Mayville Engineering (NYSE:MEC) CEO Sells $565,170.28 in Stock

Mayville Engineering Company, Inc. (NYSE:MEC) CEO Jagadeesh Reddy sold 21,796 shares of the firm’s stock in a transaction on 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 sale, the chief executive officer owned 158,387 shares in the company, valued at $4,106,974.91. The trade was a 12.10% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink.

Mayville Engineering Stock Down 0.1%

Shares of MEC traded down $0.02 during midday trading on Monday, reaching $27.18. The stock had a trading volume of 351,665 shares, compared to its average volume of 164,195. Mayville Engineering Company, Inc. has a 1-year low of $12.10 and a 1-year high of $28.15. The company’s fifty day simple moving average is $19.92 and its two-hundred day simple moving average is $18.92. The company has a market cap of $556.84 million, a price-to-earnings ratio of -33.97 and a beta of 1.24. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.64 and a quick ratio of 0.91.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Dimensional Fund Advisors LP grew its position in Mayville Engineering by 5.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 926,216 shares of the company’s stock worth $16,625,000 after purchasing an additional 49,041 shares during the last quarter. Royce & Associates LP grew its position in Mayville Engineering by 10.2% during the 4th quarter. Royce & Associates LP now owns 624,307 shares of the company’s stock worth $11,687,000 after purchasing an additional 57,590 shares during the last quarter. EVR Research LP purchased a new position in Mayville Engineering during the 4th quarter worth $11,326,000. Blair William & Co. IL grew its position in Mayville Engineering by 54.8% during the 4th quarter. Blair William & Co. IL now owns 583,759 shares of the company’s stock worth $10,928,000 after purchasing an additional 206,549 shares during the last quarter. Finally, 22NW LP grew its position in Mayville Engineering by 3.6% during the 4th quarter. 22NW LP now owns 414,280 shares of the company’s stock worth $7,755,000 after purchasing an additional 14,390 shares during the last quarter. 45.44% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on MEC. Weiss Ratings lowered shares of Mayville Engineering from a “hold (c-)” rating to a “sell (d+)” rating in a report on Thursday, March 5th. Northland Securities set a $30.00 target price on shares of Mayville Engineering in a research report on Thursday. Citigroup increased their target price on shares of Mayville Engineering from $25.00 to $33.00 and gave the company a “buy” rating in a research report on Friday. Zacks Research raised shares of Mayville Engineering from a “strong sell” rating to a “hold” rating in a research report on Friday, March 6th. Finally, DA Davidson increased their target price on shares of Mayville Engineering from $23.00 to $32.00 and gave the company a “buy” rating in a research report on Monday. Four analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Mayville Engineering has a consensus rating of “Moderate Buy” and an average target price of $29.75.

About Mayville Engineering

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.