Myers Industries, Inc. (NYSE:MYE) to Issue $0.14 Quarterly Dividend

Myers Industries, Inc. (NYSE:MYE) declared a quarterly dividend on Tuesday, June 4th, NASDAQ reports. Investors of record on Friday, June 14th will be paid a dividend of 0.135 per share by the industrial products company on Tuesday, July 2nd. This represents a $0.54 annualized dividend and a yield of 2.92%. The ex-dividend date is Thursday, June 13th.

Myers Industries has raised its dividend by an average of 0.3% annually over the last three years. Myers Industries has a dividend payout ratio of 61.4% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Myers Industries to earn $0.91 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 59.3%.

Myers Industries stock traded up $0.06 during mid-day trading on Wednesday, hitting $18.48. The stock had a trading volume of 1,151 shares, compared to its average volume of 106,138. The company has a market capitalization of $663.84 million, a P/E ratio of 24.18 and a beta of 1.60. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.61 and a current ratio of 2.10. Myers Industries has a one year low of $14.24 and a one year high of $25.70.

Myers Industries (NYSE:MYE) last issued its earnings results on Wednesday, May 8th. The industrial products company reported $0.23 earnings per share for the quarter, topping the consensus estimate of $0.20 by $0.03. The company had revenue of $139.12 million during the quarter, compared to the consensus estimate of $146.90 million. Myers Industries had a negative net margin of 0.62% and a positive return on equity of 16.67%. Myers Industries’s quarterly revenue was down 8.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.24 EPS. Analysts forecast that Myers Industries will post 0.81 EPS for the current year.

Separately, Zacks Investment Research raised shares of Myers Industries from a “hold” rating to a “buy” rating and set a $20.00 target price for the company in a report on Wednesday, May 1st. Five equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $21.00.

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About Myers Industries

Myers Industries, Inc manufactures and sells polymer products for industrial, agricultural, automotive, commercial, and consumer markets worldwide. The company's Material Handling segment provides plastic reusable material handling containers, pallets, small parts bins, bulk shipping containers, storage and organization products, and rotationally-molded plastic tanks for water, fuel, and waste handling applications; welded steel service carts, platform trucks, mobile work centers, racks, and cabinets; plastic trim and interior parts used in the production of seat components, consoles, and other applications in the recreational vehicle, marine, and industrial markets; and plastic fuel containers, portable marine fuel tanks and water containers, ammunition containers, and storage totes under the Buckhorn, Akro-Mils, Jamco Products, Ameri-Kart, and Scepter brands.

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Dividend History for Myers Industries (NYSE:MYE)

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