Zacks: Analysts Anticipate Myers Industries, Inc. (MYE) to Post $0.12 Earnings Per Share
Analysts expect that Myers Industries, Inc. (NYSE:MYE) will post earnings per share of $0.12 for the current quarter, Zacks reports. Two analysts have provided estimates for Myers Industries’ earnings, with the lowest EPS estimate coming in at $0.11 and the highest estimate coming in at $0.12. Myers Industries posted earnings of $0.04 per share during the same quarter last year, which would suggest a positive year over year growth rate of 200%. The firm is expected to issue its next earnings report on Tuesday, November 14th.
According to Zacks, analysts expect that Myers Industries will report full-year earnings of $0.49 per share for the current fiscal year, with EPS estimates ranging from $0.48 to $0.50. For the next financial year, analysts forecast that the firm will report earnings of $0.61 per share, with EPS estimates ranging from $0.51 to $0.70. Zacks Investment Research’s EPS calculations are a mean average based on a survey of research analysts that follow Myers Industries.
Myers Industries (NYSE:MYE) last issued its quarterly earnings results on Tuesday, August 1st. The industrial products company reported $0.17 EPS for the quarter, topping the Thomson Reuters’ 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 firm had revenue of $142.30 million during the quarter, compared to analysts’ expectations of $142.95 million. During the same period in the previous year, the business earned $0.21 earnings per share. The firm’s revenue for the quarter was down 1.2% on a year-over-year basis.
MYE has been the subject of several research analyst reports. Zacks Investment Research downgraded Myers Industries from a “buy” rating to a “hold” rating in a research note on Friday, June 9th. TheStreet raised Myers Industries from a “c” rating to a “b-” rating in a research note on Monday, May 8th. BidaskClub downgraded Myers Industries from a “hold” rating to a “sell” rating in a research report on Monday, July 31st. Finally, KeyCorp reissued a “sell” rating on shares of Myers Industries in a research report on Tuesday, August 1st. Two analysts have rated the stock with a sell rating and two have issued a buy rating to the stock. Myers Industries presently has a consensus rating of “Hold” and an average target price of $16.50.
In other Myers Industries news, major shareholder Gamco Investors, Inc. Et Al sold 3,000 shares of the firm’s stock in a transaction on Thursday, June 8th. The stock was sold at an average price of $18.44, for a total transaction of $55,320.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.75% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in MYE. Hartford Investment Management Co. bought a new position in Myers Industries during the first quarter valued at $167,000. Comerica Bank increased its position in Myers Industries by 4.3% in the first quarter. Comerica Bank now owns 24,085 shares of the industrial products company’s stock valued at $401,000 after buying an additional 1,003 shares during the last quarter. Renaissance Technologies LLC increased its position 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 valued at $1,632,000 after buying an additional 5,600 shares during the last quarter. North Star Investment Management Corp. increased its position in Myers Industries by 0.4% in the second quarter. North Star Investment Management Corp. now owns 157,116 shares of the industrial products company’s stock valued at $2,820,000 after buying an additional 654 shares during the last quarter. Finally, Norges Bank bought a new position in Myers Industries during the fourth quarter valued at $4,726,000. 83.05% of the stock is owned by institutional investors.
Shares of Myers Industries (NYSE:MYE) traded up 1.12% during mid-day trading on Wednesday, hitting $18.05. The company had a trading volume of 79,210 shares. The firm has a market capitalization of $546.10 million, a P/E ratio of 135.71 and a beta of 1.76. Myers Industries has a 12 month low of $11.35 and a 12 month high of $19.45. The firm has a 50-day moving average price of $17.89 and a 200 day moving average price of $16.42.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 3rd. Shareholders of record on Friday, September 8th will be given a dividend of $0.135 per share. This represents a $0.54 annualized dividend and a yield of 2.99%. The ex-dividend date is Thursday, September 7th. Myers Industries’s payout ratio is 415.38%.
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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