Mayville Engineering (NYSE:MEC) Releases Quarterly Earnings Results

Mayville Engineering (NYSE:MEC) posted its quarterly earnings data on Tuesday. The company reported $0.14 earnings per share for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.05), Zacks reports. The company had revenue of $135.39 million for the quarter, compared to analysts’ expectations of $157.22 million. Mayville Engineering had a return on equity of 5.81% and a net margin of 1.69%. During the same period in the prior year, the company posted $0.21 EPS. Mayville Engineering updated its FY 2024 guidance to EPS.

Mayville Engineering Stock Up 4.4 %

NYSE:MEC traded up $0.73 during trading hours on Friday, hitting $17.19. The company’s stock had a trading volume of 158,209 shares, compared to its average volume of 93,139. The stock has a market capitalization of $354.46 million, a P/E ratio of 31.62 and a beta of 0.97. The company has a current ratio of 1.71, a quick ratio of 0.97 and a debt-to-equity ratio of 0.51. The stock has a fifty day moving average of $19.96 and a 200-day moving average of $17.92. Mayville Engineering has a 52-week low of $10.75 and a 52-week high of $23.02.

Insider Transactions at Mayville Engineering

In other news, EVP Ryan F. Raber sold 21,508 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $19.15, for a total transaction of $411,878.20. Following the completion of the sale, the executive vice president now owns 97,053 shares in the company, valued at approximately $1,858,564.95. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, EVP Ryan F. Raber sold 21,508 shares of the stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $19.15, for a total value of $411,878.20. Following the completion of the sale, the executive vice president now directly owns 97,053 shares of the company’s stock, valued at approximately $1,858,564.95. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Jagadeesh A. Reddy acquired 5,903 shares of the stock in a transaction on Thursday, November 7th. The shares were acquired at an average cost of $16.72 per share, for a total transaction of $98,698.16. Following the completion of the transaction, the chief executive officer now directly owns 89,052 shares in the company, valued at $1,488,949.44. The trade was a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders own 6.40% of the company’s stock.

Analyst Ratings Changes

Several brokerages have weighed in on MEC. Northland Capmk downgraded Mayville Engineering from a “strong-buy” rating to a “hold” rating in a report on Thursday. Northland Securities lowered shares of Mayville Engineering from an “outperform” rating to a “market perform” rating and cut their target price for the stock from $30.00 to $20.00 in a research note on Thursday.

Mayville Engineering Company Profile

Mayville Engineering Company, Inc, together with its subsidiaries, engages in the production, design, prototyping and tooling, fabrication, aluminum extrusion, coating, and assembling of aftermarket components in the United States. It also supplies engineered components to original equipment manufacturers.