Myers Industries (NYSE:MYE) Announces Earnings Results

Myers Industries (NYSE:MYE) posted its quarterly earnings results on Thursday. The industrial products company reported $0.39 EPS for the quarter, Zacks reports. The business had revenue of $220.24 million during the quarter. Myers Industries had a return on equity of 16.27% and a net margin of 4.79%. During the same quarter last year, the business posted $0.35 earnings per share. Myers Industries updated its FY 2024 guidance to 1.050-1.200 EPS.

Myers Industries Stock Performance

MYE stock traded down $1.15 during midday trading on Friday, reaching $14.39. The company had a trading volume of 369,461 shares, compared to its average volume of 238,623. The company has a quick ratio of 1.10, a current ratio of 1.81 and a debt-to-equity ratio of 1.32. The stock has a 50 day moving average price of $14.46 and a 200 day moving average price of $18.10. Myers Industries has a fifty-two week low of $12.47 and a fifty-two week high of $23.63. The firm has a market capitalization of $535.02 million, a PE ratio of 13.58 and a beta of 1.21.

Myers Industries Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, July 5th. Shareholders of record on Tuesday, June 18th were paid a $0.135 dividend. The ex-dividend date of this dividend was Tuesday, June 18th. This represents a $0.54 dividend on an annualized basis and a yield of 3.75%. Myers Industries’s payout ratio is currently 50.94%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on MYE shares. KeyCorp decreased their price target on Myers Industries from $30.00 to $27.00 and set an “overweight” rating for the company in a research note on Friday. StockNews.com downgraded Myers Industries from a “buy” rating to a “hold” rating in a research note on Thursday, May 16th.

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.