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

Wall Street analysts forecast that Myers Industries, Inc. (NYSE:MYE) will post sales of $135.16 million for the current fiscal quarter, Zacks reports. Two analysts have provided estimates for Myers Industries’ earnings. The highest sales estimate is $135.20 million and the lowest is $135.11 million. Myers Industries reported sales of $144.08 million in the same quarter last year, which indicates a negative year over year growth rate of 6.2%. The business is expected to announce its next quarterly earnings report on Tuesday, November 6th.

According to Zacks, analysts expect that Myers Industries will report full year sales of $561.58 million for the current financial year, with estimates ranging from $556.20 million to $570.80 million. For the next year, analysts forecast 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 research analysts that cover Myers Industries.

Myers Industries (NYSE:MYE) last announced its quarterly earnings results 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. The company had revenue of $140.60 million for the quarter, compared to analysts’ expectations of $144.30 million. Myers Industries had a net margin of 0.08% and a return on equity of 19.11%. The business’s quarterly revenue was up 3.9% compared to the same quarter last year. During the same period last year, the firm posted $0.17 earnings per share.

Several equities research analysts recently commented on MYE shares. Zacks Investment Research raised shares of Myers Industries from a “hold” rating to a “strong-buy” rating and set a $27.00 price objective on the stock in a research report on Wednesday, September 12th. Cowen started coverage on shares of Myers Industries in a research report on Friday, September 28th. They issued a “market perform” rating on the stock. JPMorgan Chase & Co. started coverage on shares of Myers Industries in a research report on Wednesday, July 11th. They issued a “neutral” rating and a $22.00 price objective on the stock. KeyCorp reaffirmed a “sector weight” rating on shares of Myers Industries in a research report on Tuesday, August 28th. Finally, ValuEngine cut shares of Myers Industries from a “hold” rating to a “sell” rating in a research report on Saturday, October 6th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $21.80.

A number of institutional investors and hedge funds have recently bought and sold shares of MYE. Piedmont Investment Advisors LLC acquired a new stake in Myers Industries in the 2nd quarter valued at $122,000. Barclays PLC increased its stake in Myers Industries by 88.8% in the 1st quarter. Barclays PLC now owns 7,232 shares of the industrial products company’s stock valued at $152,000 after buying an additional 3,401 shares during the last quarter. SG Americas Securities LLC acquired a new stake in Myers Industries in the 2nd quarter valued at $150,000. Metropolitan Life Insurance Co. NY increased its stake in Myers Industries by 31.2% in the 2nd quarter. Metropolitan Life Insurance Co. NY now owns 10,364 shares of the industrial products company’s stock valued at $199,000 after buying an additional 2,462 shares during the last quarter. Finally, Hartford Investment Management Co. acquired a new stake in Myers Industries in the 2nd quarter valued at $274,000. 86.74% of the stock is currently owned by institutional investors and hedge funds.

MYE traded down $0.51 during trading on Friday, hitting $15.80. The company had a trading volume of 7,262 shares, compared to its average volume of 172,303. The stock has a market capitalization of $818.49 million, a P/E ratio of 31.16 and a beta of 1.57. Myers Industries has a one year low of $15.49 and a one year high of $25.70. The company has a current ratio of 1.90, a quick ratio of 1.34 and a debt-to-equity ratio of 0.43.

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 2nd. Investors of record on Friday, September 7th were given a $0.135 dividend. The ex-dividend date was Thursday, September 6th. This represents a $0.54 annualized dividend and a yield of 3.42%. Myers Industries’s dividend payout ratio is currently 105.88%.

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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