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

Myers Industries, Inc. (NYSE:MYE) passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $20.56 and traded as high as $23.37. Myers Industries shares last traded at $22.8940, with a volume of 226,617 shares.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Weiss Ratings lowered Myers Industries from a “hold (c+)” rating to a “hold (c)” rating in a research report on Monday, May 11th. Wall Street Zen lowered shares of Myers Industries from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $21.00.

Myers Industries Trading Down 1.6%

The firm has a market capitalization of $859.90 million, a PE ratio of 32.71 and a beta of 0.96. The firm has a 50 day simple moving average of $21.64 and a 200 day simple moving average of $20.56. The company has a current ratio of 1.65, a quick ratio of 1.29 and a debt-to-equity ratio of 1.04.

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

Institutional Trading of Myers Industries

A number of institutional investors have recently made changes to their positions in MYE. EverSource Wealth Advisors LLC grew its stake in shares of Myers Industries by 372.6% in the second quarter. EverSource Wealth Advisors LLC now owns 1,900 shares of the industrial products company’s stock worth $28,000 after acquiring an additional 1,498 shares during the period. Kestra Advisory Services LLC bought a new position in Myers Industries during the fourth quarter valued at approximately $38,000. Quarry LP purchased a new stake in Myers Industries in the third quarter worth approximately $48,000. Aquatic Capital Management LLC bought a new stake in Myers Industries in the 3rd quarter worth approximately $61,000. Finally, Clearstead Advisors LLC raised its stake in Myers Industries by 56.0% during the 4th quarter. Clearstead Advisors LLC now owns 3,438 shares of the industrial products company’s stock valued at $64,000 after buying an additional 1,234 shares during the last quarter. Hedge funds and other institutional investors own 90.82% of the company’s stock.

Myers Industries Company Profile

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.