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 on Thursday, June 11th. The shares were sold at an average price of $35.05, for a total value of $549,864.40. Following the sale, the chief executive officer owned 124,105 shares in the company, valued at $4,349,880.25. The trade was a 11.22% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link.

Mayville Engineering Stock Up 0.4%

NYSE MEC opened at $35.61 on Monday. The company has a quick ratio of 0.91, a current ratio of 1.64 and a debt-to-equity ratio of 0.91. The company has a fifty day moving average of $24.94 and a two-hundred day moving average of $21.00. The firm has a market capitalization of $729.73 million, a price-to-earnings ratio of -44.52 and a beta of 1.29. Mayville Engineering Company, Inc. has a 52 week low of $12.10 and a 52 week high of $36.50.

Mayville Engineering (NYSE:MEC) last announced its earnings results on Tuesday, May 5th. The company reported ($0.15) earnings per share for the quarter, beating the consensus estimate of ($0.28) by $0.13. The business 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%. On average, analysts predict that Mayville Engineering Company, Inc. will post -0.14 earnings per share for the current year.

Hedge Funds Weigh In On Mayville Engineering

Several institutional investors have recently bought and sold shares of MEC. Empowered Funds LLC lifted its holdings in Mayville Engineering by 7.3% during the first quarter. Empowered Funds LLC now owns 98,207 shares of the company’s stock worth $1,319,000 after buying an additional 6,694 shares during the period. Jane Street Group LLC raised its position in shares of Mayville Engineering by 158.6% in 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 position in shares of Mayville Engineering by 9.5% in 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. lifted its stake 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 purchasing an additional 1,359 shares during the last quarter. Finally, Rhumbline Advisers lifted its stake 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 purchasing an additional 1,526 shares during the last quarter. 45.44% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on MEC shares. Northland Securities set a $30.00 price objective on Mayville Engineering in a research note on Thursday, May 7th. Zacks Research raised Mayville Engineering from a “strong sell” rating to a “hold” rating in a research report on Friday, March 6th. DA Davidson upped their target price on Mayville Engineering from $23.00 to $32.00 and gave the stock a “buy” rating in a report on Monday, May 11th. Citigroup increased their price target on Mayville Engineering from $25.00 to $33.00 and gave the stock a “buy” rating in a research report on Friday, May 8th. Finally, Weiss Ratings lowered Mayville Engineering from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Thursday, March 5th. Four analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company 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.