Mayville Engineering (NYSE:MEC) Posts Quarterly Earnings Results, Beats Expectations By $0.03 EPS

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

Mayville Engineering Trading Up 2.2%

Mayville Engineering stock traded up $0.34 during trading on Tuesday, reaching $16.11. The company had a trading volume of 903,732 shares, compared to its average volume of 407,807. Mayville Engineering has a 12-month low of $12.41 and a 12-month high of $38.76. The stock’s 50 day moving average price is $16.72 and its two-hundred day moving average price is $22.59. The firm has a market capitalization of $410.83 million, a price-to-earnings ratio of -19.18 and a beta of 1.44. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.96 and a current ratio of 1.70.

Insider Buying and Selling

In other Mayville Engineering news, SVP Sean Leuba sold 12,855 shares of the stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $25.44, for a total transaction of $327,031.20. Following the transaction, the senior vice president owned 6,633 shares of the company’s stock, valued at $168,743.52. This trade represents 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. Company insiders own 5.60% of the company’s stock.

Analysts Set New Price Targets

MEC has been the topic of several recent analyst reports. DA Davidson upped their price objective on shares of Mayville Engineering from $32.00 to $36.00 and gave the company a “buy” rating in a research note on Wednesday, July 22nd. Weiss Ratings reiterated a “sell (d+)” rating on shares of Mayville Engineering in a report on Tuesday, October 6th. Citigroup boosted their price target on Mayville Engineering from $33.00 to $43.00 and gave the company a “buy” rating in a report on Monday, July 13th. Finally, Northland Securities set a $40.00 price target on Mayville Engineering in a research note on Thursday, August 6th. Three research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $39.67.

Mayville Engineering Company Profile

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.