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

Mayville Engineering (NYSE:MEC) announced its quarterly earnings results on Tuesday. The company reported $0.15 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.03, FiscalAI reports. The business 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 Stock Up 2.2%

NYSE:MEC traded up $0.34 on Tuesday, hitting $16.11. The stock had a trading volume of 903,732 shares, compared to its average volume of 407,807. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.96 and a current ratio of 1.70. The stock has a market cap of $410.83 million, a P/E ratio of -19.18 and a beta of 1.44. Mayville Engineering has a 1 year low of $12.41 and a 1 year high of $38.76. The firm’s fifty day simple moving average is $16.72 and its two-hundred day simple moving average is $22.59.

Insider Activity at Mayville Engineering

In other news, SVP Sean Leuba sold 12,855 shares of the business’s stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $25.44, for a total value of $327,031.20. Following the transaction, the senior vice president owned 6,633 shares in the company, valued at $168,743.52. The trade was a 65.96% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 5.60% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. Northland Securities set a $40.00 price objective on Mayville Engineering in a report on Thursday, August 6th. DA Davidson raised their target price on Mayville Engineering from $32.00 to $36.00 and gave the company a “buy” rating in a report on Wednesday, July 22nd. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Mayville Engineering in a research report on Tuesday, October 6th. Finally, Citigroup upped their price target on Mayville Engineering from $33.00 to $43.00 and gave the stock a “buy” rating in a report on Monday, July 13th. Three research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price 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.