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

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

Mayville Engineering Stock Down 9.3 %

MEC traded down $1.63 on Thursday, hitting $15.90. The company had a trading volume of 201,712 shares, compared to its average volume of 91,622. The stock has a market capitalization of $327.86 million, a price-to-earnings ratio of 33.71 and a beta of 0.97. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.97 and a current ratio of 1.71. The stock has a fifty day moving average price of $20.02 and a 200-day moving average price of $17.93. Mayville Engineering has a 12-month low of $10.75 and a 12-month high of $23.02.

Analyst Ratings Changes

Separately, Northland Securities lowered Mayville Engineering from an “outperform” rating to a “market perform” rating and dropped their target price for the company from $30.00 to $20.00 in a research report on Thursday.

Insider Activity

In other Mayville Engineering news, EVP Ryan F. Raber sold 21,508 shares of the firm’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $19.15, for a total value of $411,878.20. Following the completion of the sale, the executive vice president now 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 6.40% of the company’s stock.

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.