Mayville Engineering (NYSE:MEC) Releases Quarterly Earnings Results, Beats Estimates By $0.13 EPS

Mayville Engineering (NYSE:MEC) announced its quarterly earnings results on Tuesday. The company reported ($0.15) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.28) by $0.13, FiscalAI reports. The company had revenue of $144.78 million during the quarter, compared to the consensus estimate of $139.18 million. Mayville Engineering had a negative net margin of 1.48% and a negative return on equity of 2.33%.

Mayville Engineering Stock Performance

MEC stock traded up $0.42 during midday trading on Wednesday, hitting $23.17. 309,249 shares of the company traded hands, compared to its average volume of 159,379. Mayville Engineering has a twelve month low of $12.10 and a twelve month high of $24.38. The company has a quick ratio of 0.92, a current ratio of 1.72 and a debt-to-equity ratio of 0.84. The business has a 50 day simple moving average of $19.57 and a 200-day simple moving average of $18.57. The stock has a market capitalization of $470.71 million, a price-to-earnings ratio of -57.91 and a beta of 1.24.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Zacks Research raised shares of Mayville Engineering from a “strong sell” rating to a “hold” rating in a report on Friday, March 6th. Citigroup boosted their price objective on Mayville Engineering from $24.00 to $25.00 and gave the stock a “buy” rating in a report on Thursday, March 5th. DA Davidson boosted their price objective on Mayville Engineering from $21.00 to $23.00 and gave the stock a “buy” rating in a report on Monday, March 9th. Northland Securities upgraded Mayville Engineering from a “market perform” rating to an “outperform” rating and upped their target price for the company from $20.00 to $25.00 in a report on Thursday, March 5th. Finally, Weiss Ratings downgraded Mayville Engineering from a “hold (c-)” rating to a “sell (d+)” rating in a report on Thursday, March 5th. Four investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $24.25.

Insider Buying and Selling

In other Mayville Engineering news, insider Sean P. Leuba sold 6,698 shares of the stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $18.81, for a total transaction of $125,989.38. Following the transaction, the insider owned 11,841 shares in the company, valued at $222,729.21. This trade represents a 36.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 5.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Mayville Engineering

Several hedge funds have recently modified their holdings of MEC. Empowered Funds LLC boosted its position in shares of Mayville Engineering by 7.3% in the first quarter. Empowered Funds LLC now owns 98,207 shares of the company’s stock valued at $1,319,000 after acquiring an additional 6,694 shares during the period. Jane Street Group LLC lifted its holdings in shares of Mayville Engineering by 158.6% during the first quarter. Jane Street Group LLC now owns 47,194 shares of the company’s stock valued at $634,000 after acquiring an additional 28,946 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Mayville Engineering by 9.5% during the second quarter. Geode Capital Management LLC now owns 318,321 shares of the company’s stock valued at $5,081,000 after acquiring an additional 27,552 shares during the period. JPMorgan Chase & Co. lifted its holdings 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 acquiring an additional 1,359 shares during the period. Finally, Rhumbline Advisers lifted its holdings in shares of Mayville Engineering by 8.3% during the second quarter. Rhumbline Advisers now owns 19,969 shares of the company’s stock valued at $319,000 after acquiring an additional 1,526 shares during the period. 45.44% of the stock is owned by institutional investors.

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.