Myers Industries (NYSE:MYE) Shares Gap Down Following Weak Earnings

Key Points

• Myers Industries shares fell sharply, opening at $29.00 versus the prior close of $32.20 and later trading at $27.71 after the company reported weaker-than-expected earnings.
• Quarterly EPS was $0.32, missing analysts’ $0.45 consensus estimate, although revenue of $171.34 million exceeded expectations of $163.80 million.
• The company declared a quarterly dividend of $0.135 per share, equivalent to $0.54 annually and a 1.9% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $37.00.

Myers Industries, Inc. (NYSE:MYE - Get Free Report)'s stock price gapped down before the market opened on Thursday following a dissappointing earnings announcement. The stock had previously closed at $32.20, but opened at $29.00. Myers Industries shares last traded at $27.71, with a volume of 62,007 shares.

The industrial products company reported $0.32 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.45 by ($0.13). The firm had revenue of $171.34 million for the quarter, compared to the consensus estimate of $163.80 million. Myers Industries had a net margin of 4.86% and a return on equity of 19.86%. During the same period in the prior year, the business earned $0.19 earnings per share.

Myers Industries Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 6th. Investors of record on Friday, December 4th will be issued a dividend of $0.1350 per share. The ex-dividend date of this dividend is Friday, December 4th. This represents a $0.54 dividend on an annualized basis and a dividend yield of 1.9%. Myers Industries's payout ratio is presently 55.67%.

Analysts Set New Price Targets

MYE has been the subject of a number of research reports. Weiss Ratings upgraded Myers Industries from a "buy (b-)" rating to a "buy (b)" rating in a research note on Tuesday. Wall Street Zen lowered Myers Industries from a "strong-buy" rating to a "buy" rating in a research report on Tuesday, October 20th. Two investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $37.00.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in MYE. Public Employees Retirement System of Ohio bought a new stake in shares of Myers Industries in the second quarter worth about $40,000. NewEdge Advisors LLC purchased a new stake in shares of Myers Industries during the 1st quarter valued at about $43,000. Integrated Wealth Concepts LLC purchased a new position in Myers Industries in the second quarter worth about $112,000. Quantbot Technologies LP bought a new stake in Myers Industries during the second quarter worth approximately $192,000. Finally, Caxton Associates LLP bought a new stake in shares of Myers Industries in the 1st quarter valued at approximately $205,000. Hedge funds and other institutional investors own 90.82% of the company's stock.

Myers Industries Trading Down 12.3%

The company has a current ratio of 1.61, a quick ratio of 1.21 and a debt-to-equity ratio of 0.91. The company has a 50-day moving average price of $31.60 and a two-hundred day moving average price of $26.45. The stock has a market cap of $1.06 billion, a P/E ratio of 29.12 and a beta of 0.83.

Myers Industries Company Profile

Myers Industries, Inc is a manufacturer and distributor of products serving industrial, agricultural, automotive, commercial and consumer markets. Founded in 1933 and headquartered in Akron, Ohio, the company operates primarily in North America.

Through its material-handling businesses, Myers Industries produces reusable plastic containers, totes, pallets, drums, tanks and other molded products. These products are used to store, transport and protect materials across industries such as manufacturing, food processing, agriculture, healthcare and logistics.

The company also distributes tire-service supplies, equipment and related products to tire dealers, retreaders, commercial fleets and automotive service providers.

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