Mayville Engineering (NYSE:MEC) Releases Quarterly Earnings Results

Mayville Engineering (NYSE:MEC) released its quarterly earnings results on Tuesday. The company reported $0.07 EPS for the quarter, beating the consensus estimate of ($0.05) by $0.12, FiscalAI reports. Mayville Engineering had a negative net margin of 2.93% and a negative return on equity of 5.77%. The business had revenue of $162.98 million for the quarter, compared to analyst estimates of $150.59 million.

Mayville Engineering Trading Up 4.7%

MEC stock traded up $1.24 during midday trading on Tuesday, hitting $27.79. The stock had a trading volume of 835,299 shares, compared to its average volume of 348,671. The company’s 50-day moving average price is $32.20 and its 200 day moving average price is $24.66. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.64 and a quick ratio of 0.91. The firm has a market cap of $569.42 million, a PE ratio of -34.74 and a beta of 1.27. Mayville Engineering has a 12-month low of $12.10 and a 12-month high of $38.76.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on MEC shares. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Mayville Engineering in a research note on Friday, July 10th. Northland Securities set a $30.00 price target on Mayville Engineering in a report on Thursday, May 7th. DA Davidson upped their price objective on Mayville Engineering from $32.00 to $36.00 and gave the company a “buy” rating in a research report on Wednesday, July 22nd. Finally, Citigroup lifted their price objective on Mayville Engineering from $33.00 to $43.00 and gave the stock a “buy” rating in a research report on Monday, July 13th. Four 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. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $33.25.

Insiders Place Their Bets

In other Mayville Engineering news, CEO Jagadeesh A. Reddy sold 21,796 shares of the stock in a transaction on Thursday, May 7th. The stock was sold at an average price of $25.93, for a total transaction of $565,170.28. Following the transaction, the chief executive officer owned 158,387 shares of the company’s stock, valued at $4,106,974.91. This represents a 12.10% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, SVP Craig D. Nichols sold 4,000 shares of the firm’s stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $23.24, for a total value of $92,960.00. Following the sale, the senior vice president owned 146 shares in the company, valued at $3,393.04. This trade represents a 96.48% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 80,726 shares of company stock valued at $2,311,768 in the last quarter. 5.60% of the stock is currently owned by company insiders.

Institutional Trading of Mayville Engineering

A number of hedge funds have recently added to or reduced their stakes in the business. BNP Paribas Financial Markets grew its holdings in Mayville Engineering by 109.0% in the 3rd quarter. BNP Paribas Financial Markets now owns 2,751 shares of the company’s stock valued at $38,000 after buying an additional 1,435 shares during the period. Picton Mahoney Asset Management purchased a new position in shares of Mayville Engineering during the 4th quarter worth about $109,000. JPMorgan Chase & Co. lifted its holdings in shares of Mayville Engineering by 20.7% during the 2nd quarter. JPMorgan Chase & Co. now owns 7,936 shares of the company’s stock worth $127,000 after acquiring an additional 1,359 shares during the period. Deutsche Bank AG acquired a new stake in shares of Mayville Engineering in the fourth quarter worth approximately $154,000. Finally, Boothbay Fund Management LLC purchased a new stake in Mayville Engineering in the fourth quarter valued at approximately $228,000. 45.44% of the stock is owned by institutional investors and hedge funds.

About Mayville Engineering

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.