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

Myers Industries, Inc. (NYSE:MYE)’s stock price 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 changing hands.

Wall Street Analysts Forecast Growth

Several brokerages have commented on MYE. 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 cut shares of Myers Industries from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. One research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $21.00.

Myers Industries Stock Down 1.6%

The company has a market capitalization of $859.90 million, a P/E ratio of 32.71 and a beta of 0.96. The company has a 50-day moving average of $21.64 and a two-hundred day moving average of $20.56. The company has a quick ratio of 1.29, a current ratio of 1.65 and a debt-to-equity ratio of 1.04.

Myers Industries (NYSE:MYE) last posted its quarterly earnings data on Thursday, May 7th. The industrial products company reported $0.44 earnings per share (EPS) for the quarter, topping 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 business had revenue of $164.58 million during the quarter, compared to the consensus estimate of $209.30 million.

Institutional Investors Weigh In On Myers Industries

Hedge funds have recently bought and sold shares of the business. EverSource Wealth Advisors LLC increased its stake in shares of Myers Industries by 372.6% during the second quarter. EverSource Wealth Advisors LLC now owns 1,900 shares of the industrial products company’s stock valued at $28,000 after purchasing an additional 1,498 shares in the last quarter. Kestra Advisory Services LLC bought a new stake in shares of Myers Industries in the 4th quarter worth approximately $38,000. Quarry LP purchased a new stake in shares of Myers Industries in the 3rd quarter worth approximately $48,000. Aquatic Capital Management LLC purchased a new stake in shares of Myers Industries in the 3rd quarter worth approximately $61,000. Finally, Clearstead Advisors LLC increased its position 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 in the last quarter. 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.