Mayville Engineering (NYSE:MEC) Releases Earnings Results, Misses Estimates By $0.12 EPS

Mayville Engineering (NYSE:MEC) posted its quarterly earnings data on Tuesday. The company reported ($0.40) earnings per share for the quarter, missing analysts’ consensus estimates 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 Trading Up 2.8%

MEC stock traded up $0.63 on Tuesday, hitting $22.78. 363,846 shares of the company were exchanged, compared to its average volume of 120,870. Mayville Engineering has a twelve month low of $12.10 and a twelve month high of $23.63. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.72 and a quick ratio of 0.92. The business’s fifty day moving average is $19.57 and its two-hundred day moving average is $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.

Insider Buying and Selling

In related news, insider Sean P. Leuba sold 6,698 shares of the company’s stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $18.81, for a total transaction of $125,989.38. Following the completion of the transaction, the insider owned 11,841 shares of the company’s stock, valued at approximately $222,729.21. This represents a 36.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 5.60% of the company’s stock.

Hedge Funds Weigh In On Mayville Engineering

Several institutional investors and hedge funds have recently bought and sold shares of MEC. BNP Paribas Financial Markets increased its position in Mayville Engineering by 109.0% during the third quarter. BNP Paribas Financial Markets now owns 2,751 shares of the company’s stock worth $38,000 after purchasing an additional 1,435 shares during the last quarter. Picton Mahoney Asset Management acquired a new position in Mayville Engineering during the fourth quarter worth approximately $109,000. JPMorgan Chase & Co. increased its position in Mayville Engineering by 20.7% during the second quarter. JPMorgan Chase & Co. now owns 7,936 shares of the company’s stock worth $127,000 after purchasing an additional 1,359 shares during the last quarter. Deutsche Bank AG acquired a new position in Mayville Engineering during the fourth quarter worth approximately $154,000. Finally, Boothbay Fund Management LLC acquired a new position in Mayville Engineering during the fourth quarter worth approximately $228,000. Institutional investors and hedge funds own 45.44% of the company’s stock.

Analyst Ratings Changes

MEC has been the subject of a number of analyst reports. Zacks Research raised shares of Mayville Engineering from a “strong sell” rating to a “hold” rating in a research report on Friday, March 6th. Citigroup boosted their price objective on shares of Mayville Engineering from $24.00 to $25.00 and gave the company a “buy” rating in a research report on Thursday, March 5th. DA Davidson boosted their price objective on shares of Mayville Engineering from $21.00 to $23.00 and gave the company a “buy” rating in a research report on Monday, March 9th. Northland Securities raised shares of Mayville Engineering from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $20.00 to $25.00 in a research report on Thursday, March 5th. Finally, Weiss Ratings lowered shares of Mayville Engineering from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Thursday, March 5th. Four 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. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $24.25.

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.