Mayville Engineering (NYSE:MEC) Issues Earnings Results, Misses Estimates By $0.05 EPS

Mayville Engineering (NYSE:MEC) released its quarterly earnings data on Tuesday. The company reported $0.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.05), Zacks reports. The company had revenue of $135.39 million for the quarter, compared to analyst estimates of $157.22 million. Mayville Engineering had a return on equity of 5.81% and a net margin of 1.69%. During the same quarter in the prior year, the company earned $0.21 earnings per share. Mayville Engineering updated its FY 2024 guidance to EPS.

Mayville Engineering Trading Down 20.0 %

Shares of MEC traded down $4.37 during trading hours on Wednesday, hitting $17.44. 516,775 shares of the stock were exchanged, compared to its average volume of 90,374. The firm has a market capitalization of $359.61 million, a P/E ratio of 28.42 and a beta of 0.97. Mayville Engineering has a fifty-two week low of $10.75 and a fifty-two week high of $23.02. The business has a 50-day moving average of $20.05 and a 200-day moving average of $17.93. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.71 and a quick ratio of 0.97.

Analyst Ratings Changes

Separately, Northland Securities reiterated an “outperform” rating and set a $30.00 price objective on shares of Mayville Engineering in a research report on Tuesday, October 8th.

Insider Buying and Selling

In other Mayville Engineering news, EVP Ryan F. Raber sold 21,508 shares of the firm’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $19.15, for a total value of $411,878.20. Following the transaction, the executive vice president now directly owns 97,053 shares of the company’s stock, valued at approximately $1,858,564.95. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 6.40% of the stock is owned by insiders.

About Mayville Engineering

Mayville Engineering Company, Inc, together with its subsidiaries, engages in the production, design, prototyping and tooling, fabrication, aluminum extrusion, coating, and assembling of aftermarket components in the United States. It also supplies engineered components to original equipment manufacturers.