Mayville Engineering (NYSE:MEC) Announces Quarterly Earnings Results, Beats Expectations By $0.03 EPS

Mayville Engineering (NYSE:MEC) posted its earnings results on Tuesday. The company reported $0.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.12 by $0.03, FiscalAI reports. The firm had revenue of $170.36 million during the quarter, compared to analyst estimates of $165.07 million. Mayville Engineering had a negative net margin of 2.32% and a negative return on equity of 5.34%.

Mayville Engineering Stock Performance

MEC stock traded down $2.29 during midday trading on Thursday, hitting $13.72. The stock had a trading volume of 337,795 shares, compared to its average volume of 411,022. The firm has a market capitalization of $349.89 million, a price-to-earnings ratio of -20.10 and a beta of 1.51. Mayville Engineering has a 52 week low of $12.41 and a 52 week high of $38.76. The stock has a 50-day simple moving average of $16.53 and a 200 day simple moving average of $22.56. The company has a current ratio of 1.70, a quick ratio of 0.96 and a debt-to-equity ratio of 0.39.

Analyst Upgrades and Downgrades

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

About Mayville Engineering

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.