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

Mayville Engineering (NYSE:MEC) issued its quarterly earnings results 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 return on equity of 5.81% and a net margin of 1.69%. The firm had revenue of $135.39 million during the quarter, compared to analyst estimates of $157.22 million. During the same period in the prior year, the firm earned $0.21 earnings per share. Mayville Engineering updated its FY 2024 guidance to EPS.

Mayville Engineering Trading Up 4.4 %

MEC stock traded up $0.73 during midday trading on Friday, hitting $17.19. 158,209 shares of the company’s stock were exchanged, compared to its average volume of 93,139. Mayville Engineering has a 1-year low of $10.75 and a 1-year high of $23.02. The business has a 50-day simple moving average of $19.96 and a two-hundred day simple moving average of $17.92. The stock has a market capitalization of $354.46 million, a PE ratio of 31.62 and a beta of 0.97. The company has a current ratio of 1.71, a quick ratio of 0.97 and a debt-to-equity ratio of 0.51.

Insider Transactions at Mayville Engineering

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

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on MEC shares. Northland Capmk lowered shares of Mayville Engineering from a “strong-buy” rating to a “hold” rating in a research report on Thursday. Northland Securities cut shares of Mayville Engineering from an “outperform” rating to a “market perform” rating and lowered their price target for the company 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.