Mayville Engineering Company, Inc. (NYSE:MEC) Sees Significant Decrease in Short Interest

Mayville Engineering Company, Inc. (NYSE:MEC) saw a large decline in short interest in the month of December. As of December 31st, there was short interest totaling 912,662 shares, a decline of 17.5% from the December 15th total of 1,106,915 shares. Currently, 4.8% of the company’s shares are sold short. Based on an average daily trading volume, of 194,279 shares, the days-to-cover ratio is currently 4.7 days. Based on an average daily trading volume, of 194,279 shares, the days-to-cover ratio is currently 4.7 days. Currently, 4.8% of the company’s shares are sold short.

Mayville Engineering Price Performance

Shares of NYSE MEC opened at $18.60 on Monday. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.82 and a quick ratio of 1.04. Mayville Engineering has a 1-year low of $11.72 and a 1-year high of $19.82. The company has a market capitalization of $377.93 million, a price-to-earnings ratio of 32.07 and a beta of 1.08. The business has a 50-day moving average of $17.63 and a 200-day moving average of $15.94.

Mayville Engineering (NYSE:MEC) last released its quarterly earnings results on Tuesday, November 4th. The company reported $0.10 EPS for the quarter, topping the consensus estimate of $0.05 by $0.05. Mayville Engineering had a return on equity of 5.88% and a net margin of 2.29%.The firm had revenue of $144.31 million for the quarter, compared to analyst estimates of $141.36 million. On average, equities analysts anticipate that Mayville Engineering will post 0.31 EPS for the current fiscal year.

Analysts Set New Price Targets

MEC has been the subject of a number of research analyst reports. Northland Capmk downgraded Mayville Engineering from a “strong-buy” rating to a “hold” rating in a report on Monday, January 5th. Citigroup boosted their price target on Mayville Engineering from $21.00 to $24.00 and gave the company a “buy” rating in a research report on Monday, January 12th. Northland Securities downgraded Mayville Engineering from an “outperform” rating to a “market perform” rating and set a $20.00 price objective on the stock. in a report on Monday, January 5th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Mayville Engineering in a report on Wednesday, October 8th. Finally, Craig Hallum set a $24.00 target price on shares of Mayville Engineering and gave the stock a “buy” rating in a research report on Tuesday, October 21st. Three investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $22.75.

Insider Activity

In other news, EVP Ryan F. Raber sold 15,000 shares of the company’s stock in a transaction dated Tuesday, November 25th. The shares were sold at an average price of $16.68, for a total transaction of $250,200.00. Following the completion of the transaction, the executive vice president owned 91,018 shares of the company’s stock, valued at $1,518,180.24. This represents a 14.15% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Steven L. Fisher sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, December 11th. The stock was sold at an average price of $19.11, for a total transaction of $191,100.00. Following the completion of the sale, the director directly owned 30,482 shares in the company, valued at $582,511.02. This represents a 24.70% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 7.20% of the stock is owned by insiders.

Institutional Investors Weigh In On Mayville Engineering

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MEC. BNP Paribas Financial Markets boosted its position in Mayville Engineering by 109.0% in 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 during the last quarter. AlphaQuest LLC boosted its holdings in Mayville Engineering by 26.2% in the third quarter. AlphaQuest LLC now owns 8,342 shares of the company’s stock valued at $115,000 after purchasing an additional 1,733 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in Mayville Engineering by 20.7% in 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. CHICAGO TRUST Co NA acquired a new stake in Mayville Engineering during the 2nd quarter valued at approximately $165,000. Finally, Public Employees Retirement System of Ohio increased its holdings in Mayville Engineering by 54.0% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 16,689 shares of the company’s stock worth $230,000 after purchasing an additional 5,855 shares during 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.