Mayville Engineering (NYSE:MEC) Announces Earnings Results, Misses Estimates By $0.05 EPS

Mayville Engineering (NYSE:MEC) posted its quarterly earnings data 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. Mayville Engineering had a return on equity of 5.81% and a net margin of 1.69%. The company had revenue of $135.39 million for the quarter, compared to analyst estimates of $157.22 million. During the same quarter in the previous year, the firm posted $0.21 EPS. Mayville Engineering updated its FY 2024 guidance to EPS.

Mayville Engineering Stock Down 6.2 %

NYSE MEC traded down $1.09 during trading on Thursday, reaching $16.44. 463,994 shares of the company’s stock were exchanged, compared to its average volume of 92,836. The company has a current ratio of 1.71, a quick ratio of 0.97 and a debt-to-equity ratio of 0.51. Mayville Engineering has a fifty-two week low of $10.75 and a fifty-two week high of $23.02. The company’s fifty day simple moving average is $19.96 and its 200-day simple moving average is $17.92. The firm has a market capitalization of $338.99 million, a PE ratio of 31.62 and a beta of 0.97.

Insider Activity

In related news, CEO Jagadeesh A. Reddy bought 5,903 shares of the business’s stock in a transaction on Thursday, November 7th. The stock was bought at an average price of $16.72 per share, for a total transaction of $98,698.16. Following the transaction, the chief executive officer now directly owns 89,052 shares in the company, valued at $1,488,949.44. This represents a 0.00 % increase 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 link. In other news, CEO Jagadeesh A. Reddy purchased 5,903 shares of the business’s stock in a transaction dated Thursday, November 7th. The stock was bought at an average cost of $16.72 per share, with a total value of $98,698.16. Following the purchase, the chief executive officer now directly owns 89,052 shares of the company’s stock, valued at approximately $1,488,949.44. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Ryan F. Raber sold 21,508 shares of the company’s stock in a transaction on Friday, August 23rd. The stock was 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 of the company’s stock, valued at $1,858,564.95. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 6.40% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Separately, Northland Securities cut shares of Mayville Engineering from an “outperform” rating to a “market perform” rating and lowered their price objective for the stock from $30.00 to $20.00 in a research report 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.