$142.15 Million in Sales Expected for Myers Industries, Inc. (MYE) This Quarter

Wall Street brokerages expect Myers Industries, Inc. (NYSE:MYE) to announce $142.15 million in sales for the current quarter, according to Zacks. Two analysts have issued estimates for Myers Industries’ earnings. The lowest sales estimate is $142.00 million and the highest is $142.30 million. Myers Industries posted sales of $144.12 million in the same quarter last year, which suggests a negative year-over-year growth rate of 1.4%. The company is expected to announce its next quarterly earnings report before the market opens on Tuesday, August 1st.

According to Zacks, analysts expect that Myers Industries will report full-year sales of $142.15 million for the current fiscal year, with estimates ranging from $553.70 million to $558.00 million. For the next fiscal year, analysts forecast that the company will post sales of $560.20 million per share, with estimates ranging from $558.00 million to $562.40 million. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that cover Myers Industries.

Myers Industries (NYSE:MYE) last released its quarterly earnings data on Monday, May 8th. The industrial products company reported $0.13 EPS for the quarter, hitting the consensus estimate of $0.13. Myers Industries had a return on equity of 11.57% and a net margin of 1.38%. The company had revenue of $141.70 million during the quarter, compared to the consensus estimate of $143.60 million. During the same period last year, the company earned $0.21 EPS. Myers Industries’s revenue for the quarter was down 6.3% on a year-over-year basis.

A number of equities research analysts have commented on the company. Zacks Investment Research cut Myers Industries from a “buy” rating to a “hold” rating in a research note on Tuesday, July 11th. TheStreet upgraded Myers Industries from a “c” rating to a “b-” rating in a research note on Monday, May 8th.

In other news, Director Jane Scaccetti acquired 3,000 shares of the business’s stock in a transaction dated Monday, May 15th. The shares were acquired at an average cost of $17.20 per share, with a total value of $51,600.00. Following the completion of the acquisition, the director now owns 12,090 shares of the company’s stock, valued at $207,948. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders sold 3,700 shares of company stock worth $67,425 over the last three months. Corporate insiders own 0.75% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Hartford Investment Management Co. purchased a new position in shares of Myers Industries during the first quarter worth $167,000. Arizona State Retirement System raised its position in shares of Myers Industries by 0.9% in the first quarter. Arizona State Retirement System now owns 11,386 shares of the industrial products company’s stock worth $180,000 after buying an additional 100 shares in the last quarter. UBS Asset Management Americas Inc. purchased a new position in shares of Myers Industries during the first quarter worth $187,000. Sei Investments Co. purchased a new position in shares of Myers Industries during the first quarter worth $194,000. Finally, Texas Permanent School Fund raised its position in shares of Myers Industries by 1.4% in the second quarter. Texas Permanent School Fund now owns 16,031 shares of the industrial products company’s stock worth $288,000 after buying an additional 216 shares in the last quarter. 84.51% of the stock is currently owned by institutional investors and hedge funds.

WARNING: This news story was originally posted by [[site]] and is owned by of [[site]]. If you are accessing this news story on another publication, it was illegally copied and republished in violation of international copyright & trademark law. The legal version of this news story can be read at [[permalink]].

Shares of Myers Industries (NYSE:MYE) opened at 17.85 on Monday. The company has a 50-day moving average price of $18.28 and a 200 day moving average price of $16.09. The company has a market capitalization of $536.91 million, a P/E ratio of 73.16 and a beta of 1.77. Myers Industries has a 12-month low of $11.35 and a 12-month high of $19.45.

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 5th. Shareholders of record on Friday, June 16th were paid a $0.135 dividend. This represents a $0.54 dividend on an annualized basis and a yield of 3.03%. The ex-dividend date of this dividend was Wednesday, June 14th. Myers Industries’s dividend payout ratio (DPR) is presently 225.00%.

Myers Industries Company Profile

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.

Get a free copy of the Zacks research report on Myers Industries (MYE)

For more information about research offerings from Zacks Investment Research, visit Zacks.com