Mayville Engineering (NYSE:MEC) Announces Quarterly 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 analysts’ consensus estimates of $0.19 by ($0.05), Zacks reports. Mayville Engineering had a net margin of 1.69% and a return on equity of 5.81%. The firm had revenue of $135.39 million for the quarter, compared to analysts’ expectations of $157.22 million. During the same quarter in the prior year, the business earned $0.21 EPS. Mayville Engineering updated its FY 2024 guidance to EPS.

Mayville Engineering Stock Up 3.4 %

Shares of MEC traded up $0.56 during midday trading on Friday, hitting $17.02. The stock had a trading volume of 174,573 shares, compared to its average volume of 93,214. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.71 and a quick ratio of 0.97. The firm has a market cap of $350.95 million, a price-to-earnings ratio of 31.62 and a beta of 0.97. Mayville Engineering has a twelve month low of $10.75 and a twelve month high of $23.02. The company has a 50 day simple moving average of $19.96 and a two-hundred day simple moving average of $17.92.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on MEC shares. Northland Capmk lowered Mayville Engineering from a “strong-buy” rating to a “hold” rating in a research note on Thursday. Northland Securities downgraded shares of Mayville Engineering from an “outperform” rating to a “market perform” rating and dropped their price target for the stock from $30.00 to $20.00 in a research note on Thursday.

Insider Transactions at Mayville Engineering

In other news, EVP Ryan F. Raber sold 21,508 shares of the company’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $19.15, for a total value of $411,878.20. Following the sale, the executive vice president now directly owns 97,053 shares of the company’s stock, valued at approximately $1,858,564.95. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Jagadeesh A. Reddy purchased 5,903 shares of the company’s stock in a transaction that occurred on Thursday, November 7th. The stock was acquired at an average price of $16.72 per share, with a total value of $98,698.16. Following the completion of the purchase, the chief executive officer now directly owns 89,052 shares in the company, valued at $1,488,949.44. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Ryan F. Raber sold 21,508 shares of the company’s stock in a transaction that occurred 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 sale, the executive vice president now directly owns 97,053 shares of the company’s stock, valued at approximately $1,858,564.95. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 6.40% of the company’s stock.

About Mayville Engineering

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.