Myers Industries (NYSE:MYE) Stock Passes Above Two Hundred Day Moving Average – Should You Sell?

Myers Industries, Inc. (NYSE:MYE)’s share price passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $22.83 and traded as high as $31.24. Myers Industries shares last traded at $30.9450, with a volume of 488,381 shares changing hands.

Analysts Set New Price Targets

MYE has been the topic of a number of research analyst reports. Weiss Ratings lowered shares of Myers Industries from a “hold (c+)” rating to a “hold (c)” rating in a report on Monday, May 11th. Wall Street Zen downgraded shares of Myers Industries from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. Finally, KeyCorp upped 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. One investment analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, Myers Industries has an average rating of “Hold” and a consensus target price of $37.00.

Myers Industries Price Performance

The company has a market capitalization of $1.16 billion, a price-to-earnings ratio of 44.21 and a beta of 0.88. The company has a current ratio of 1.65, a quick ratio of 1.29 and a debt-to-equity ratio of 1.04. The company has a 50 day moving average price of $26.23 and a 200 day moving average price of $22.83.

Myers Industries (NYSE:MYE) last issued its quarterly earnings results on Thursday, May 7th. The industrial products company reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.16. The business had revenue of $164.58 million for the quarter, compared to analyst estimates of $209.30 million. Myers Industries had a return on equity of 17.23% and a net margin of 3.36%.

Myers Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 2nd. Shareholders of record on Wednesday, June 17th were issued a dividend of $0.135 per share. This represents a $0.54 annualized dividend and a yield of 1.7%. The ex-dividend date of this dividend was Wednesday, June 17th. Myers Industries’s payout ratio is currently 77.14%.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. EverSource Wealth Advisors LLC grew its position in shares of Myers Industries by 372.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,900 shares of the industrial products company’s stock worth $28,000 after buying an additional 1,498 shares during the period. Kestra Advisory Services LLC bought a new position in Myers Industries in the fourth quarter valued at approximately $38,000. NewEdge Advisors LLC bought a new position in Myers Industries in the first quarter valued at approximately $43,000. Quarry LP acquired a new stake in Myers Industries during the 3rd quarter worth $48,000. Finally, Aquatic Capital Management LLC acquired a new stake in Myers Industries during the 3rd quarter worth $61,000. 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.