Mayville Engineering (NYSE:MEC) Issues Earnings Results

Mayville Engineering (NYSE:MECGet Free Report) announced its quarterly earnings data on Tuesday. The company reported ($0.08) EPS for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.08, FiscalAI reports. The company had revenue of $134.27 million during the quarter, compared to the consensus estimate of $132.51 million. Mayville Engineering had a negative net margin of 1.48% and a negative return on equity of 2.31%.

Mayville Engineering Stock Down 8.1%

Mayville Engineering stock opened at $19.41 on Thursday. The company’s 50-day moving average price is $19.83 and its two-hundred day moving average price is $17.01. The company has a quick ratio of 1.04, a current ratio of 1.82 and a debt-to-equity ratio of 0.87. The stock has a market cap of $394.41 million, a P/E ratio of -48.52 and a beta of 1.08. Mayville Engineering has a twelve month low of $11.72 and a twelve month high of $22.36.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on MEC. Weiss Ratings reiterated a “hold (c-)” rating on shares of Mayville Engineering in a research note on Thursday, January 22nd. 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. Zacks Research cut Mayville Engineering from a “hold” rating to a “strong sell” rating in a research report on Wednesday, January 21st. Finally, Citigroup lifted their target price on Mayville Engineering from $21.00 to $24.00 and gave the stock a “buy” rating in a research note on Monday, January 12th. Three equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Mayville Engineering has an average rating of “Hold” and an average target price of $22.75.

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Mayville Engineering News Summary

Here are the key news stories impacting Mayville Engineering this week:

Insider Activity

In related news, Director Steven L. Fisher sold 10,000 shares of Mayville Engineering stock in a transaction that occurred on Thursday, December 11th. The stock was sold at an average price of $19.11, for a total transaction of $191,100.00. Following the completion of the sale, the director directly owned 30,482 shares of the company’s stock, valued at approximately $582,511.02. This trade represents a 24.70% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 7.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Empowered Funds LLC lifted its holdings in shares of Mayville Engineering by 7.3% during the first quarter. Empowered Funds LLC now owns 98,207 shares of the company’s stock worth $1,319,000 after buying an additional 6,694 shares in the last quarter. Jane Street Group LLC increased its position in Mayville Engineering by 158.6% during the first quarter. Jane Street Group LLC now owns 47,194 shares of the company’s stock worth $634,000 after acquiring an additional 28,946 shares during the period. Geode Capital Management LLC increased its position in Mayville Engineering by 9.5% during the second quarter. Geode Capital Management LLC now owns 318,321 shares of the company’s stock worth $5,081,000 after acquiring an additional 27,552 shares during the period. JPMorgan Chase & Co. raised its stake in Mayville Engineering by 20.7% in the 2nd quarter. JPMorgan Chase & Co. now owns 7,936 shares of the company’s stock worth $127,000 after purchasing an additional 1,359 shares in the last quarter. Finally, 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 valued at $319,000 after purchasing an additional 1,526 shares during the period. Institutional investors own 45.44% of the company’s stock.

Mayville Engineering Company Profile

(Get Free Report)

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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Earnings History for Mayville Engineering (NYSE:MEC)

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