Mayville Engineering (NYSE:MEC) SVP Sells $92,960.00 in Stock

Mayville Engineering Company, Inc. (NYSE:MEC) SVP Craig Nichols sold 4,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $23.24, for a total value of $92,960.00. Following the completion of the transaction, the senior vice president owned 146 shares of the company’s stock, valued at approximately $3,393.04. The trade was a 96.48% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Mayville Engineering Stock Down 3.6%

MEC stock opened at $26.15 on Friday. Mayville Engineering Company, Inc. has a 1-year low of $12.10 and a 1-year high of $28.15. The business has a fifty day moving average price of $21.59 and a 200-day moving average price of $19.69. 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 $535.90 million, a P/E ratio of -32.69 and a beta of 1.24.

Mayville Engineering (NYSE:MEC) last posted its quarterly earnings results 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 return on equity of 5.77% and a negative net margin of 2.93%.The firm had revenue of $144.78 million during the quarter, compared to analysts’ expectations of $139.18 million. Equities analysts forecast that Mayville Engineering Company, Inc. will post -0.23 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts recently commented on MEC shares. Citigroup lifted their price objective on 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 objective on Mayville Engineering in a report on Thursday, May 7th. Zacks Research upgraded Mayville Engineering from a “strong sell” rating to a “hold” rating in a research report on Friday, March 6th. DA Davidson lifted their target price on Mayville Engineering from $23.00 to $32.00 and gave the company a “buy” rating in a research report on Monday, May 11th. Finally, Weiss Ratings downgraded Mayville Engineering from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Thursday, March 5th. Four equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $29.75.

Institutional Investors Weigh In On Mayville Engineering

A number of hedge funds have recently made changes to their positions in MEC. Empowered Funds LLC increased its stake in Mayville Engineering by 7.3% in the 1st quarter. Empowered Funds LLC now owns 98,207 shares of the company’s stock worth $1,319,000 after acquiring an additional 6,694 shares during the last quarter. Jane Street Group LLC raised its holdings in shares of Mayville Engineering by 158.6% during the 1st quarter. Jane Street Group LLC now owns 47,194 shares of the company’s stock worth $634,000 after acquiring an additional 28,946 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Mayville Engineering by 9.5% during the 2nd quarter. Geode Capital Management LLC now owns 318,321 shares of the company’s stock worth $5,081,000 after acquiring an additional 27,552 shares in the last quarter. JPMorgan Chase & Co. raised its holdings 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 worth $127,000 after acquiring an additional 1,359 shares in the last quarter. Finally, Rhumbline Advisers raised its holdings in shares of Mayville Engineering by 8.3% during the 2nd quarter. Rhumbline Advisers now owns 19,969 shares of the company’s stock worth $319,000 after acquiring an additional 1,526 shares in the last quarter. 45.44% of the stock is currently owned by hedge funds and other institutional investors.

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.