Myers Industries (NYSE:MYE) Issues FY 2024 Earnings Guidance

Myers Industries (NYSE:MYE) updated its FY 2024 earnings guidance on Wednesday. The company provided EPS guidance of 1.300-1.450 for the period, compared to the consensus EPS estimate of 1.370. The company issued revenue guidance of $935.0 million-$975.7 million, compared to the consensus revenue estimate of $941.7 million.

Myers Industries Trading Down 0.9 %

Shares of NYSE MYE traded down $0.15 during midday trading on Friday, hitting $17.04. 313,658 shares of the company traded hands, compared to its average volume of 262,402. Myers Industries has a 12-month low of $15.65 and a 12-month high of $23.63. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.00 and a current ratio of 1.55. The stock has a 50-day moving average price of $21.61 and a 200 day moving average price of $19.52. The firm has a market cap of $629.46 million, a P/E ratio of 13.02 and a beta of 1.31.

Myers Industries (NYSE:MYE) last announced its quarterly earnings results on Tuesday, March 5th. The industrial products company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.26 by $0.03. Myers Industries had a net margin of 6.01% and a return on equity of 18.55%. The company had revenue of $191.08 million for the quarter, compared to analysts’ expectations of $191.60 million. During the same quarter in the previous year, the company earned $0.32 earnings per share. As a group, analysts expect that Myers Industries will post 1.38 earnings per share for the current year.

Myers Industries Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, April 4th. Stockholders of record on Saturday, March 16th were issued a dividend of $0.135 per share. This represents a $0.54 dividend on an annualized basis and a dividend yield of 3.17%. The ex-dividend date of this dividend was Thursday, March 14th. Myers Industries’s payout ratio is 40.91%.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. KeyCorp increased their price target on shares of Myers Industries from $22.00 to $30.00 and gave the company an overweight rating in a report on Friday, March 22nd. StockNews.com downgraded shares of Myers Industries from a strong-buy rating to a buy rating in a research report on Wednesday.

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.