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 (NYSE MYE) traded down $0.15 during mid-day trading on Wednesday, hitting $21.70. 55,983 shares of the stock were exchanged, compared to its average volume of 74,964. Myers Industries has a 12 month low of $13.65 and a 12 month high of $22.65. The firm has a market capitalization of $654.42, a price-to-earnings ratio of 43.00, a price-to-earnings-growth ratio of 8.43 and a beta of 1.86. The company has a debt-to-equity ratio of 1.61, a current ratio of 1.52 and a quick ratio of 1.04.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 3rd. Stockholders of record on Tuesday, March 20th will be given a dividend of $0.135 per share. The ex-dividend date of this dividend is Monday, March 19th. This represents a $0.54 dividend on an annualized basis and a dividend yield of 2.49%. Myers Industries’s payout ratio is -174.19%.
Large investors have recently modified their holdings of the business. Public Employees Retirement System of Ohio bought a new stake in Myers Industries in the third quarter valued at approximately $107,000. Bessemer Group Inc. bought a new position in Myers Industries in the fourth quarter valued at $174,000. Cornerstone Capital Management Holdings LLC. grew its position in Myers Industries by 124.4% in the third quarter. Cornerstone Capital Management Holdings LLC. now owns 9,200 shares of the industrial products company’s stock valued at $192,000 after purchasing an additional 5,100 shares in the last quarter. MetLife Investment Advisors LLC bought a new position in Myers Industries in the fourth quarter valued at $208,000. Finally, KBC Group NV grew its position in Myers Industries by 83.6% in the third quarter. KBC Group NV now owns 10,454 shares of the industrial products company’s stock valued at $219,000 after purchasing an additional 4,759 shares in the last quarter. 87.33% of the stock is owned by hedge funds and other institutional investors.
A number of equities research analysts have 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 target price for the company in a research note on Wednesday, November 29th. Wells Fargo & Co raised shares of Myers Industries from a “market perform” rating to an “outperform” rating and set a $24.00 target price for the company 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 one has issued a buy rating to the stock. Myers Industries currently has an average rating of “Hold” and a consensus price target of $20.67.
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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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