Myers Industries, Inc. (MYE) to Issue Quarterly Dividend of $0.14
Myers Industries, Inc. (NYSE:MYE) declared a quarterly dividend on Monday, August 7th, RTT News reports. Shareholders of record on Friday, September 8th will be given a dividend of 0.135 per share by the industrial products company on Tuesday, October 3rd. This represents a $0.54 annualized dividend and a yield of 3.38%.
Myers Industries has increased its dividend payment by an average of 26.0% per year over the last three years and has raised its dividend every year for the last 7 years. Myers Industries has a dividend payout ratio of 110.2% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Myers Industries to earn $0.61 per share next year, which means the company should continue to be able to cover its $0.54 annual dividend with an expected future payout ratio of 88.5%.
Myers Industries (NYSE MYE) traded up 0.781% on Monday, reaching $16.125. The company’s stock had a trading volume of 23,107 shares. The firm has a 50-day moving average price of $18.18 and a 200 day moving average price of $16.17. The firm has a market capitalization of $486.23 million, a P/E ratio of 121.241 and a beta of 1.76. Myers Industries has a 52-week low of $11.35 and a 52-week high of $19.45.
Myers Industries (NYSE:MYE) last released its quarterly earnings data on Tuesday, August 1st. The industrial products company reported $0.17 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.15 by $0.02. Myers Industries had a return on equity of 10.71% and a net margin of 0.74%. The business had revenue of $142.30 million during the quarter, compared to analyst estimates of $142.95 million. During the same quarter in the previous year, the firm posted $0.21 EPS. The business’s revenue for the quarter was down 1.2% compared to the same quarter last year. Equities analysts anticipate that Myers Industries will post $0.51 earnings per share for the current fiscal year.
A number of brokerages have issued reports on MYE. Zacks Investment Research upgraded Myers Industries from a “hold” rating to a “buy” rating and set a $20.00 price target for the company in a research report on Friday. KeyCorp reiterated a “sell” rating on shares of Myers Industries in a research report on Tuesday, August 1st. BidaskClub lowered Myers Industries from a “hold” rating to a “sell” rating in a research report on Monday, July 31st. Finally, TheStreet upgraded Myers Industries from a “c” rating to a “b-” rating in a research report on Monday, May 8th. Two analysts have rated the stock with a sell rating and two have assigned a buy rating to the company’s stock. Myers Industries currently has a consensus rating of “Hold” and an average target price of $16.50.
In other Myers Industries news, Director Jane Scaccetti purchased 3,000 shares of Myers Industries stock in a transaction on Monday, May 15th. The stock was bought at an average price of $17.20 per share, for a total transaction of $51,600.00. Following the transaction, the director now owns 12,090 shares of the company’s stock, valued at approximately $207,948. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.75% of the company’s stock.
Myers Industries Company Profile
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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