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

Myers Industries, Inc. (NYSE:MYE)’s stock price gapped down prior to trading 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 for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.13). The business had revenue of $171.34 million during the quarter, compared to analysts’ expectations of $163.80 million. Myers Industries had a return on equity of 19.86% and a net margin of 4.86%. During the same quarter in the previous year, the business earned $0.19 EPS.

Myers Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 6th. Shareholders of record on Friday, December 4th will be issued a dividend of $0.1350 per share. This represents a $0.54 annualized dividend and a yield of 1.9%. The ex-dividend date is Friday, December 4th. Myers Industries’s dividend payout ratio (DPR) is presently 55.67%.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. Wall Street Zen cut Myers Industries from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, October 20th. Weiss Ratings raised shares of Myers Industries from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday. Two investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $37.00.

Institutional Investors Weigh In On Myers Industries

Large investors have recently modified their holdings of the business. Strs Ohio raised its holdings in Myers Industries by 5.5% in the 1st quarter. Strs Ohio now owns 13,500 shares of the industrial products company’s stock valued at $286,000 after acquiring an additional 700 shares during the last quarter. Public Employees Retirement System of Ohio acquired a new stake in shares of Myers Industries in the second quarter valued at approximately $40,000. Inspire Investing LLC increased its position in Myers Industries by 6.4% during the third quarter. Inspire Investing LLC now owns 20,667 shares of the industrial products company’s stock worth $636,000 after purchasing an additional 1,250 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in Myers Industries by 0.4% in the first quarter. Bank of New York Mellon Corp now owns 417,591 shares of the industrial products company’s stock valued at $8,845,000 after acquiring an additional 1,525 shares during the last quarter. Finally, NewEdge Advisors LLC purchased a new position in Myers Industries during the first quarter worth about $43,000. Hedge funds and other institutional investors own 90.82% of the company’s stock.

Myers Industries Stock Down 12.3%

The business has a 50 day simple moving average of $31.60 and a 200 day simple moving average of $26.45. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.61 and a quick ratio of 1.21. The company has a market capitalization of $1.06 billion, a price-to-earnings 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.