Short Interest in Mayville Engineering Company, Inc. (NYSE:MEC) Declines By 17.5%

Mayville Engineering Company, Inc. (NYSE:MEC) was the target of a significant drop in short interest in the month of December. As of December 31st, there was short interest totaling 912,662 shares, a drop of 17.5% from the December 15th total of 1,106,915 shares. Based on an average daily trading volume, of 194,279 shares, the short-interest ratio is presently 4.7 days. Approximately 4.8% of the company’s stock are short sold. Approximately 4.8% of the company’s stock are short sold. Based on an average daily trading volume, of 194,279 shares, the short-interest ratio is presently 4.7 days.

Wall Street Analyst Weigh In

Several brokerages have commented on MEC. Northland Securities lowered Mayville Engineering from an “outperform” rating to a “market perform” rating and set a $20.00 price objective for the company. in a research report on Monday, January 5th. Craig Hallum set a $24.00 price target on shares of Mayville Engineering and gave the stock a “buy” rating in a research note on Tuesday, October 21st. Northland Capmk cut shares of Mayville Engineering from a “strong-buy” rating to a “hold” rating in a research report on Monday, January 5th. Weiss Ratings restated a “hold (c-)” rating on shares of Mayville Engineering in a report on Wednesday, October 8th. Finally, Citigroup raised their target price on shares of Mayville Engineering from $21.00 to $24.00 and gave the company a “buy” rating in a research note on Monday, January 12th. Three analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, Mayville Engineering presently has a consensus rating of “Moderate Buy” and a consensus price target of $22.75.

Mayville Engineering Stock Performance

Shares of Mayville Engineering stock opened at $17.77 on Wednesday. Mayville Engineering has a 1 year low of $11.72 and a 1 year high of $19.82. The firm’s 50-day moving average is $17.69 and its 200 day moving average is $15.96. The stock has a market cap of $361.01 million, a price-to-earnings ratio of 30.63 and a beta of 1.08. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.82 and a quick ratio of 1.04.

Mayville Engineering (NYSE:MEC) last released its quarterly earnings data on Tuesday, November 4th. The company reported $0.10 earnings per share for the quarter, beating analysts’ consensus estimates of $0.05 by $0.05. The business had revenue of $144.31 million during the quarter, compared to analyst estimates of $141.36 million. Mayville Engineering had a net margin of 2.29% and a return on equity of 5.88%. Sell-side analysts anticipate that Mayville Engineering will post 0.31 EPS for the current fiscal year.

Insider Activity

In other Mayville Engineering news, EVP Ryan F. Raber sold 15,000 shares of Mayville Engineering stock in a transaction that occurred on Tuesday, November 25th. The stock was sold at an average price of $16.68, for a total transaction of $250,200.00. Following the sale, the executive vice president directly owned 91,018 shares of the company’s stock, valued at approximately $1,518,180.24. The trade was a 14.15% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Steven L. Fisher sold 10,000 shares of the stock in a transaction that occurred on Thursday, December 11th. The stock was sold at an average price of $19.11, for a total value of $191,100.00. Following the completion of the transaction, the director directly owned 30,482 shares of the company’s stock, valued at $582,511.02. This represents a 24.70% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 7.20% of the company’s stock.

Hedge Funds Weigh In On Mayville Engineering

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Empowered Funds LLC boosted its stake in Mayville Engineering by 7.3% during the 1st quarter. Empowered Funds LLC now owns 98,207 shares of the company’s stock valued at $1,319,000 after purchasing an additional 6,694 shares during the last quarter. Jane Street Group LLC lifted its holdings in shares of Mayville Engineering by 158.6% during the first quarter. Jane Street Group LLC now owns 47,194 shares of the company’s stock valued at $634,000 after purchasing an additional 28,946 shares in the last quarter. Strs Ohio purchased a new stake in shares of Mayville Engineering during the first quarter valued at $450,000. CHICAGO TRUST Co NA bought a new stake in Mayville Engineering in the 2nd quarter worth about $165,000. Finally, Sheets Smith Wealth Management increased its holdings in Mayville Engineering by 1.8% in the 2nd quarter. Sheets Smith Wealth Management now owns 38,585 shares of the company’s stock worth $616,000 after buying an additional 680 shares in the last quarter. 45.44% of the stock is owned by institutional investors.

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.