Mayville Engineering (NYSE:MEC) Sees Large Volume Increase – Still a Buy?

Mayville Engineering Company, Inc. (NYSE:MEC) shares saw unusually-high trading volume on Friday . Approximately 677,075 shares traded hands during trading, an increase of 113% from the previous session’s volume of 318,458 shares.The stock last traded at $31.21 and had previously closed at $32.50.

Analysts Set New Price Targets

A number of research firms recently weighed in on MEC. DA Davidson increased their price objective 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. Northland Securities set a $30.00 target price on shares of Mayville Engineering in a research report on Thursday, May 7th. Citigroup raised their price target on shares of Mayville Engineering from $33.00 to $43.00 and gave the company a “buy” rating in a research note on Monday. Finally, Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Mayville Engineering in a report on Friday, July 10th. Four analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $32.25.

Mayville Engineering Stock Performance

The company has a market cap of $635.80 million, a P/E ratio of -38.81 and a beta of 1.22. 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 50 day moving average price of $31.46 and a 200-day moving average price of $23.84.

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. The business had revenue of $144.78 million during 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%. Equities analysts expect that Mayville Engineering Company, Inc. will post -0.08 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, SVP Craig D. 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 transaction of $92,960.00. Following the transaction, the senior vice president owned 146 shares in the company, valued at $3,393.04. This trade represents a 96.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Jagadeesh A. Reddy sold 15,688 shares of the company’s stock in a transaction that occurred on Thursday, June 11th. The stock was 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 owned 124,105 shares of the company’s stock, valued at $4,349,880.25. This trade represents a 11.22% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 80,726 shares of company stock worth $2,311,768. 5.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Mayville Engineering

Several hedge funds have recently modified their holdings of the company. Clearstead Advisors LLC raised its stake in shares of Mayville Engineering by 194.9% in the 4th quarter. Clearstead Advisors LLC now owns 2,094 shares of the company’s stock worth $39,000 after buying an additional 1,384 shares in the last quarter. BNP Paribas Financial Markets grew its holdings in Mayville Engineering by 109.0% during the third quarter. BNP Paribas Financial Markets now owns 2,751 shares of the company’s stock worth $38,000 after acquiring an additional 1,435 shares during the period. State of Alaska Department of Revenue acquired a new position in Mayville Engineering during the fourth quarter worth about $73,000. Picton Mahoney Asset Management bought a new stake in Mayville Engineering in the fourth quarter worth about $109,000. Finally, JPMorgan Chase & Co. lifted its holdings in Mayville Engineering by 20.7% in 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 last quarter. 45.44% of the stock is currently owned by institutional investors and hedge funds.

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.