Myers Industries (NYSE:MYE) Shares Gap Down on Disappointing Earnings

Key Points

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Myers Industries, Inc. (NYSE:MYE - Get Free Report) gapped down prior to trading on Thursday following a dissappointing earnings announcement. The stock had previously closed at $14.64, but opened at $13.69. Myers Industries shares last traded at $14.29, with a volume of 67,307 shares.

The industrial products company reported $0.31 earnings per share for the quarter, missing the consensus estimate of $0.32 by ($0.01). The company had revenue of $209.58 million during the quarter, compared to analyst estimates of $220.60 million. Myers Industries had a net margin of 1.20% and a return on equity of 13.02%.

Myers Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 3rd. Stockholders of record on Wednesday, June 18th were issued a dividend of $0.135 per share. The ex-dividend date of this dividend was Wednesday, June 18th. This represents a $0.54 dividend on an annualized basis and a dividend yield of 3.5%. Myers Industries's payout ratio is 207.69%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on MYE shares. Wall Street Zen raised Myers Industries from a "hold" rating to a "buy" rating in a report on Sunday, June 22nd. KeyCorp raised Myers Industries from a "sector weight" rating to an "overweight" rating and set a $21.00 price target for the company in a report on Friday, June 13th.

Institutional Investors Weigh In On Myers Industries

Hedge funds and other institutional investors have recently bought and sold shares of the company. GAMMA Investing LLC grew its position in Myers Industries by 586.6% during the 1st quarter. GAMMA Investing LLC now owns 2,609 shares of the industrial products company's stock worth $31,000 after acquiring an additional 2,229 shares during the last quarter. Nisa Investment Advisors LLC grew its position in Myers Industries by 30.2% during the 2nd quarter. Nisa Investment Advisors LLC now owns 3,714 shares of the industrial products company's stock worth $54,000 after acquiring an additional 861 shares during the last quarter. CWM LLC grew its position in Myers Industries by 829.7% during the 1st quarter. CWM LLC now owns 4,695 shares of the industrial products company's stock worth $56,000 after acquiring an additional 4,190 shares during the last quarter. Aquatic Capital Management LLC grew its position in Myers Industries by 103.1% during the 4th quarter. Aquatic Capital Management LLC now owns 5,484 shares of the industrial products company's stock worth $61,000 after acquiring an additional 2,784 shares during the last quarter. Finally, Ieq Capital LLC bought a new stake in Myers Industries during the 1st quarter worth $119,000. Institutional investors own 90.82% of the company's stock.

Myers Industries Price Performance

The firm has a market cap of $577.36 million, a P/E ratio of 59.40 and a beta of 1.15. 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 $14.50 and a two-hundred day moving average of $12.56.

About Myers Industries

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.