Myers Industries, Inc. (MYE) Expected to Announce Quarterly Sales of $136.37 Million

Brokerages predict that Myers Industries, Inc. (NYSE:MYE) will announce $136.37 million in sales for the current fiscal quarter, Zacks reports. Two analysts have made estimates for Myers Industries’ earnings, with the lowest sales estimate coming in at $136.00 million and the highest estimate coming in at $136.74 million. Myers Industries posted sales of $144.08 million during the same quarter last year, which would indicate a negative year-over-year growth rate of 5.4%. The company is scheduled to report its next quarterly earnings results on Tuesday, November 6th.

On average, analysts expect that Myers Industries will report full-year sales of $566.48 million for the current fiscal year, with estimates ranging from $565.65 million to $567.30 million. For the next financial year, analysts forecast that the company will post sales of $577.44 million per share, with estimates ranging from $576.98 million to $577.90 million. Zacks’ sales averages are a mean average based on a survey of analysts that cover Myers Industries.

Myers Industries (NYSE:MYE) last announced its quarterly earnings data on Monday, July 30th. The industrial products company reported $0.27 EPS for the quarter, topping the Zacks’ consensus estimate of $0.25 by $0.02. Myers Industries had a return on equity of 19.11% and a net margin of 0.08%. The firm had revenue of $140.60 million for the quarter, compared to the consensus estimate of $144.30 million. During the same quarter last year, the business posted $0.17 earnings per share. The firm’s revenue was up 3.9% compared to the same quarter last year.

MYE has been the topic of a number of analyst reports. ValuEngine upgraded Myers Industries from a “hold” rating to a “buy” rating in a research report on Monday, July 30th. Zacks Investment Research downgraded Myers Industries from a “buy” rating to a “hold” rating in a research report on Wednesday, May 9th. Robert W. Baird initiated coverage on Myers Industries in a research report on Wednesday, July 11th. They set a “neutral” rating and a $21.00 price objective on the stock. Finally, JPMorgan Chase & Co. assumed coverage on Myers Industries in a research report on Wednesday, July 11th. They set a “neutral” rating and a $22.00 price objective on the stock. One analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $21.60.

Myers Industries stock traded down $0.15 during trading on Tuesday, reaching $21.70. 108,503 shares of the company were exchanged, compared to its average volume of 164,320. Myers Industries has a 52-week low of $17.10 and a 52-week high of $24.60. The company has a market cap of $769.21 million, a price-to-earnings ratio of 42.55 and a beta of 1.60. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.34 and a current ratio of 1.90.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 2nd. Shareholders of record on Friday, September 7th will be paid a dividend of $0.135 per share. The ex-dividend date of this dividend is Thursday, September 6th. This represents a $0.54 annualized dividend and a yield of 2.49%. Myers Industries’s dividend payout ratio (DPR) is 105.88%.

A number of hedge funds have recently bought and sold shares of the business. BlackRock Inc. increased its stake in Myers Industries by 36.8% during the second quarter. BlackRock Inc. now owns 3,996,121 shares of the industrial products company’s stock worth $76,725,000 after acquiring an additional 1,075,100 shares during the last quarter. Gabelli Funds LLC increased its stake in Myers Industries by 26.1% during the second quarter. Gabelli Funds LLC now owns 1,860,676 shares of the industrial products company’s stock worth $35,725,000 after acquiring an additional 385,200 shares during the last quarter. Teton Advisors Inc. increased its stake in Myers Industries by 57.4% during the second quarter. Teton Advisors Inc. now owns 1,027,900 shares of the industrial products company’s stock worth $19,736,000 after acquiring an additional 374,836 shares during the last quarter. Bank of New York Mellon Corp increased its stake in Myers Industries by 10.9% during the second quarter. Bank of New York Mellon Corp now owns 468,334 shares of the industrial products company’s stock worth $8,992,000 after acquiring an additional 46,169 shares during the last quarter. Finally, Millennium Management LLC increased its stake in Myers Industries by 119.7% during the fourth quarter. Millennium Management LLC now owns 423,455 shares of the industrial products company’s stock worth $8,257,000 after acquiring an additional 230,680 shares during the last quarter. 75.46% of the stock is owned by institutional investors.

Myers Industries Company Profile

Myers Industries, Inc manufactures and sells polymer products for industrial, agricultural, automotive, commercial, and consumer markets worldwide. The company's Material Handling segment provides plastic reusable material handling containers, pallets, small parts bins, bulk shipping containers, storage and organization products, and rotationally-molded plastic tanks for water, fuel, and waste handling applications; welded steel service carts, platform trucks, mobile work centers, racks, and cabinets; plastic trim and interior parts used in the production of seat components, consoles, and other applications in the recreational vehicle, marine, and industrial markets; and plastic fuel containers, portable marine fuel tanks and water containers, ammunition containers, and storage totes under the Buckhorn, Akro-Mils, Jamco Products, Ameri-Kart, and Scepter brands.

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