Myers Industries, Inc. (NYSE:MYE) declared a quarterly dividend on Monday, August 7th, RTT News reports. Stockholders of record on Friday, September 8th will be given a dividend of 0.135 per share by the industrial products company on Tuesday, October 3rd. This represents a $0.54 dividend on an annualized basis and a dividend yield of 2.94%. The ex-dividend date of this dividend is Thursday, September 7th.

Myers Industries has raised its dividend by an average of 26.0% annually over the last three years and has raised its dividend every year for the last 7 years. Myers Industries has a dividend payout ratio of 110.2% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect Myers Industries to earn $0.61 per share next year, which means the company should continue to be able to cover its $0.54 annual dividend with an expected future payout ratio of 88.5%.

Shares of Myers Industries (NYSE MYE) opened at 18.35 on Friday. The company has a market capitalization of $555.18 million, a price-to-earnings ratio of 137.97 and a beta of 1.76. The company’s 50-day moving average price is $17.90 and its 200-day moving average price is $16.78. Myers Industries has a one year low of $11.35 and a one year high of $19.45.

Myers Industries (NYSE:MYE) last released its quarterly earnings data on Tuesday, August 1st. The industrial products company reported $0.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.15 by $0.02. The business had revenue of $142.30 million for the quarter, compared to analysts’ expectations of $142.95 million. Myers Industries had a return on equity of 10.71% and a net margin of 0.74%. The firm’s quarterly revenue was down 1.2% on a year-over-year basis. During the same period in the prior year, the firm posted $0.21 EPS. On average, equities research analysts predict that Myers Industries will post $0.51 earnings per share for the current year.

In related news, major shareholder Gamco Investors, Inc. Et Al sold 3,000 shares of the company’s stock in a transaction that occurred on Thursday, June 8th. The stock was sold at an average price of $18.44, for a total value of $55,320.00. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 0.75% of the company’s stock.

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Several equities analysts recently issued reports on the company. Zacks Investment Research cut Myers Industries from a “buy” rating to a “hold” rating in a research report on Friday, June 9th. TheStreet raised Myers Industries from a “c” rating to a “b-” rating in a research report on Monday, May 8th. KeyCorp reaffirmed a “sell” rating on shares of Myers Industries in a research report on Tuesday, August 1st. Finally, BidaskClub cut Myers Industries from a “hold” rating to a “sell” rating in a research report on Monday, July 31st. Two equities research analysts have rated the stock with a sell rating and two have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $16.50.

Myers Industries Company Profile

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.

Dividend History for Myers Industries (NYSE:MYE)

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