Myers Industries (NYSE:MYE) Stock Crosses 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 Monday . The stock has a 200-day moving average of $17.97 and traded as high as $22.23. Myers Industries shares last traded at $22.0980, with a volume of 212,263 shares traded.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. Wall Street Zen upgraded Myers Industries from a “buy” rating to a “strong-buy” rating in a research note on Friday, November 28th. Zacks Research upgraded Myers Industries from a “strong sell” rating to a “hold” rating in a research report on Tuesday, December 16th. Finally, Weiss Ratings reissued 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 assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $21.00.

Myers Industries Price Performance

The stock has a market capitalization of $818.04 million, a price-to-earnings ratio of 29.55 and a beta of 1.08. The company has a debt-to-equity ratio of 1.18, a quick ratio of 1.09 and a current ratio of 1.67. The company has a fifty day simple moving average of $20.14 and a two-hundred day simple moving average of $18.02.

Institutional Trading of Myers Industries

Large investors have recently made changes to their positions in the company. State of Alaska Department of Revenue bought a new stake in Myers Industries during the third quarter worth $25,000. EverSource Wealth Advisors LLC raised its holdings 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 in the last quarter. Huntington National Bank bought a new stake in shares of Myers Industries during the 2nd quarter worth $29,000. Kestra Advisory Services LLC acquired a new stake in Myers Industries in the fourth quarter valued at about $38,000. Finally, Quarry LP bought a new position in Myers Industries in the third quarter valued at about $48,000. Institutional investors and hedge funds 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.