Myers Industries (NYSE:MYE) Releases Quarterly Earnings Results, Misses Expectations By $0.04 EPS

Myers Industries (NYSE:MYE - Get Free Report) issued its earnings results on Monday. The industrial products company reported $0.25 earnings per share for the quarter, missing analysts' consensus estimates of $0.29 by ($0.04), Zacks reports. Myers Industries had a net margin of 4.79% and a return on equity of 16.27%. The business had revenue of $205.07 million during the quarter. During the same quarter last year, the company earned $0.38 EPS. Myers Industries updated its FY 2024 guidance to 0.920-1.020 EPS.

Myers Industries Price Performance

Myers Industries stock traded down $0.32 during mid-day trading on Tuesday, hitting $11.39. 743,178 shares of the company were exchanged, compared to its average volume of 251,558. The company has a quick ratio of 1.16, a current ratio of 1.81 and a debt-to-equity ratio of 1.32. The business has a fifty day moving average of $13.40 and a 200 day moving average of $14.91. Myers Industries has a 1-year low of $10.77 and a 1-year high of $23.63. The company has a market capitalization of $423.94 million, a PE ratio of 10.85 and a beta of 1.23.

Myers Industries Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 3rd. Investors of record on Tuesday, December 3rd will be paid a $0.135 dividend. The ex-dividend date is Tuesday, December 3rd. This represents a $0.54 dividend on an annualized basis and a dividend yield of 4.74%. Myers Industries's payout ratio is 51.43%.

Wall Street Analyst Weigh In

Separately, KeyCorp decreased their target price on Myers Industries from $27.00 to $22.00 and set an "overweight" rating for the company in a research report on Wednesday, October 9th.

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.