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Mayville Engineering's chief human resources officer buys $23,850 in stock

Published 2024-11-08, 02:40 p/m
MEC
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In a recent transaction, Rachele Marie Lehr, Chief Human Resources Officer of Mayville Engineering Company, Inc. (NYSE:MEC), acquired 1,500 shares of the company's common stock. The shares were purchased at a price of $15.90 each, amounting to a total value of $23,850. This purchase increases Lehr's total direct ownership to 7,521 shares following the transaction.

Additionally, Lehr holds various restricted stock units and stock options with future vesting dates. These include 1,771 restricted stock units, 7,083 restricted stock units, and 25,682 restricted stock units, which will vest in portions over the next few years. Furthermore, Lehr holds stock options for 24,814 shares at an exercise price of $14.12, with vesting scheduled for February 28, 2024, and February 28, 2025.

In other recent news, Mayville Engineering Company held its third-quarter earnings call for 2024, where President and CEO Jag Reddy and CFO Todd Butz discussed the company's financial performance and strategic objectives. The call included forward-looking statements about MEC's future business and financial expectations, acknowledging that actual results may differ due to various risks and uncertainties. The company did not provide specific financial performance details in the summary but referenced non-GAAP financial measures, with reconciliations available in the quarterly earnings press release on their website.

Despite current market challenges, MEC is focused on advancing its strategic priorities. The leadership affirmed their dedication to the company's strategic objectives, acknowledging potential variations between forecasted and actual results. These developments are part of recent events surrounding Mayville Engineering Company. Remember, the company's progress was framed within the context of various risks and uncertainties, as detailed in their SEC filings, and a commitment to not updating forward-looking statements except as required by law.

InvestingPro Insights

The recent insider purchase by Rachele Marie Lehr comes at an interesting time for Mayville Engineering Company, Inc. (NYSE:MEC). According to InvestingPro data, the company's stock has taken a significant hit over the last week, with a 1-week price total return of -23.41%. This decline might have presented an attractive entry point for insiders like Lehr.

Despite the recent downturn, MEC's financials show some promising signs. The company's revenue for the last twelve months as of Q3 2023 stood at $608.88 million, with a revenue growth of 7.13% over the same period. Moreover, MEC's EBITDA growth was an impressive 28.31%, indicating improved operational efficiency.

InvestingPro Tips highlight that MEC is trading at a low P/E ratio relative to its near-term earnings growth, with a PEG ratio of 0.52 as of Q3 2023. This suggests the stock might be undervalued considering its growth prospects. Additionally, the company's valuation implies a strong free cash flow yield, which could be attractive to value-oriented investors.

It's worth noting that while MEC doesn't pay a dividend, it has been profitable over the last twelve months, and analysts predict continued profitability this year. This financial health is further supported by the fact that MEC's liquid assets exceed its short-term obligations, providing a solid financial foundation.

For investors seeking more comprehensive analysis, InvestingPro offers additional tips and insights on MEC, with a total of 10 tips available for this stock.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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