Myers Industries (NYSE:MYE) Shares Gap Down After Earnings Miss

Key Points

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Myers Industries, Inc. (NYSE:MYE - Get Free Report) shares gapped down before the market opened on Thursday following a weaker than expected 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 (EPS) for the quarter, missing analysts' consensus estimates of $0.32 by ($0.01). The firm had revenue of $209.58 million during the quarter, compared to analysts' expectations 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 company also recently announced a quarterly dividend, which was paid on Thursday, July 3rd. Shareholders of record on Wednesday, June 18th were given a $0.135 dividend. The ex-dividend date of this dividend was Wednesday, June 18th. This represents a $0.54 dividend on an annualized basis and a yield of 3.6%. Myers Industries's payout ratio is presently 192.86%.

Wall Street Analyst Weigh In

MYE has been the topic of a number of research analyst reports. Wall Street Zen raised Myers Industries from a "hold" rating to a "buy" rating in a research report on Sunday, June 22nd. KeyCorp upgraded shares of Myers Industries from a "sector weight" rating to an "overweight" rating and set a $21.00 price target for the company in a research note on Friday, June 13th.

Hedge Funds Weigh In On Myers Industries

Several institutional investors have recently modified their holdings of MYE. Sei Investments Co. grew its stake in shares of Myers Industries by 3.8% in the fourth quarter. Sei Investments Co. now owns 76,288 shares of the industrial products company's stock worth $842,000 after acquiring an additional 2,788 shares in the last quarter. KLP Kapitalforvaltning AS acquired a new position in shares of Myers Industries in the fourth quarter worth $309,000. LPL Financial LLC grew its stake in shares of Myers Industries by 75.9% in the fourth quarter. LPL Financial LLC now owns 28,844 shares of the industrial products company's stock worth $318,000 after acquiring an additional 12,443 shares in the last quarter. JPMorgan Chase & Co. grew its stake in shares of Myers Industries by 70.5% in the fourth quarter. JPMorgan Chase & Co. now owns 227,635 shares of the industrial products company's stock worth $2,513,000 after acquiring an additional 94,129 shares in the last quarter. Finally, Norges Bank acquired a new position in shares of Myers Industries in the fourth quarter worth $3,180,000. Institutional investors and hedge funds own 90.82% of the company's stock.

Myers Industries Trading Up 1.6%

The firm has a market capitalization of $556.21 million, a PE ratio of 57.23 and a beta of 1.15. The company's 50-day moving average price is $14.50 and its 200-day moving average price is $12.54. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.14 and a current ratio of 1.77.

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.