Myers Industries, Inc. (MYE) Releases Quarterly Earnings Results
Myers Industries, Inc. (NYSE:MYE) posted its earnings results on Monday. The industrial products company reported $0.13 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.13. Myers Industries had a return on equity of 15.52% and a net margin of 0.48%. The company had revenue of $141.70 million during the quarter, compared to the consensus estimate of $143.60 million. During the same quarter last year, the firm earned $0.21 earnings per share. The company’s revenue was down 6.3% on a year-over-year basis.
Shares of Myers Industries (NYSE:MYE) traded up 1.51% during trading on Friday, hitting $16.80. The stock had a trading volume of 7,688 shares. Myers Industries has a 52 week low of $11.35 and a 52 week high of $17.85. The stock has a market capitalization of $505.33 million, a price-to-earnings ratio of 68.85 and a beta of 1.56. The firm has a 50 day moving average price of $16.48 and a 200-day moving average price of $14.72.
In related news, Director Jane Scaccetti acquired 3,000 shares of Myers Industries stock in a transaction on Monday, May 15th. The stock was acquired at an average price of $17.20 per share, for a total transaction of $51,600.00. Following the purchase, the director now owns 12,090 shares of the company’s stock, valued at approximately $207,948. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders sold a total of 2,300 shares of company stock valued at $35,981 in the last 90 days. 3.29% of the stock is currently owned by company insiders.
Several large investors have recently bought and sold shares of the stock. Gabelli Funds LLC boosted its stake in Myers Industries by 0.8% in the first quarter. Gabelli Funds LLC now owns 1,550,876 shares of the industrial products company’s stock worth $24,581,000 after buying an additional 12,464 shares during the period. Vanguard Group Inc. raised its position in Myers Industries by 4.5% in the first quarter. Vanguard Group Inc. now owns 1,400,774 shares of the industrial products company’s stock worth $22,202,000 after buying an additional 59,870 shares during the period. Teton Advisors Inc. raised its position in Myers Industries by 0.8% in the first quarter. Teton Advisors Inc. now owns 612,900 shares of the industrial products company’s stock worth $9,714,000 after buying an additional 5,000 shares during the period. State Street Corp raised its position in Myers Industries by 4.7% in the fourth quarter. State Street Corp now owns 498,762 shares of the industrial products company’s stock worth $7,130,000 after buying an additional 22,327 shares during the period. Finally, Bank of New York Mellon Corp raised its position in Myers Industries by 5.6% in the first quarter. Bank of New York Mellon Corp now owns 462,822 shares of the industrial products company’s stock worth $7,335,000 after buying an additional 24,697 shares during the period. Hedge funds and other institutional investors own 85.15% of the company’s stock.
MYE has been the subject of a number of analyst reports. Sidoti initiated coverage on Myers Industries in a research note on Tuesday, February 14th. They issued a “buy” rating for the company. Zacks Investment Research upgraded Myers Industries from a “hold” rating to a “buy” rating and set a $16.00 target price on the stock in a research report on Tuesday, March 14th. Finally, TheStreet upgraded Myers Industries from a “c” rating to a “b-” rating in a report on Monday, May 8th.
About Myers Industries
Myers Industries, Inc is an international manufacturing and distribution company. The Company operates through two segments: Material Handling and Distribution. As of December 31, 2016, the Company operated 15 manufacturing facilities, 20 sales offices, four distribution centers and three distribution branches located throughout North, Central and South America.
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