Myers Industries (NYSE:MYE) Share Price Crosses Above Two Hundred Day Moving Average – Time to Sell?

Myers Industries, Inc. (NYSE:MYE) crossed 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 traded.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on MYE. Wall Street Zen cut shares of Myers Industries from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. Weiss Ratings cut shares of Myers Industries from a “hold (c+)” rating to a “hold (c)” rating in a research note on Monday, May 11th. One research analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $21.00.

Myers Industries Stock Down 1.6%

The stock has a market cap of $859.90 million, a PE ratio of 32.71 and a beta of 0.96. 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 business has a 50-day moving average price of $21.64 and a 200-day moving average price of $20.56.

Myers Industries (NYSE:MYE) last announced its 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 analyst estimates of $209.30 million.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Semanteon Capital Management LP purchased a new position in shares of Myers Industries during the 3rd quarter valued at approximately $391,000. Clayton Partners LLC lifted its position in shares of Myers Industries by 43.8% during the 3rd quarter. Clayton Partners LLC now owns 115,000 shares of the industrial products company’s stock valued at $1,948,000 after buying an additional 35,000 shares in the last quarter. Principal Financial Group Inc. purchased a new position in shares of Myers Industries during the 3rd quarter valued at approximately $444,000. Hillsdale Investment Management Inc. purchased a new position in shares of Myers Industries during the 3rd quarter valued at approximately $2,703,000. Finally, Simcoe Capital Management LLC purchased a new position in Myers Industries in the 3rd quarter valued at $4,120,000. 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.