Mayville Engineering (NYSE:MEC) Announces Quarterly Earnings Results

Mayville Engineering (NYSE:MEC) posted its earnings results on Tuesday. The company reported ($0.40) earnings per share for the quarter, missing the consensus estimate of ($0.28) by ($0.12), Zacks reports. Mayville Engineering had a negative net margin of 1.48% and a negative return on equity of 2.33%.

Mayville Engineering Stock Performance

NYSE:MEC traded up $0.63 during trading hours on Tuesday, hitting $22.78. 363,846 shares of the company traded hands, compared to its average volume of 120,870. The company has a current ratio of 1.72, a quick ratio of 0.92 and a debt-to-equity ratio of 0.84. Mayville Engineering has a twelve month low of $12.10 and a twelve month high of $23.63. The firm has a 50-day moving average of $19.57 and a 200 day moving average of $18.57. The stock has a market capitalization of $462.83 million, a price-to-earnings ratio of -56.94 and a beta of 1.24.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on MEC shares. Zacks Research raised Mayville Engineering from a “strong sell” rating to a “hold” rating in a report on Friday, March 6th. DA Davidson upped their target price on Mayville Engineering from $21.00 to $23.00 and gave the stock a “buy” rating in a research report on Monday, March 9th. Citigroup increased their price target on Mayville Engineering from $24.00 to $25.00 and gave the company a “buy” rating in a report on Thursday, March 5th. Northland Securities raised shares of Mayville Engineering from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $20.00 to $25.00 in a research report on Thursday, March 5th. Finally, Weiss Ratings downgraded shares of Mayville Engineering from a “hold (c-)” rating to a “sell (d+)” rating in a report on Thursday, March 5th. Four investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Mayville Engineering presently has a consensus rating of “Moderate Buy” and a consensus price target of $24.25.

Insider Transactions at Mayville Engineering

In other news, insider Sean P. Leuba sold 2,500 shares of the business’s stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $20.07, for a total transaction of $50,175.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 5.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Mayville Engineering

A number of institutional investors have recently added to or reduced their stakes in MEC. Sei Investments Co. raised its holdings in Mayville Engineering by 7.4% in the 3rd quarter. Sei Investments Co. now owns 55,314 shares of the company’s stock valued at $761,000 after acquiring an additional 3,824 shares in the last quarter. Rothschild Wealth LLC acquired a new stake in shares of Mayville Engineering during the 4th quarter worth approximately $562,000. Invesco Ltd. increased its position in shares of Mayville Engineering by 6.4% during the fourth quarter. Invesco Ltd. now owns 27,870 shares of the company’s stock valued at $522,000 after purchasing an additional 1,679 shares during the period. Wells Fargo & Company MN raised its stake in shares of Mayville Engineering by 34.5% in the fourth quarter. Wells Fargo & Company MN now owns 22,491 shares of the company’s stock valued at $421,000 after purchasing an additional 5,768 shares in the last quarter. Finally, Raymond James Financial Inc. lifted its position in Mayville Engineering by 58.5% in the second quarter. Raymond James Financial Inc. now owns 24,447 shares of the company’s stock worth $390,000 after purchasing an additional 9,026 shares during the period. 45.44% of the stock is owned by institutional investors and hedge funds.

Mayville Engineering Company Profile

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.