Myers Industries, Inc. Declares Quarterly Dividend of $0.14 (NYSE:MYE)

Key Points

• Myers Industries, Inc. will issue a quarterly dividend of $0.14 per share for shareholders of record as of September 12th, with payments scheduled for October 2nd, which reflects a 3.3% dividend yield.
• The company's dividend payout ratio is currently 34.0%, indicating strong earnings coverage, and analysts anticipate an increase in earnings per share to $1.17 next year.
• Myers Industries recently reported a quarterly EPS of $0.31, falling short of estimates, with revenue of $209.58 million against an expected $220.60 million.

Myers Industries, Inc. (NYSE:MYE - Get Free Report) declared a quarterly dividend on Wednesday, September 3rd, RTT News reports. Stockholders of record on Friday, September 12th will be paid a dividend of 0.135 per share by the industrial products company on Thursday, October 2nd. This represents a c) dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date is Friday, September 12th.

Myers Industries has a payout ratio of 34.0% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Myers Industries to earn $1.17 per share next year, which means the company should continue to be able to cover its $0.54 annual dividend with an expected future payout ratio of 46.2%.

Myers Industries Stock Performance

Shares of Myers Industries stock traded down $0.42 during trading hours on Friday, hitting $16.30. 238,781 shares of the company were exchanged, compared to its average volume of 206,569. Myers Industries has a 1 year low of $9.06 and a 1 year high of $17.12. The company has a current ratio of 1.77, a quick ratio of 1.12 and a debt-to-equity ratio of 1.24. The business has a 50-day moving average of $15.70 and a 200-day moving average of $13.30. The stock has a market capitalization of $609.82 million, a price-to-earnings ratio of 62.70 and a beta of 1.19.

Myers Industries (NYSE:MYE - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The industrial products company reported $0.31 EPS for the quarter, missing the consensus estimate of $0.32 by ($0.01). The company had revenue of $209.58 million for the quarter, compared to analysts' expectations of $220.60 million. Myers Industries had a return on equity of 13.02% and a net margin of 1.20%. As a group, analysts expect that Myers Industries will post 0.95 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. KeyCorp raised shares of Myers Industries from a "sector weight" rating to an "overweight" rating and set a $21.00 price objective on the stock in a research note on Friday, June 13th. Wall Street Zen raised shares of Myers Industries from a "hold" rating to a "buy" rating in a research note on Sunday, June 22nd. One equities research analyst has rated the stock with a Buy rating, According to MarketBeat, the company presently has an average rating of "Buy" and a consensus price target of $21.00.

Myers Industries Company Profile

Myers Industries, Inc engages in distribution of tire service supplies in Ohio. It operates through two segments, The Material Handling and Distribution. The Material Handling segment offers pallets, small parts bins, bulk shipping containers, and OEM parts, as well as storage and organization, and custom plastic products; and injection molded, rotationally molded or blow molded products, consumer fuel containers and tanks for water, fuel, and waste handling.