We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Mayville Engineering (MEC) Soars 5.3%: Is Further Upside Left in the Stock?
Read MoreHide Full Article
Mayville Engineering (MEC - Free Report) shares rallied 5.3% in the last trading session to close at $17.35. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 1.4% loss over the past four weeks.
The positive inflation report on Jul 11, 2024, most likely induced bullish sentiments among investors. The Bureau of Labor Statistics revealed that the Consumer Price Index (CPI) for June 2024 increased by 3% year-on-year, the lowest level in over three years. Furthermore, this better-than-expected figure suggests the Federal Reserve may start cutting rates this year, moving closer to the 2% target.
This company is expected to post quarterly earnings of $0.17 per share in its upcoming report, which represents a year-over-year change of -15%. Revenues are expected to be $160.38 million, up 15.4% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Mayville Engineering, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on MEC going forward to see if this recent jump can turn into more strength down the road.
Mayville Engineering belongs to the Zacks Engineering - R and D Services industry. Another stock from the same industry, Alfa Laval AB Unsponsored ADR (ALFVY - Free Report) , closed the last trading session 1% higher at $43.17. Over the past month, ALFVY has returned -8%.
Alfa Laval's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.46. Compared to the company's year-ago EPS, this represents a change of +31.4%. Alfa Laval currently boasts a Zacks Rank of #1 (Strong Buy).
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Mayville Engineering (MEC) Soars 5.3%: Is Further Upside Left in the Stock?
Mayville Engineering (MEC - Free Report) shares rallied 5.3% in the last trading session to close at $17.35. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 1.4% loss over the past four weeks.
The positive inflation report on Jul 11, 2024, most likely induced bullish sentiments among investors. The Bureau of Labor Statistics revealed that the Consumer Price Index (CPI) for June 2024 increased by 3% year-on-year, the lowest level in over three years. Furthermore, this better-than-expected figure suggests the Federal Reserve may start cutting rates this year, moving closer to the 2% target.
This company is expected to post quarterly earnings of $0.17 per share in its upcoming report, which represents a year-over-year change of -15%. Revenues are expected to be $160.38 million, up 15.4% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Mayville Engineering, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on MEC going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Mayville Engineering belongs to the Zacks Engineering - R and D Services industry. Another stock from the same industry, Alfa Laval AB Unsponsored ADR (ALFVY - Free Report) , closed the last trading session 1% higher at $43.17. Over the past month, ALFVY has returned -8%.
Alfa Laval's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.46. Compared to the company's year-ago EPS, this represents a change of +31.4%. Alfa Laval currently boasts a Zacks Rank of #1 (Strong Buy).