Mayville Engineering (NYSE:MEC) Announces Earnings Results, Beats Expectations By $0.12 EPS

Mayville Engineering (NYSE:MEC) posted its quarterly earnings data on Tuesday. The company reported $0.07 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.12, FiscalAI reports. The business had revenue of $162.98 million during the quarter, compared to the consensus estimate of $150.59 million. Mayville Engineering had a negative return on equity of 5.77% and a negative net margin of 2.93%.

Mayville Engineering Trading Up 4.7%

NYSE MEC traded up $1.24 during mid-day trading on Tuesday, reaching $27.79. 835,302 shares of the stock were exchanged, compared to its average volume of 348,746. Mayville Engineering has a one year low of $12.10 and a one year high of $38.76. The stock has a 50 day simple moving average of $32.20 and a 200-day simple moving average of $24.66. The stock has a market cap of $569.42 million, a P/E ratio of -34.74 and a beta of 1.27. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.64 and a quick ratio of 0.91.

Wall Street Analyst Weigh In

MEC has been the topic of several recent research reports. Citigroup lifted 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 reissued a “sell (d+)” rating on shares of Mayville Engineering in a research note on Friday, July 10th. Northland Securities set a $30.00 price objective on Mayville Engineering in a research report on Thursday, May 7th. Finally, DA Davidson lifted their price objective on Mayville Engineering from $32.00 to $36.00 and gave the stock a “buy” rating in a research note on Wednesday, July 22nd. Four investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Mayville Engineering currently has an average rating of “Moderate Buy” and a consensus target price of $33.25.

Insider Activity at Mayville Engineering

In other Mayville Engineering news, EVP Ryan F. Raber sold 20,000 shares of the company’s stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $26.00, for a total transaction of $520,000.00. Following the sale, the executive vice president owned 86,970 shares of the company’s stock, valued at approximately $2,261,220. This represents a 18.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Jagadeesh A. Reddy sold 21,796 shares of Mayville Engineering stock in a transaction dated Thursday, May 7th. The stock was sold at an average price of $25.93, for a total value of $565,170.28. Following the completion of the transaction, the chief executive officer directly owned 158,387 shares of the company’s stock, valued at approximately $4,106,974.91. This trade represents a 12.10% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 80,726 shares of company stock worth $2,311,768 over the last quarter. Company insiders own 5.60% of the company’s stock.

Hedge Funds Weigh In On Mayville Engineering

Several institutional investors have recently added to or reduced their stakes in the business. Raymond James Financial Inc. grew its holdings in Mayville Engineering by 3.0% during the third quarter. Raymond James Financial Inc. now owns 25,187 shares of the company’s stock worth $347,000 after buying an additional 740 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in Mayville Engineering by 20.7% during the 2nd 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 in the last quarter. BNP Paribas Financial Markets lifted its stake in Mayville Engineering by 109.0% during the 3rd quarter. BNP Paribas Financial Markets now owns 2,751 shares of the company’s stock valued at $38,000 after acquiring an additional 1,435 shares in the last quarter. Rhumbline Advisers lifted its stake in Mayville Engineering by 8.3% during the 2nd quarter. Rhumbline Advisers now owns 19,969 shares of the company’s stock valued at $319,000 after acquiring an additional 1,526 shares in the last quarter. Finally, Invesco Ltd. boosted its holdings in Mayville Engineering by 6.4% during the 4th quarter. Invesco Ltd. now owns 27,870 shares of the company’s stock worth $522,000 after acquiring an additional 1,679 shares during the last quarter. 45.44% of the stock is owned by institutional investors and hedge funds.

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.