Mayville Engineering (NYSE:MEC) Announces Earnings Results

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

Mayville Engineering Stock Up 2.2%

Mayville Engineering stock traded up $0.34 during midday trading on Tuesday, reaching $16.11. The stock 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 company has a market capitalization of $410.83 million, a P/E ratio of -19.18 and a beta of 1.44. The company has a fifty day moving average price of $16.72 and a two-hundred day moving average price of $22.59. The company has a current ratio of 1.70, a quick ratio of 0.96 and a debt-to-equity ratio of 0.39.

Wall Street Analyst Weigh In

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

Insiders Place Their Bets

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 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 approximately $168,743.52. This represents a 65.96% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 5.60% of the company’s stock.

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.