Mayville Engineering (NYSE:MEC) Releases Quarterly Earnings Results, Beats Estimates By $0.12 EPS

Mayville Engineering (NYSE:MEC) announced its earnings results on Tuesday. The company reported $0.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.12, FiscalAI reports. Mayville Engineering had a negative net margin of 2.95% and a negative return on equity of 7.23%. The firm had revenue of $162.98 million for the quarter, compared to analyst estimates of $150.59 million.

Mayville Engineering Trading Up 0.1%

Shares of MEC stock traded up $0.02 during mid-day trading on Thursday, reaching $25.52. The company’s stock had a trading volume of 206,300 shares, compared to its average volume of 355,950. The company has a quick ratio of 0.91, a current ratio of 1.64 and a debt-to-equity ratio of 0.91. The firm has a market capitalization of $523.01 million, a PE ratio of -30.23 and a beta of 1.27. The company’s 50 day simple moving average is $32.20 and its 200-day simple moving average is $24.77. Mayville Engineering has a 12-month low of $12.25 and a 12-month high of $38.76.

Insider Activity at Mayville Engineering

In other Mayville Engineering news, CEO Jagadeesh A. Reddy sold 15,688 shares of the firm’s stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $35.05, for a total value of $549,864.40. Following the transaction, the chief executive officer directly owned 124,105 shares of the company’s stock, valued at $4,349,880.25. This trade represents a 11.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Ryan F. Raber sold 20,000 shares of the company’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $26.00, for a total value of $520,000.00. Following the completion of the sale, the executive vice president directly owned 86,970 shares of the company’s stock, valued at $2,261,220. The trade was a 18.70% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 58,930 shares of company stock worth $1,746,597. Corporate insiders own 5.60% of the company’s stock.

Hedge Funds Weigh In On Mayville Engineering

Large investors have recently bought and sold shares of the business. BNP Paribas Financial Markets boosted its position in Mayville Engineering by 109.0% during the 3rd quarter. BNP Paribas Financial Markets now owns 2,751 shares of the company’s stock worth $38,000 after acquiring an additional 1,435 shares during the period. Picton Mahoney Asset Management acquired a new position in shares of Mayville Engineering during the fourth quarter valued at $109,000. JPMorgan Chase & Co. raised its stake in shares of Mayville Engineering by 20.7% during the second quarter. JPMorgan Chase & Co. now owns 7,936 shares of the company’s stock valued at $127,000 after purchasing an additional 1,359 shares in the last quarter. Deutsche Bank AG bought a new stake in shares of Mayville Engineering during the fourth quarter valued at about $154,000. Finally, Boothbay Fund Management LLC acquired a new stake in Mayville Engineering in the fourth quarter worth about $228,000. Institutional investors own 45.44% of the company’s stock.

Wall Street Analyst Weigh In

MEC has been the topic of a number of research analyst reports. Weiss Ratings reissued a “sell (d+)” rating on shares of Mayville Engineering in a research note on Friday, July 10th. DA Davidson boosted their price objective on shares of Mayville Engineering from $32.00 to $36.00 and gave the company a “buy” rating in a research note on Wednesday, July 22nd. Northland Securities set a $40.00 target price on Mayville Engineering in a report on Thursday. Finally, Citigroup upped their price target on Mayville Engineering from $33.00 to $43.00 and gave the stock a “buy” rating in a research note on Monday, July 13th. Four analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Mayville Engineering has a consensus rating of “Moderate Buy” and a consensus price target of $35.75.

About Mayville Engineering

Mayville Engineering Company, Inc (NYSE:MEC) is a U.S.-based industrial manufacturer specializing in engineered metal castings and precision machining services. Headquartered in Mayville, Wisconsin, the company leverages over a century of casting experience to design, produce and finish complex metal components for a broad range of heavy-duty applications.

The company operates two principal business segments: iron castings and steel castings. Its iron segment utilizes green sand and lost-foam molding processes to produce gray and ductile iron components, while the steel segment employs electric-arc furnace technology to manufacture high-strength steel castings.