Mayville Engineering (NYSE:MEC) Issues Quarterly Earnings Results, Beats Estimates By $0.08 EPS

by · The Markets Daily

Mayville Engineering (NYSE:MEC – Get Free Report) announced its quarterly earnings data on Tuesday. The company reported ($0.08) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.16) by $0.08, FiscalAI reports. Mayville Engineering had a net margin of 2.29% and a return on equity of 5.88%. The business had revenue of $134.27 million for the quarter, compared to the consensus estimate of $132.51 million.

Mayville Engineering Stock Performance

Shares of MEC traded down $0.52 during mid-day trading on Tuesday, reaching $21.02. The company’s stock had a trading volume of 150,376 shares, compared to its average volume of 151,945. The company has a current ratio of 1.82, a quick ratio of 1.04 and a debt-to-equity ratio of 0.87. Mayville Engineering has a 1-year low of $11.72 and a 1-year high of $22.36. The business has a 50-day simple moving average of $19.79 and a two-hundred day simple moving average of $16.95. The stock has a market cap of $427.13 million, a P/E ratio of 36.24 and a beta of 1.08.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on MEC shares. Citigroup boosted their price objective on Mayville Engineering from $21.00 to $24.00 and gave the company a “buy” rating in a research report on Monday, January 12th. Zacks Research cut shares of Mayville Engineering from a “hold” rating to a “strong sell” rating in a research report on Wednesday, January 21st. Northland Securities lowered Mayville Engineering from an “outperform” rating to a “market perform” rating and set a $20.00 price objective on the stock. in a research note on Monday, January 5th. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of Mayville Engineering in a report on Thursday, January 22nd. Three investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $22.75.

Get Our Latest Stock Analysis on Mayville Engineering

Insider Activity at Mayville Engineering

In related news, Director Steven L. Fisher sold 10,000 shares of the business’s stock in a transaction dated Thursday, December 11th. The stock was sold at an average price of $19.11, for a total value of $191,100.00. Following the completion of the transaction, the director owned 30,482 shares of the company’s stock, valued at $582,511.02. The trade was a 24.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 7.20% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of MEC. Franklin Resources Inc. grew its stake in shares of Mayville Engineering by 75.2% in the third quarter. Franklin Resources Inc. now owns 27,778 shares of the company’s stock worth $382,000 after acquiring an additional 11,919 shares during the period. Victory Capital Management Inc. raised its stake in shares of Mayville Engineering by 76.1% in the third quarter. Victory Capital Management Inc. now owns 26,731 shares of the company’s stock worth $368,000 after buying an additional 11,550 shares during the period. Raymond James Financial Inc. lifted 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 valued at $347,000 after purchasing an additional 740 shares in the last quarter. Rhumbline Advisers boosted its holdings in Mayville Engineering by 8.3% in the 2nd quarter. Rhumbline Advisers now owns 19,969 shares of the company’s stock worth $319,000 after buying an additional 1,526 shares during the period. Finally, Johnson Financial Group Inc. purchased a new position in Mayville Engineering in the 4th quarter worth approximately $308,000. Institutional investors and hedge funds own 45.44% of the company’s stock.

About Mayville Engineering

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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.

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