Zacks: Brokerages Expect Myers Industries, Inc. (MYE) Will Announce Quarterly Sales of $135.16 Million

Equities research analysts expect Myers Industries, Inc. (NYSE:MYE) to report $135.16 million in sales for the current quarter, Zacks reports. Two analysts have provided estimates for Myers Industries’ earnings, with the lowest sales estimate coming in at $135.11 million and the highest estimate coming in at $135.20 million. Myers Industries posted sales of $144.08 million in the same quarter last year, which suggests a negative year over year growth rate of 6.2%. The business is scheduled to report its next quarterly earnings report on Tuesday, November 6th.

On average, analysts expect that Myers Industries will report full year sales of $561.58 million for the current year, with estimates ranging from $556.20 million to $570.80 million. For the next year, analysts anticipate that the business will report sales of $576.80 million, with estimates ranging from $562.00 million to $602.70 million. Zacks’ sales averages are an average based on a survey of sell-side analysts that follow Myers Industries.

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

Several research firms have recently commented on MYE. ValuEngine raised Myers Industries from a “hold” rating to a “buy” rating in a report on Monday, July 30th. Robert W. Baird began coverage on Myers Industries in a report on Wednesday, July 11th. They issued a “neutral” rating and a $21.00 price target for the company. KeyCorp reissued a “sector weight” rating on shares of Myers Industries in a report on Tuesday, August 28th. Zacks Investment Research cut Myers Industries from a “hold” rating to a “strong sell” rating in a report on Wednesday, October 10th. Finally, JPMorgan Chase & Co. began coverage on Myers Industries in a report on Wednesday, July 11th. They issued a “neutral” rating and a $22.00 price target for the company. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company’s stock. Myers Industries currently has an average rating of “Hold” and a consensus target price of $21.80.

Shares of MYE traded down $0.02 during mid-day trading on Friday, hitting $15.48. The company’s stock had a trading volume of 155,000 shares, compared to its average volume of 172,233. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.90 and a quick ratio of 1.34. The stock has a market capitalization of $556.58 million, a P/E ratio of 30.90 and a beta of 1.57. Myers Industries has a 1-year low of $15.32 and a 1-year high of $25.70.

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 2nd. Investors of record on Friday, September 7th were issued a dividend of $0.135 per share. The ex-dividend date was Thursday, September 6th. This represents a $0.54 annualized dividend and a yield of 3.49%. Myers Industries’s dividend payout ratio is presently 105.88%.

A number of hedge funds have recently modified their holdings of the stock. Metropolitan Life Insurance Co. NY raised its holdings in Myers Industries by 31.2% during the second quarter. Metropolitan Life Insurance Co. NY now owns 10,364 shares of the industrial products company’s stock worth $199,000 after purchasing an additional 2,462 shares during the last quarter. New York State Teachers Retirement System raised its holdings in Myers Industries by 3.7% during the second quarter. New York State Teachers Retirement System now owns 73,990 shares of the industrial products company’s stock worth $1,421,000 after purchasing an additional 2,662 shares during the last quarter. Texas Permanent School Fund raised its holdings in Myers Industries by 20.0% during the second quarter. Texas Permanent School Fund now owns 17,412 shares of the industrial products company’s stock worth $334,000 after purchasing an additional 2,904 shares during the last quarter. Strs Ohio raised its holdings in Myers Industries by 9.7% during the second quarter. Strs Ohio now owns 38,400 shares of the industrial products company’s stock worth $737,000 after purchasing an additional 3,400 shares during the last quarter. Finally, Louisiana State Employees Retirement System raised its holdings in Myers Industries by 28.1% during the third quarter. Louisiana State Employees Retirement System now owns 15,500 shares of the industrial products company’s stock worth $360,000 after purchasing an additional 3,400 shares during the last quarter. 86.75% of the stock is owned by hedge funds and other institutional investors.

About Myers Industries

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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