Myers Industries, Inc. (NYSE:MYE) announced a quarterly dividend on Wednesday, November 8th, RTT News reports. Shareholders of record on Friday, December 1st will be paid a dividend of 0.135 per share by the industrial products company on Tuesday, January 2nd. This represents a $0.54 dividend on an annualized basis and a yield of 2.55%. The ex-dividend date is Thursday, November 30th.
Myers Industries has raised its dividend by an average of 26.0% per year over the last three years and has increased its dividend every year for the last 7 years. Myers Industries has a 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 $0.66 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 81.8%.
Shares of Myers Industries (NYSE:MYE) traded down $0.55 during trading on Thursday, reaching $21.20. The company’s stock had a trading volume of 50,200 shares, compared to its average volume of 87,619. The company has a debt-to-equity ratio of 1.62, a quick ratio of 1.06 and a current ratio of 1.56. Myers Industries has a 52-week low of $13.20 and a 52-week high of $22.65. The firm has a market cap of $625.19, a P/E ratio of 53.05, a P/E/G ratio of 14.80 and a beta of 1.77.
Myers Industries (NYSE:MYE) last issued its quarterly earnings results on Tuesday, November 7th. The industrial products company reported $0.11 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.11. Myers Industries had a return on equity of 12.93% and a net margin of 1.24%. The firm had revenue of $144.10 million during the quarter, compared to the consensus estimate of $138.93 million. During the same period last year, the business posted $0.04 EPS. The business’s revenue was up 8.6% compared to the same quarter last year. analysts forecast that Myers Industries will post 0.49 earnings per share for the current fiscal year.
MYE has been the subject of several research reports. Zacks Investment Research downgraded Myers Industries from a “buy” rating to a “hold” rating in a research note on Wednesday, October 4th. KeyCorp restated a “sell” rating and issued a $15.00 target price on shares of Myers Industries in a research note on Tuesday, November 7th. Finally, BidaskClub downgraded Myers Industries from a “hold” rating to a “sell” rating in a research note on Monday, July 31st. Two research analysts have rated the stock with a sell rating, one has given a hold rating and one has assigned a buy rating to the stock. Myers Industries currently has an average rating of “Hold” and an average target price of $17.50.
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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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