current ratio of 1.67 and a debt-to-equity ratio of 1.08.

Myers Industries (NYSE:MYE) last issued its quarterly earnings data on Thursday, March 5th. The industrial products company reported $0.31 earnings per share for the quarter, topping analysts’ consensus estimates of $0.23 by $0.08. The business had revenue of $203.97 million during the quarter, compared to the consensus estimate of $202.60 million. Myers Industries had a net margin of 4.23% and a return on equity of 14.46%.

Myers Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 3rd. Shareholders of record on Friday, March 13th were given a $0.135 dividend. The ex-dividend date was Friday, March 13th. This represents a $0.54 dividend on an annualized basis and a dividend yield of 2.5%. Myers Industries’s dividend payout ratio is 58.06%.

Institutional Trading of Myers Industries

Institutional investors and hedge funds have recently modified their holdings of the stock. State of Alaska Department of Revenue purchased a new stake in shares of Myers Industries during the third quarter worth about $25,000. EverSource Wealth Advisors LLC increased its stake in shares of Myers Industries by 372.6% during the second quarter. EverSource Wealth Advisors LLC now owns 1,900 shares of the industrial products company’s stock worth $28,000 after purchasing an additional 1,498 shares in the last quarter. Kestra Advisory Services LLC purchased a new stake in shares of Myers Industries during the fourth quarter worth about $38,000. Quarry LP purchased a new stake in shares of Myers Industries during the third quarter worth about $48,000. Finally, New York State Teachers Retirement System purchased a new stake in shares of Myers Industries during the third quarter worth about $57,000. Hedge funds and other institutional investors own 90.82% of the company’s stock.

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.