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

Mayville Engineering Company, Inc. (NYSE:MEC)’s stock price gapped down prior to trading on Monday . The stock had previously closed at $35.21, but opened at $33.67. Mayville Engineering shares last traded at $33.95, with a volume of 64,267 shares trading hands.

Analyst Upgrades and Downgrades

MEC has been the topic of a number of recent analyst reports. DA Davidson lifted their target price on Mayville Engineering from $23.00 to $32.00 and gave the stock a “buy” rating in a research note on Monday, May 11th. Northland Securities set a $30.00 price target on shares of Mayville Engineering in a research report on Thursday, May 7th. Finally, Citigroup raised their price objective on shares of Mayville Engineering from $25.00 to $33.00 and gave the stock a “buy” rating in a report on Friday, May 8th. Four research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Mayville Engineering presently has an average rating of “Moderate Buy” and a consensus target price of $29.75.

Mayville Engineering Trading Down 3.9%

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 firm has a fifty day simple moving average of $29.99 and a two-hundred day simple moving average of $23.11. The firm has a market capitalization of $677.62 million, a P/E ratio of -41.34 and a beta of 1.22.

Mayville Engineering (NYSE:MEC) last issued its earnings results on Tuesday, May 5th. The company reported ($0.15) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.28) by $0.13. Mayville Engineering had a negative return on equity of 5.77% and a negative net margin of 2.93%.The firm had revenue of $144.78 million for the quarter, compared to analyst estimates of $139.18 million. On average, equities research analysts anticipate that Mayville Engineering Company, Inc. will post -0.08 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Jagadeesh A. Reddy sold 21,796 shares of the company’s stock in a transaction that occurred 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 sale, 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 position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Ryan F. Raber sold 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $26.00, for a total transaction of $520,000.00. Following the completion of the transaction, the executive vice president directly owned 86,970 shares of the company’s stock, valued at approximately $2,261,220. This trade represents a 18.70% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 80,726 shares of company stock worth $2,311,768 over the last quarter. 5.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Mayville Engineering

Several institutional investors have recently made changes to their positions in the stock. Clearstead Advisors LLC raised its stake in shares of Mayville Engineering by 194.9% during the 4th 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 period. BNP Paribas Financial Markets grew its holdings in Mayville Engineering by 109.0% during the 3rd quarter. BNP Paribas Financial Markets now owns 2,751 shares of the company’s stock valued at $38,000 after buying an additional 1,435 shares in the last quarter. State of Alaska Department of Revenue bought a new stake in shares of Mayville Engineering during the fourth quarter valued at about $73,000. Picton Mahoney Asset Management bought a new stake in shares of Mayville Engineering during the fourth quarter valued at about $109,000. Finally, JPMorgan Chase & Co. lifted its holdings in shares of Mayville Engineering by 20.7% in the second quarter. JPMorgan Chase & Co. now owns 7,936 shares of the company’s stock worth $127,000 after buying an additional 1,359 shares in the last quarter. Hedge funds and other institutional investors own 45.44% of the company’s stock.

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.