Mayville Engineering (NYSE:MEC) Shares Down 4.9% – Here’s What Happened

Mayville Engineering Company, Inc. (NYSE:MEC) traded down 4.9% on Monday . The company traded as low as $28.33 and last traded at $29.4080. Approximately 101,504 shares traded hands during trading, a decline of 68% from the average daily volume of 321,312 shares. The stock had previously closed at $30.92.

Wall Street Analyst Weigh In

Several research firms recently weighed in on MEC. Citigroup lifted their price target on Mayville Engineering from $33.00 to $43.00 and gave the stock 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 report on Friday, July 10th. DA Davidson lifted their target price on Mayville Engineering from $23.00 to $32.00 and gave the stock a “buy” rating in a report on Monday, May 11th. Finally, Northland Securities set a $30.00 target price on shares of Mayville Engineering in a research report on Thursday, May 7th. Four investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $32.25.

Mayville Engineering Trading Down 6.9%

The company has a debt-to-equity ratio of 0.91, a current ratio of 1.64 and a quick ratio of 0.91. The company has a market capitalization of $589.91 million, a price-to-earnings ratio of -35.99 and a beta of 1.22. The business’s 50-day moving average price is $31.53 and its two-hundred day moving average price is $23.92.

Mayville Engineering (NYSE:MEC) last posted its quarterly earnings data on Tuesday, May 5th. The company reported ($0.15) EPS for the quarter, topping analysts’ consensus estimates of ($0.28) by $0.13. The firm had revenue of $144.78 million for the quarter, compared to analyst estimates of $139.18 million. Mayville Engineering had a negative return on equity of 5.77% and a negative net margin of 2.93%. Research analysts predict that Mayville Engineering Company, Inc. will post -0.08 earnings per share for the current year.

Insider Buying and Selling

In related news, EVP Ryan F. Raber sold 20,000 shares of the business’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $26.00, for a total value of $520,000.00. Following the completion of the transaction, the executive vice president owned 86,970 shares of the company’s stock, valued at $2,261,220. The trade was a 18.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Jagadeesh A. Reddy sold 21,796 shares of the firm’s stock in a transaction dated Thursday, May 7th. The shares were sold at an average price of $25.93, for a total transaction of $565,170.28. Following the completion of the transaction, the chief executive officer directly owned 158,387 shares in the company, valued at approximately $4,106,974.91. This represents a 12.10% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 80,726 shares of company stock worth $2,311,768. Company insiders own 5.60% of the company’s stock.

Institutional Investors Weigh In On Mayville Engineering

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Royce & Associates LP increased its stake in shares of Mayville Engineering by 10.2% in the 4th quarter. Royce & Associates LP now owns 624,307 shares of the company’s stock valued at $11,687,000 after purchasing an additional 57,590 shares during the last quarter. UBS Group AG lifted its position in shares of Mayville Engineering by 38.6% during the 4th quarter. UBS Group AG now owns 146,552 shares of the company’s stock worth $2,743,000 after buying an additional 40,798 shares during the last quarter. Congruence Capital LLC bought a new stake in shares of Mayville Engineering during the 4th quarter worth $3,896,000. North Star Investment Management Corp. acquired a new stake in Mayville Engineering in the first quarter valued at about $538,000. Finally, EVR Research LP bought a new position in Mayville Engineering in the fourth quarter valued at about $11,326,000. 45.44% of the stock is currently owned by institutional investors.

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.