Myers Industries, Inc. (MYE) Expected to Post Quarterly Sales of $141.40 Million
Equities research analysts expect Myers Industries, Inc. (NYSE:MYE) to post sales of $141.40 million for the current fiscal quarter, according to Zacks. Two analysts have made estimates for Myers Industries’ earnings, with the lowest sales estimate coming in at $140.00 million and the highest estimate coming in at $142.80 million. Myers Industries posted sales of $132.68 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 6.6%. The business is expected to report its next quarterly earnings report on Tuesday, November 14th.
According to Zacks, analysts expect that Myers Industries will report full year sales of $141.40 million for the current year, with estimates ranging from $558.00 million to $576.90 million. For the next fiscal year, analysts expect that the company will report sales of $577.80 million per share, with estimates ranging from $558.00 million to $597.60 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that that provide coverage for Myers Industries.
Myers Industries (NYSE:MYE) last issued its earnings results on Tuesday, August 1st. The industrial products company reported $0.17 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.15 by $0.02. Myers Industries had a net margin of 0.74% and a return on equity of 10.71%. The firm had revenue of $142.30 million for the quarter, compared to analysts’ expectations of $142.95 million. During the same quarter last year, the company posted $0.21 earnings per share. Myers Industries’s revenue was down 1.2% on a year-over-year basis.
Several research firms have recently issued reports on MYE. Zacks Investment Research lowered shares of Myers Industries from a “buy” rating to a “hold” rating in a research report on Wednesday, October 4th. KeyCorp restated a “sell” rating on shares of Myers Industries in a research report on Tuesday, August 1st. Finally, BidaskClub lowered shares of Myers Industries from a “hold” rating to a “sell” rating in a research report on Monday, July 31st. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and one has issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $16.50.
Several hedge funds have recently bought and sold shares of MYE. Wells Fargo & Company MN increased its position in shares of Myers Industries by 24.7% in the first quarter. Wells Fargo & Company MN now owns 49,489 shares of the industrial products company’s stock worth $784,000 after purchasing an additional 9,815 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of Myers Industries by 5.6% in the first quarter. Bank of New York Mellon Corp now owns 462,822 shares of the industrial products company’s stock worth $7,335,000 after purchasing an additional 24,697 shares during the last quarter. Comerica Bank increased its position in shares of Myers Industries by 4.3% in the first quarter. Comerica Bank now owns 24,085 shares of the industrial products company’s stock worth $401,000 after purchasing an additional 1,003 shares during the last quarter. UBS Asset Management Americas Inc. bought a new position in shares of Myers Industries in the first quarter worth approximately $187,000. Finally, Sei Investments Co. bought a new position in shares of Myers Industries in the first quarter worth approximately $194,000. Institutional investors own 84.43% of the company’s stock.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 3rd. Shareholders of record on Friday, September 8th were issued a dividend of $0.135 per share. This represents a $0.54 annualized dividend and a yield of 2.46%. The ex-dividend date of this dividend was Thursday, September 7th. Myers Industries’s dividend payout ratio (DPR) is presently 415.38%.
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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