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

Equities analysts predict that Myers Industries, Inc. (NYSE:MYE) will post sales of $141.60 million for the current quarter, according to Zacks. Two analysts have issued estimates for Myers Industries’ earnings, with the highest sales estimate coming in at $148.20 million and the lowest estimate coming in at $135.00 million. Myers Industries posted sales of $130.06 million during the same quarter last year, which would indicate a positive year over year growth rate of 8.9%. The business is scheduled to report its next quarterly 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 financial year, with estimates ranging from $564.00 million to $576.30 million. For the next fiscal year, analysts expect that the business will report sales of $577.10 million per share, with estimates ranging from $576.00 million to $578.20 million. Zacks’ sales calculations are an average based on a survey of sell-side research analysts that cover Myers Industries.

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

Several equities research analysts have recently issued reports on the company. Zacks Investment Research downgraded Myers Industries from a “buy” rating to a “hold” rating in a research report on Wednesday, January 10th. KeyCorp reaffirmed a “sell” rating and issued a $15.00 price target on shares of Myers Industries in a research report on Tuesday, November 7th. Finally, Wells Fargo & Co raised Myers Industries from a “market perform” rating to an “outperform” rating and set a $24.00 price target on the stock in a research report on Wednesday, January 3rd. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and two have assigned a buy rating to the company. Myers Industries currently has a consensus rating of “Hold” and a consensus price target of $20.67.

A number of hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in Myers Industries by 4.9% during the second quarter. Vanguard Group Inc. now owns 1,469,679 shares of the industrial products company’s stock worth $26,381,000 after buying an additional 68,905 shares in the last quarter. Northern Trust Corp grew its position in Myers Industries by 3.9% during the second quarter. Northern Trust Corp now owns 996,343 shares of the industrial products company’s stock worth $17,885,000 after buying an additional 36,983 shares in the last quarter. State Street Corp grew its position in Myers Industries by 1.6% during the second quarter. State Street Corp now owns 533,846 shares of the industrial products company’s stock worth $9,581,000 after buying an additional 8,375 shares in the last quarter. Bank of New York Mellon Corp grew its position in Myers Industries by 0.7% during the third quarter. Bank of New York Mellon Corp now owns 462,558 shares of the industrial products company’s stock worth $9,691,000 after buying an additional 3,265 shares in the last quarter. Finally, Principal Financial Group Inc. grew its position in Myers Industries by 0.6% during the second quarter. Principal Financial Group Inc. now owns 167,201 shares of the industrial products company’s stock worth $3,001,000 after buying an additional 989 shares in the last quarter. 85.45% of the stock is currently owned by institutional investors and hedge funds.

Shares of Myers Industries (NYSE MYE) opened at $21.50 on Tuesday. The stock has a market capitalization of $654.42, a PE ratio of 52.44, a PEG ratio of 10.94 and a beta of 1.76. 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 firm also recently declared a quarterly dividend, which was paid on Tuesday, January 2nd. Stockholders of record on Friday, December 1st were given a $0.135 dividend. This represents a $0.54 annualized dividend and a dividend yield of 2.51%. The ex-dividend date of this dividend was Thursday, November 30th. Myers Industries’s dividend payout ratio is currently 234.78%.

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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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