Myers Industries, Inc. (MYE) Expected to Post Quarterly Sales of $141.60 Million

Analysts expect Myers Industries, Inc. (NYSE:MYE) to report $141.60 million in sales for the current quarter, Zacks Investment Research reports. Two analysts have made estimates for Myers Industries’ earnings. The lowest sales estimate is $135.00 million and the highest is $148.20 million. Myers Industries posted sales of $130.06 million during the same quarter last year, which would suggest a positive year over year growth rate of 8.9%. The business is expected to report its next earnings results on Thursday, March 8th.

According to Zacks, analysts expect that Myers Industries will report full year sales of $141.60 million for the current year, with estimates ranging from $564.00 million to $576.30 million. For the next financial year, analysts anticipate that the firm will report sales of $577.10 million per share, with estimates ranging from $576.00 million to $578.20 million. Zacks’ sales calculations are an average based on a survey of research firms that cover Myers Industries.

A number of brokerages recently commented on MYE. Zacks Investment Research lowered Myers Industries from a “buy” rating to a “hold” rating in a research report on Wednesday, January 10th. Wells Fargo & Co raised 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. Finally, KeyCorp reaffirmed a “sell” rating and issued a $15.00 target price on shares of Myers Industries in a research report on Tuesday, November 7th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and one has assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $20.67.

Institutional investors have recently modified their holdings of the stock. Ameriprise Financial Inc. increased its holdings in Myers Industries by 0.3% during the 2nd quarter. Ameriprise Financial Inc. now owns 115,911 shares of the industrial products company’s stock worth $2,080,000 after purchasing an additional 362 shares in the last quarter. Schwab Charles Investment Management Inc. increased its holdings in Myers Industries by 0.6% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 88,832 shares of the industrial products company’s stock worth $1,595,000 after purchasing an additional 513 shares in the last quarter. The Manufacturers Life Insurance Company increased its holdings in Myers Industries by 4.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 19,300 shares of the industrial products company’s stock worth $346,000 after purchasing an additional 892 shares in the last quarter. Voya Investment Management LLC increased its holdings in Myers Industries by 13.9% during the 2nd quarter. Voya Investment Management LLC now owns 13,731 shares of the industrial products company’s stock worth $246,000 after purchasing an additional 1,674 shares in the last quarter. Finally, Moors & Cabot Inc. increased its holdings in Myers Industries by 5.2% during the 3rd quarter. Moors & Cabot Inc. now owns 55,087 shares of the industrial products company’s stock worth $1,155,000 after purchasing an additional 2,710 shares in the last quarter. 85.79% of the stock is owned by institutional investors and hedge funds.

Myers Industries (NYSE:MYE) traded down $0.20 during mid-day trading on Friday, hitting $19.70. The stock had a trading volume of 46,600 shares, compared to its average volume of 77,955. Myers Industries has a 1 year low of $13.20 and a 1 year high of $22.65. The company has a debt-to-equity ratio of 1.62, a quick ratio of 1.06 and a current ratio of 1.56. The company has a market cap of $599.63, a price-to-earnings ratio of 48.05, a PEG ratio of 10.03 and a beta of 1.84.

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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.

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