Zacks: Brokerages Expect Myers Industries, Inc. (MYE) Will Announce Quarterly Sales of $143.15 Million
Brokerages predict that Myers Industries, Inc. (NYSE:MYE) will report $143.15 million in sales for the current quarter, according to Zacks. Two analysts have made estimates for Myers Industries’ earnings, with the highest sales estimate coming in at $151.30 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 suggests a positive year over year growth rate of 10.1%. The firm is expected to issue its next quarterly earnings report on Thursday, March 8th.
According to Zacks, analysts expect that Myers Industries will report full year sales of $143.15 million for the current fiscal year, with estimates ranging from $564.00 million to $579.40 million. For the next year, analysts anticipate that the company will report sales of $589.35 million per share, with estimates ranging from $576.00 million to $602.70 million. Zacks’ sales averages are a mean average based on a survey of analysts that that provide coverage for Myers Industries.
Myers Industries (NYSE:MYE) last posted its earnings results on Tuesday, November 7th. The industrial products company reported $0.11 earnings per share for the quarter, hitting the Zacks’ 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 period in the previous year, the firm posted $0.04 EPS. The company’s revenue for the quarter was up 8.6% compared to the same quarter last year.
MYE has been the topic of a number of research reports. Zacks Investment Research raised shares of Myers Industries from a “hold” rating to a “buy” rating and set a $24.00 target price on the stock in a report on Wednesday, November 29th. KeyCorp reissued a “sell” rating and set a $15.00 target price on shares of Myers Industries in a report on Tuesday, November 7th. Two equities research analysts have rated the stock with a sell rating and two have assigned a buy rating to the stock. Myers Industries presently has an average rating of “Hold” and an average price target of $19.50.
Large investors have recently bought and sold shares of the company. Prudential Financial Inc. boosted its stake in shares of Myers Industries by 14.3% in the 2nd quarter. Prudential Financial Inc. now owns 42,252 shares of the industrial products company’s stock valued at $758,000 after purchasing an additional 5,270 shares during the last quarter. Texas Permanent School Fund boosted its stake in shares of Myers Industries by 1.4% in the 2nd quarter. Texas Permanent School Fund now owns 16,031 shares of the industrial products company’s stock valued at $288,000 after purchasing an additional 216 shares during the last quarter. Janus Henderson Group PLC bought a new stake in shares of Myers Industries in the 2nd quarter valued at $1,104,000. Strs Ohio boosted its stake in shares of Myers Industries by 78.9% in the 3rd quarter. Strs Ohio now owns 36,500 shares of the industrial products company’s stock valued at $764,000 after purchasing an additional 16,100 shares during the last quarter. Finally, Eqis Capital Management Inc. bought a new stake in shares of Myers Industries in the 3rd quarter valued at $280,000. 84.87% of the stock is currently owned by institutional investors.
Shares of Myers Industries (NYSE:MYE) opened at $19.50 on Wednesday. Myers Industries has a 1-year low of $13.20 and a 1-year high of $22.65. The company has a current ratio of 1.56, a quick ratio of 1.06 and a debt-to-equity ratio of 1.62. The firm has a market cap of $590.50, a P/E ratio of 84.78, a price-to-earnings-growth ratio of 13.20 and a beta of 1.76.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 2nd. Stockholders of record on Friday, December 1st will be paid a $0.135 dividend. This represents a $0.54 dividend on an annualized basis and a dividend yield of 2.77%. The ex-dividend date is Thursday, November 30th. Myers Industries’s dividend payout ratio is currently 234.78%.
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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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