Mayville Engineering (NYSE:MEC) Posts Quarterly Earnings Results

Mayville Engineering (NYSE:MEC) issued its quarterly earnings results on Tuesday. The company reported $0.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.19 by ($0.05), Zacks reports. The firm had revenue of $135.39 million for the quarter, compared to the consensus estimate 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 last year, the firm earned $0.21 EPS. Mayville Engineering updated its FY 2024 guidance to EPS.

Mayville Engineering Trading Up 3.4 %

NYSE:MEC traded up $0.56 during mid-day trading on Friday, hitting $17.02. 174,573 shares of the stock traded hands, compared to its average volume of 93,214. The stock has a market capitalization of $350.95 million, a price-to-earnings ratio of 31.62 and a beta of 0.97. Mayville Engineering has a 52 week low of $10.75 and a 52 week high of $23.02. The company has a quick ratio of 0.97, a current ratio of 1.71 and a debt-to-equity ratio of 0.51. The firm’s 50 day moving average is $19.96 and its two-hundred day moving average is $17.92.

Analyst Ratings Changes

A number of equities research analysts recently commented on MEC shares. Northland Securities lowered shares of Mayville Engineering from an “outperform” rating to a “market perform” rating and lowered their price target for the company from $30.00 to $20.00 in a report on Thursday. Northland Capmk downgraded Mayville Engineering from a “strong-buy” rating to a “hold” rating in a report on Thursday.

Insiders Place Their Bets

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

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.