Mayville Engineering (NYSE:MEC) CEO Sells $549,864.40 in Stock

Mayville Engineering Company, Inc. (NYSE:MEC) CEO Jagadeesh Reddy sold 15,688 shares of the stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $35.05, for a total value of $549,864.40. Following the completion of the sale, the chief executive officer directly owned 124,105 shares in the company, valued at $4,349,880.25. This represents a 11.22% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Mayville Engineering Stock Up 1.1%

MEC stock traded up $0.37 during mid-day trading on Friday, reaching $35.61. The company had a trading volume of 537,290 shares, compared to its average volume of 277,389. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.91 and a current ratio of 1.64. The company has a market capitalization of $729.73 million, a price-to-earnings ratio of -44.52 and a beta of 1.29. The firm has a fifty day simple moving average of $24.59 and a 200 day simple moving average of $20.86. 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 results on Tuesday, May 5th. The company reported ($0.15) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.13. The company had revenue of $144.78 million for the quarter, compared to analyst estimates of $139.18 million. Mayville Engineering had a negative return on equity of 5.77% and a negative net margin of 2.93%. Analysts forecast that Mayville Engineering Company, Inc. will post -0.14 earnings per share for the current fiscal year.

Analysts Set New Price Targets

MEC has been the topic of several research analyst reports. DA Davidson raised their target price on Mayville Engineering from $23.00 to $32.00 and gave the stock a “buy” rating in a research report on Monday, May 11th. Weiss Ratings lowered Mayville Engineering from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Thursday, March 5th. Citigroup raised their target price on Mayville Engineering from $25.00 to $33.00 and gave the stock a “buy” rating in a research report on Friday, May 8th. Northland Securities set a $30.00 target price on Mayville Engineering in a research report on Thursday, May 7th. Finally, Zacks Research raised Mayville Engineering from a “strong sell” rating to a “hold” rating in a research report on Friday, March 6th. 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 company’s stock. Based on data from MarketBeat, Mayville Engineering presently has an average rating of “Moderate Buy” and an average price target of $29.75.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of MEC. BNP Paribas Financial Markets increased its holdings in shares of Mayville Engineering by 109.0% in 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 period. Clearstead Advisors LLC grew its position in Mayville Engineering by 194.9% in the 4th quarter. Clearstead Advisors LLC now owns 2,094 shares of the company’s stock valued at $39,000 after buying an additional 1,384 shares during the last quarter. State of Alaska Department of Revenue purchased a new position in Mayville Engineering in the 4th quarter valued at $73,000. Picton Mahoney Asset Management acquired a new position in Mayville Engineering in the 4th quarter valued at $109,000. Finally, AlphaQuest LLC increased its stake in Mayville Engineering by 26.2% in the 3rd quarter. AlphaQuest LLC now owns 8,342 shares of the company’s stock valued at $115,000 after buying an additional 1,733 shares during the period. Institutional investors and hedge funds own 45.44% of the company’s stock.

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.