Mayville Engineering (NYSE:MEC) Shares Gap Down – Time to Sell?

Mayville Engineering Company, Inc. (NYSE:MEC)’s stock price gapped down before the market opened on Friday . The stock had previously closed at $27.13, but opened at $26.04. Mayville Engineering shares last traded at $26.1550, with a volume of 8,468 shares.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on MEC shares. Zacks Research upgraded Mayville Engineering from a “strong sell” rating to a “hold” rating in a report on Friday, March 6th. DA Davidson lifted their price target on shares of Mayville Engineering from $23.00 to $32.00 and gave the stock a “buy” rating in a report on Monday, May 11th. Citigroup lifted their price target 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. Weiss Ratings lowered shares of Mayville Engineering from a “hold (c-)” rating to a “sell (d+)” rating in a report on Thursday, March 5th. Finally, Northland Securities set a $30.00 price target on shares of Mayville Engineering in a report on Thursday, May 7th. Four investment 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. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $29.75.

Mayville Engineering Stock Up 0.5%

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 company has a market capitalization of $537.76 million, a P/E ratio of -32.78 and a beta of 1.24. The stock has a 50-day moving average price of $21.59 and a 200-day moving average price of $19.69.

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. Mayville Engineering had a negative net margin of 2.93% and a negative return on equity of 5.77%. The company had revenue of $144.78 million during the quarter, compared to analysts’ expectations of $139.18 million. On average, research analysts predict that Mayville Engineering Company, Inc. will post -0.23 EPS for the current fiscal year.

Insider Activity

In related news, SVP Craig D. Nichols sold 4,000 shares of the company’s stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $23.24, for a total transaction of $92,960.00. Following the sale, the senior vice president owned 146 shares in the company, valued at $3,393.04. This represents a 96.48% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Ryan F. Raber sold 20,000 shares of the company’s stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $26.00, for a total value of $520,000.00. Following the sale, the executive vice president owned 86,970 shares in the company, valued at approximately $2,261,220. The trade was a 18.70% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 54,994 shares of company stock valued at $1,354,295. 5.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Mayville Engineering

Institutional investors and hedge funds have recently made changes to their positions in the business. Clearstead Advisors LLC lifted its position 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 acquiring an additional 1,384 shares during the period. BNP Paribas Financial Markets lifted its position in shares of 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 acquiring an additional 1,435 shares during the period. State of Alaska Department of Revenue acquired a new position in shares of Mayville Engineering during the 4th quarter valued at $73,000. Picton Mahoney Asset Management acquired a new position in shares of Mayville Engineering during the 4th quarter valued at $109,000. Finally, JPMorgan Chase & Co. lifted its position in shares of Mayville Engineering by 20.7% during the 2nd quarter. JPMorgan Chase & Co. now owns 7,936 shares of the company’s stock valued at $127,000 after acquiring an additional 1,359 shares during the period. 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.