Myers Industries, Inc. (MYE) Expected to Post Quarterly Sales of $141.60 Million

Wall Street brokerages expect that Myers Industries, Inc. (NYSE:MYE) will post $141.60 million in sales for the current quarter, according to Zacks Investment Research. Two analysts have provided estimates for Myers Industries’ earnings. The highest sales estimate is $148.20 million and the lowest is $135.00 million. Myers Industries reported sales of $130.06 million in the same quarter last year, which suggests a positive year-over-year growth rate of 8.9%. The firm is expected to report its next earnings results on Thursday, March 8th.

On average, analysts expect that Myers Industries will report full-year sales of $141.60 million for the current year, with estimates ranging from $564.00 million to $576.30 million. For the next fiscal year, analysts anticipate that the company will report sales of $577.10 million per share, with estimates ranging from $576.00 million to $578.20 million. Zacks’ sales calculations are a mean average based on a survey of research firms that that provide coverage for Myers Industries.

Myers Industries (NYSE:MYE) last posted its quarterly earnings results on Tuesday, November 7th. The industrial products company reported $0.11 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.11. Myers Industries had a net margin of 1.24% and a return on equity of 12.93%. The firm had revenue of $144.10 million for the quarter, compared to analyst estimates of $138.93 million. During the same quarter last year, the firm posted $0.04 earnings per share. Myers Industries’s revenue for the quarter was up 8.6% compared to the same quarter last year.

MYE has been the topic of several research reports. Zacks Investment Research lowered shares of Myers Industries from a “buy” rating to a “hold” rating in a report on Wednesday, October 4th. Wells Fargo & Co upgraded shares of Myers Industries from a “market perform” rating to an “outperform” rating and set a $24.00 price target on the stock in a report on Wednesday, January 3rd. Finally, KeyCorp restated a “sell” rating and issued a $15.00 price target on shares of Myers Industries in a report on Tuesday, November 7th. Two research analysts have rated the stock with a sell rating, one has given a hold rating and two have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $20.67.

Myers Industries (MYE) opened at $21.30 on Friday. Myers Industries has a 1-year low of $13.20 and a 1-year high of $22.65. The company has a debt-to-equity ratio of 1.62, a current ratio of 1.56 and a quick ratio of 1.06. The company has a market cap of $644.43, a P/E ratio of 92.61, a P/E/G ratio of 11.07 and a beta of 1.76.

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, January 2nd. Stockholders of record on Friday, December 1st were paid a dividend of $0.135 per share. The ex-dividend date of this dividend was Thursday, November 30th. This represents a $0.54 dividend on an annualized basis and a dividend yield of 2.54%. Myers Industries’s dividend payout ratio is currently 234.78%.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Public Employees Retirement System of Ohio purchased a new stake in shares of Myers Industries during the third quarter valued at approximately $107,000. Moors & Cabot Inc. raised its stake in shares of Myers Industries by 5.2% during the third quarter. Moors & Cabot Inc. now owns 55,087 shares of the industrial products company’s stock valued at $1,155,000 after purchasing an additional 2,710 shares during the period. California Public Employees Retirement System raised its stake in shares of Myers Industries by 11.9% during the third quarter. California Public Employees Retirement System now owns 55,502 shares of the industrial products company’s stock valued at $1,163,000 after purchasing an additional 5,902 shares during the period. Cornerstone Capital Management Holdings LLC. raised its stake in shares of Myers Industries by 124.4% during the third quarter. Cornerstone Capital Management Holdings LLC. now owns 9,200 shares of the industrial products company’s stock valued at $192,000 after purchasing an additional 5,100 shares during the period. Finally, Convergence Investment Partners LLC purchased a new stake in shares of Myers Industries during the third quarter valued at approximately $499,000. Institutional investors own 84.87% of the company’s stock.

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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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