Mayville Engineering (NYSE:MEC) CEO Jagadeesh Reddy Sells 1,300 Shares

Mayville Engineering Company, Inc. (NYSE:MEC) CEO Jagadeesh Reddy sold 1,300 shares of the firm’s stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $35.01, for a total transaction of $45,513.00. Following the completion of the transaction, the chief executive officer directly owned 139,793 shares in the company, valued at approximately $4,894,152.93. The trade was a 0.92% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Mayville Engineering Stock Performance

Shares of MEC traded down $0.70 on Wednesday, reaching $34.04. The company’s stock had a trading volume of 865,996 shares, compared to its average volume of 271,989. 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 $697.54 million, a P/E ratio of -42.55 and a beta of 1.29. The stock’s 50 day simple moving average is $23.92 and its two-hundred day simple moving average is $20.59. Mayville Engineering Company, Inc. has a 12-month low of $12.10 and a 12-month high of $35.22.

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

Institutional Investors Weigh In On Mayville Engineering

Large investors have recently bought and sold shares of the business. BNP Paribas Financial Markets increased its position in Mayville Engineering by 109.0% in the third quarter. BNP Paribas Financial Markets now owns 2,751 shares of the company’s stock worth $38,000 after purchasing an additional 1,435 shares during the last quarter. Clearstead Advisors LLC increased its position in Mayville Engineering by 194.9% in the fourth quarter. Clearstead Advisors LLC now owns 2,094 shares of the company’s stock worth $39,000 after purchasing an additional 1,384 shares during the last quarter. State of Alaska Department of Revenue bought a new stake in Mayville Engineering in the fourth quarter worth $73,000. Picton Mahoney Asset Management bought a new stake in Mayville Engineering in the fourth quarter worth $109,000. Finally, AlphaQuest LLC increased its position in Mayville Engineering by 26.2% in the third quarter. AlphaQuest LLC now owns 8,342 shares of the company’s stock worth $115,000 after purchasing an additional 1,733 shares during the last quarter. Institutional investors own 45.44% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. 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. Northland Securities set a $30.00 price target on shares of Mayville Engineering in a report on Thursday, May 7th. Zacks Research raised shares of Mayville Engineering from a “strong sell” rating to a “hold” rating in a report on Friday, March 6th. Weiss Ratings downgraded shares of Mayville Engineering from a “hold (c-)” rating to a “sell (d+)” rating in a report on Thursday, March 5th. Finally, DA Davidson lifted their price target on shares of Mayville Engineering from $23.00 to $32.00 and gave the company a “buy” rating in a report on Monday, May 11th. Four equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus 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.