Mayville Engineering (NYSE:MEC) Announces Quarterly Earnings Results

Mayville Engineering (NYSE:MEC) announced its quarterly earnings results on Tuesday. The company reported $0.15 earnings per share for the quarter, topping analysts’ consensus estimates of $0.12 by $0.03, FiscalAI reports. The company had revenue of $170.36 million during the quarter, compared to analysts’ expectations of $165.07 million. Mayville Engineering had a negative return on equity of 6.63% and a negative net margin of 2.95%.

Mayville Engineering Stock Up 2.2%

MEC stock opened at $16.11 on Wednesday. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.96 and a current ratio of 1.70. Mayville Engineering has a 52-week low of $12.41 and a 52-week high of $38.76. The company has a 50-day moving average of $16.62 and a two-hundred day moving average of $22.57.

Insider Activity

In other news, SVP Sean Leuba sold 12,855 shares of Mayville Engineering stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $25.44, for a total value of $327,031.20. Following the transaction, the senior vice president directly owned 6,633 shares in the company, valued at approximately $168,743.52. The trade was a 65.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 5.60% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. Northland Securities set a $40.00 price objective on Mayville Engineering in a research note on Thursday, August 6th. Citigroup boosted their target price on Mayville Engineering from $33.00 to $43.00 and gave the stock a “buy” rating in a report on Monday, July 13th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Mayville Engineering in a research report on Tuesday, October 6th. Finally, DA Davidson increased their price target on Mayville Engineering from $32.00 to $36.00 and gave the company a “buy” rating in a report on Wednesday, July 22nd. Three research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Mayville Engineering presently has a consensus rating of “Hold” and an average target price of $39.67.

About Mayville Engineering

Mayville Engineering Company, Inc (NYSE:MEC) is a U.S.-based contract manufacturer that provides engineered metal components and assemblies to original equipment manufacturers. Headquartered in Mayville, Wisconsin, the company works with customers from product design and prototyping through production, finishing and assembly.

Its manufacturing capabilities include metal fabrication, precision machining, stamping, tube forming, laser cutting, robotic and manual welding, powder coating, painting and final assembly.