Mayville Engineering (NYSE:MEC) CEO Sells $45,513.00 in Stock

Mayville Engineering Company, Inc. (NYSE:MEC) CEO Jagadeesh Reddy sold 1,300 shares of the company’s stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $35.01, for a total value of $45,513.00. Following the transaction, the chief executive officer directly owned 139,793 shares of the company’s stock, valued at $4,894,152.93. This represents a 0.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Mayville Engineering Stock Up 1.1%

MEC stock opened at $35.61 on Friday. 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 stock has a market capitalization of $729.73 million, a P/E ratio of -44.52 and a beta of 1.29. The business has a 50-day moving average of $24.94 and a 200-day moving average of $20.97. Mayville Engineering Company, Inc. has a fifty-two week low of $12.10 and a fifty-two week high of $36.50.

Mayville Engineering (NYSE:MEC) last posted its quarterly earnings data on Tuesday, May 5th. The company reported ($0.15) earnings per share for the quarter, topping the consensus estimate of ($0.28) by $0.13. The company had revenue of $144.78 million during the quarter, compared to analysts’ expectations of $139.18 million. Mayville Engineering had a negative return on equity of 5.77% and a negative net margin of 2.93%. On average, sell-side analysts anticipate that Mayville Engineering Company, Inc. will post -0.14 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Clearstead Advisors LLC boosted its position in Mayville Engineering by 194.9% during the fourth quarter. Clearstead Advisors LLC now owns 2,094 shares of the company’s stock valued at $39,000 after purchasing an additional 1,384 shares during the last quarter. BNP Paribas Financial Markets boosted its position in Mayville Engineering by 109.0% during the third quarter. BNP Paribas Financial Markets now owns 2,751 shares of the company’s stock valued at $38,000 after purchasing an additional 1,435 shares during the last quarter. State of Alaska Department of Revenue acquired a new position in Mayville Engineering during the fourth quarter valued at approximately $73,000. Picton Mahoney Asset Management acquired a new position in Mayville Engineering during the fourth quarter valued at approximately $109,000. Finally, JPMorgan Chase & Co. boosted its position in Mayville Engineering by 20.7% during the second quarter. JPMorgan Chase & Co. now owns 7,936 shares of the company’s stock valued at $127,000 after purchasing an additional 1,359 shares during the last quarter. 45.44% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. Citigroup upped their price objective on Mayville Engineering from $25.00 to $33.00 and gave the stock a “buy” rating in a research report on Friday, May 8th. Weiss Ratings lowered Mayville Engineering from a “hold (c-)” rating to a “sell (d+)” rating in a report on Thursday, March 5th. Zacks Research raised Mayville Engineering from a “strong sell” rating to a “hold” rating in a research report on Friday, March 6th. Northland Securities set a $30.00 price target on Mayville Engineering in a research report on Thursday, May 7th. Finally, DA Davidson increased their price target on Mayville Engineering from $23.00 to $32.00 and gave the company a “buy” rating in a research report on Monday, May 11th. Four investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $29.75.

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.