$142.15 Million in Sales Expected for Myers Industries, Inc. (MYE) This Quarter
Wall Street analysts predict that Myers Industries, Inc. (NYSE:MYE) will post $142.15 million in sales for the current fiscal quarter, according to Zacks. Two analysts have made estimates for Myers Industries’ earnings. The highest sales estimate is $142.3 million and the lowest is $142 million. Myers Industries posted sales of $144.12 million in the same quarter last year, which would indicate a negative year over year growth rate of 1.4%. The firm is scheduled to announce its next earnings report on Wednesday, August 2nd.
According to Zacks, analysts expect that Myers Industries will report full year sales of $142.15 million for the current year, with estimates ranging from $553.7 million to $558 million. For the next year, analysts forecast that the company will post sales of $560.2 million per share, with estimates ranging from $558 million to $562.4 million. Zacks’ sales averages are a mean average based on a survey of analysts that that provide coverage for Myers Industries.
Myers Industries (NYSE:MYE) last announced its quarterly earnings data on Monday, May 8th. The industrial products company reported $0.13 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.13. The firm had revenue of $141.70 million during the quarter, compared to analysts’ expectations of $143.60 million. Myers Industries had a net margin of 0.48% and a return on equity of 15.52%. The company’s revenue for the quarter was down 6.3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.21 earnings per share.
Several equities research analysts recently commented on the stock. TheStreet raised shares of Myers Industries from a “c” rating to a “b-” rating in a report on Monday, May 8th. Zacks Investment Research raised shares of Myers Industries from a “hold” rating to a “buy” rating and set a $19.00 price target for the company in a report on Thursday, May 11th. Finally, Sidoti assumed coverage on shares of Myers Industries in a report on Tuesday, February 14th. They issued a “buy” rating for the company.
Myers Industries (NYSE:MYE) traded down 1.98% during trading on Wednesday, reaching $17.35. 16,144 shares of the company traded hands. Myers Industries has a 52 week low of $11.35 and a 52 week high of $17.85. The company has a market capitalization of $521.87 million, a P/E ratio of 71.11 and a beta of 1.56. The firm has a 50-day moving average price of $16.38 and a 200-day moving average price of $14.69.
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In other Myers Industries news, Director Jane Scaccetti bought 3,000 shares of the company’s stock in a transaction dated Monday, May 15th. The stock was acquired at an average price of $17.20 per share, with a total value of $51,600.00. Following the completion of the acquisition, the director now directly owns 12,090 shares of the company’s stock, valued at $207,948. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In the last three months, insiders sold 2,300 shares of company stock valued at $35,981. 3.29% of the stock is owned by insiders.
Large investors have recently added to or reduced their stakes in the company. Comerica Bank raised its stake in Myers Industries by 4.8% in the fourth quarter. Comerica Bank now owns 23,082 shares of the industrial products company’s stock worth $323,000 after buying an additional 1,058 shares during the last quarter. GSA Capital Partners LLP raised its stake in Myers Industries by 3.9% in the fourth quarter. GSA Capital Partners LLP now owns 21,500 shares of the industrial products company’s stock worth $307,000 after buying an additional 800 shares during the last quarter. Hartford Investment Management Co. acquired a new stake in Myers Industries during the first quarter worth about $167,000. Renaissance Technologies LLC raised its stake in Myers Industries by 5.2% in the fourth quarter. Renaissance Technologies LLC now owns 114,100 shares of the industrial products company’s stock worth $1,632,000 after buying an additional 5,600 shares during the last quarter. Finally, Alambic Investment Management L.P. acquired a new stake in Myers Industries during the third quarter worth about $203,000. 85.15% of the stock is owned by institutional investors and hedge funds.
About Myers Industries
Myers Industries, Inc is an international manufacturing and distribution company. The Company operates through two segments: Material Handling and Distribution. As of December 31, 2016, the Company operated 15 manufacturing facilities, 20 sales offices, four distribution centers and three distribution branches located throughout North, Central and South America.
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