Myers Industries (NYSE:MYE) released its quarterly earnings results on Tuesday, March 6th. The industrial products company reported $0.09 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.09, Bloomberg Earnings reports. The company had revenue of $140.10 million for the quarter, compared to analysts’ expectations of $140.70 million. Myers Industries had a positive return on equity of 15.86% and a negative net margin of 1.74%. The business’s revenue for the quarter was up 13.6% on a year-over-year basis.
Shares of Myers Industries (MYE) traded down $0.15 during midday trading on Wednesday, reaching $21.70. 55,983 shares of the company traded hands, compared to its average volume of 74,964. The company has a debt-to-equity ratio of 1.61, a current ratio of 1.52 and a quick ratio of 1.04. Myers Industries has a fifty-two week low of $13.65 and a fifty-two week high of $22.65. The firm has a market capitalization of $654.42, a price-to-earnings ratio of 43.00, a P/E/G ratio of 8.43 and a beta of 1.86.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 3rd. Investors of record on Tuesday, March 20th will be issued a $0.135 dividend. The ex-dividend date of this dividend is Monday, March 19th. This represents a $0.54 annualized dividend and a yield of 2.49%. Myers Industries’s dividend payout ratio is currently -174.19%.
Several equities research analysts recently issued reports on MYE shares. Zacks Investment Research raised shares of Myers Industries from a “hold” rating to a “buy” rating and set a $24.00 price objective for the company in a research note on Wednesday, November 29th. Wells Fargo & Co upgraded shares of Myers Industries from a “market perform” rating to an “outperform” rating and set a $24.00 price objective on the stock in a report on Wednesday, January 3rd. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and one has given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $20.67.
Hedge funds have recently modified their holdings of the company. Teachers Advisors LLC lifted its stake in Myers Industries by 12.2% in the second quarter. Teachers Advisors LLC now owns 45,659 shares of the industrial products company’s stock valued at $820,000 after acquiring an additional 4,970 shares during the last quarter. TIAA CREF Investment Management LLC lifted its stake in shares of Myers Industries by 5.7% during the 2nd quarter. TIAA CREF Investment Management LLC now owns 75,326 shares of the industrial products company’s stock worth $1,352,000 after buying an additional 4,054 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Myers Industries by 4.9% during the 2nd 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 during the last quarter. Voya Investment Management LLC lifted its stake in shares of Myers Industries by 13.9% during the 2nd quarter. Voya Investment Management LLC now owns 13,731 shares of the industrial products company’s stock worth $246,000 after buying an additional 1,674 shares during the last quarter. Finally, State Street Corp increased 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 acquiring an additional 8,375 shares during the period. 87.33% of the stock is owned by institutional investors.
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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