In a recent transaction reported to the Securities and Exchange Commission, Todd M. Butz, the Chief Financial Officer of Mayville Engineering Company, Inc. (NYSE:MEC), acquired 1,272 shares of common stock. The shares were purchased at an average price of $15.7853 per share, amounting to a total transaction value of $20,078. Following this acquisition, Butz holds 40,998 shares indirectly through an Employee Stock Ownership Plan (ESOP) and/or 401(k) Plan, as well as 153,906 shares directly.
The report also detailed Butz's holdings in stock options and restricted stock units, which include a variety of exercise prices and expiration dates, but no transactions were noted for these derivative securities in the current filing.
In other recent news, Mayville Engineering Company (MEC) reported its Q3 2024 results in a recent earnings call led by President and CEO Jag Reddy and CFO Todd Butz. The call highlighted the company's strategic priorities, and the leadership's commitment to these objectives despite potential market challenges. Non-GAAP financial measures were also discussed, with reconciliations available on the company's website.
The discussion included forward-looking statements about MEC's future business and financial expectations, though the company acknowledged that actual results may differ due to risks and uncertainties. The company emphasized that these statements will not be updated, except as required by law.
The call also noted that there may be significant differences between projected outcomes and actual results due to acknowledged risks and uncertainties. Despite these potential challenges, MEC remains dedicated to its strategic objectives. These developments are part of the company's recent activities.
InvestingPro Insights
The recent insider purchase by CFO Todd M. Butz aligns with several positive indicators for Mayville Engineering Company (NYSE:MEC) highlighted by InvestingPro. According to InvestingPro Tips, MEC is trading at a low P/E ratio relative to its near-term earnings growth, suggesting potential undervaluation. This is further supported by the company's valuation implying a strong free cash flow yield.
Real-time data from InvestingPro shows that MEC's P/E ratio stands at 28.89, with a PEG ratio of 0.52 for the last twelve months as of Q3 2024. These metrics indicate that the stock may be attractively priced relative to its earnings potential, which could explain the CFO's decision to increase his stake.
Despite the positive outlook, it's worth noting that MEC's stock has taken a significant hit recently, with a 23.41% decline in the past week and a 17.95% drop over the last month. This recent dip might present an opportunity for investors who share the CFO's confidence in the company's prospects.
For those interested in a more comprehensive analysis, InvestingPro offers 10 additional tips for MEC, providing a deeper understanding of the company's financial health and market position.
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