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

Myers Industries, Inc. (NYSE:MYE)’s stock price crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $16.52 and traded as high as $19.30. Myers Industries shares last traded at $19.24, with a volume of 90,336 shares.

Wall Street Analysts Forecast Growth

A number of research firms have commented on MYE. Wall Street Zen raised shares of Myers Industries from a “buy” rating to a “strong-buy” rating in a research report on Friday, November 28th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Myers Industries in a research report on Wednesday, October 8th. Finally, Zacks Research upgraded shares of Myers Industries from a “strong sell” rating to a “hold” rating in a report on Tuesday, December 16th. One investment analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $21.00.

Myers Industries Price Performance

The company’s 50-day moving average price is $18.00 and its 200-day moving average price is $16.52. The company has a quick ratio of 1.09, a current ratio of 1.67 and a debt-to-equity ratio of 1.18. The firm has a market cap of $719.77 million, a price-to-earnings ratio of 26.00 and a beta of 1.14.

Myers Industries (NYSE:MYE) last announced its earnings results on Thursday, October 30th. The industrial products company reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.25 by $0.01. Myers Industries had a net margin of 3.38% and a return on equity of 13.15%. The firm had revenue of $205.44 million for the quarter, compared to the consensus estimate of $206.40 million. On average, equities research analysts forecast that Myers Industries, Inc. will post 0.95 EPS for the current year.

Myers Industries Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, January 5th. Investors of record on Wednesday, December 3rd will be issued a $0.135 dividend. The ex-dividend date is Wednesday, December 3rd. This represents a $0.54 dividend on an annualized basis and a yield of 2.8%. Myers Industries’s dividend payout ratio (DPR) is 72.97%.

Insider Buying and Selling at Myers Industries

In related news, CFO Samantha Rutty acquired 3,000 shares of the stock in a transaction dated Friday, November 14th. The stock was acquired at an average cost of $17.50 per share, with a total value of $52,500.00. Following the completion of the transaction, the chief financial officer owned 3,000 shares in the company, valued at $52,500. This represents a ∞ increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Helmuth Ludwig acquired 5,000 shares of the company’s stock in a transaction on Monday, November 3rd. The stock was purchased at an average cost of $17.21 per share, for a total transaction of $86,050.00. Following the completion of the transaction, the director owned 13,436 shares in the company, valued at approximately $231,233.56. The trade was a 59.27% increase in their position. The SEC filing for this purchase provides additional information. Insiders have purchased a total of 9,000 shares of company stock valued at $156,000 over the last three months. 1.85% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Myers Industries

Several large investors have recently bought and sold shares of the business. Invenomic Capital Management LP increased its position in Myers Industries by 163.3% during the first quarter. Invenomic Capital Management LP now owns 1,018,116 shares of the industrial products company’s stock worth $12,146,000 after buying an additional 631,463 shares during the period. Advisory Research Inc. grew its position in shares of Myers Industries by 476.4% during the third quarter. Advisory Research Inc. now owns 706,080 shares of the industrial products company’s stock worth $11,961,000 after acquiring an additional 583,585 shares during the last quarter. Teton Advisors LLC acquired a new position in shares of Myers Industries in the 3rd quarter valued at $5,184,000. Simcoe Capital Management LLC purchased a new stake in Myers Industries in the 3rd quarter valued at $4,120,000. Finally, Arrowstreet Capital Limited Partnership raised its position in Myers Industries by 84.8% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 512,201 shares of the industrial products company’s stock valued at $7,422,000 after purchasing an additional 235,030 shares during the last quarter. 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.