Myers Industries (NYSE:MYE) Share Price Crosses Above 200 Day Moving Average – What’s Next?

Myers Industries, Inc. (NYSE:MYE)’s share price crossed above its 200-day moving average during trading on Monday. The stock has a 200-day moving average of $28.23 and traded as high as $31.86. Myers Industries shares last traded at $31.4510, with a volume of 269,955 shares traded.

Analyst Ratings Changes

Several equities analysts have commented on MYE shares. KeyCorp lifted their target price on shares of Myers Industries from $26.00 to $37.00 and gave the stock an “overweight” rating in a research report on Tuesday, June 30th. Weiss Ratings upgraded Myers Industries from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, October 2nd. Finally, Wall Street Zen lowered Myers Industries from a “strong-buy” rating to a “buy” rating in a report on Tuesday. Two equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $37.00.

Myers Industries Price Performance

The business’s fifty day moving average is $31.64 and its 200-day moving average is $28.31. 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 firm has a market cap of $1.24 billion, a PE ratio of 33.87 and a beta of 0.83.

Myers Industries (NYSE:MYE) last released its earnings results on Thursday, July 30th. The industrial products company reported $0.53 earnings per share for the quarter, beating analysts’ consensus estimates of $0.36 by $0.17. Myers Industries had a net margin of 4.86% and a return on equity of 19.86%. The firm had revenue of $179.20 million for the quarter, compared to analysts’ expectations of $166.00 million.

Myers Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 5th. Investors of record on Friday, September 18th were given a $0.1350 dividend. This represents a $0.54 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date was Friday, September 18th. Myers Industries’s dividend payout ratio (DPR) is 55.67%.

Hedge Funds Weigh In On Myers Industries

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

About Myers Industries

Myers Industries, Inc is a manufacturer and distributor of products serving industrial, agricultural, automotive, commercial and consumer markets. Founded in 1933 and headquartered in Akron, Ohio, the company operates primarily in North America.

Through its material-handling businesses, Myers Industries produces reusable plastic containers, totes, pallets, drums, tanks and other molded products. These products are used to store, transport and protect materials across industries such as manufacturing, food processing, agriculture, healthcare and logistics.

The company also distributes tire-service supplies, equipment and related products to tire dealers, retreaders, commercial fleets and automotive service providers.