Myers Industries (NYSE:MYE) Issues FY 2024 Earnings Guidance

Myers Industries (NYSE:MYE) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of 1.300-1.450 for the period, compared to the consensus estimate of 1.370. The company issued revenue guidance of $935.0 million-$975.7 million, compared to the consensus revenue estimate of $941.7 million.

Myers Industries Price Performance

NYSE MYE traded up $0.11 on Wednesday, hitting $18.33. The company had a trading volume of 27,368 shares, compared to its average volume of 255,604. Myers Industries has a 12-month low of $15.65 and a 12-month high of $23.63. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.55 and a quick ratio of 1.00. The company’s fifty day moving average price is $21.67 and its 200-day moving average price is $19.55. The company has a market capitalization of $677.11 million, a PE ratio of 13.80 and a beta of 1.31.

Myers Industries (NYSE:MYE) last posted its earnings results on Tuesday, March 5th. The industrial products company reported $0.29 EPS for the quarter, beating analysts’ consensus estimates of $0.26 by $0.03. The company had revenue of $191.08 million for the quarter, compared to analysts’ expectations of $191.60 million. Myers Industries had a net margin of 6.01% and a return on equity of 18.55%. During the same quarter in the prior year, the company posted $0.32 earnings per share. As a group, analysts predict that Myers Industries will post 1.38 earnings per share for the current year.

Myers Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, April 4th. Stockholders of record on Saturday, March 16th were given a dividend of $0.135 per share. The ex-dividend date was Thursday, March 14th. This represents a $0.54 dividend on an annualized basis and a dividend yield of 2.95%. Myers Industries’s dividend payout ratio (DPR) is presently 40.91%.

Analysts Set New Price Targets

MYE has been the topic of a number of analyst reports. KeyCorp lifted their price objective on shares of Myers Industries from $22.00 to $30.00 and gave the company an overweight rating in a research report on Friday, March 22nd. StockNews.com raised shares of Myers Industries from a buy rating to a strong-buy rating in a research note on Saturday, March 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.