Craig Nichols Sells 4,000 Shares of Mayville Engineering (NYSE:MEC) Stock

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

Mayville Engineering Stock Up 1.6%

Shares of NYSE MEC opened at $27.08 on Thursday. Mayville Engineering Company, Inc. has a one year low of $12.10 and a one year high of $28.15. 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 firm’s 50 day simple moving average is $21.41 and its two-hundred day simple moving average is $19.62. The stock has a market capitalization of $554.87 million, a P/E ratio of -33.85 and a beta of 1.24.

Mayville Engineering (NYSE:MEC) last announced its quarterly earnings data on Tuesday, May 5th. The company reported ($0.15) earnings per share for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $144.78 million during the quarter, compared to analyst estimates of $139.18 million. As a group, analysts expect that Mayville Engineering Company, Inc. will post -0.23 EPS for the current fiscal year.

Institutional Investors Weigh In On Mayville Engineering

Several institutional investors have recently added to or reduced their stakes in MEC. Raymond James Financial Inc. increased its position in shares of Mayville Engineering by 3.0% in the third quarter. Raymond James Financial Inc. now owns 25,187 shares of the company’s stock valued at $347,000 after acquiring an additional 740 shares during the period. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Mayville Engineering by 6.2% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 13,792 shares of the company’s stock worth $245,000 after purchasing an additional 800 shares during the period. JPMorgan Chase & Co. grew its stake in shares of Mayville Engineering by 20.7% in the second 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. Clearstead Advisors LLC grew its stake in shares of Mayville Engineering by 194.9% in the fourth quarter. Clearstead Advisors LLC now owns 2,094 shares of the company’s stock worth $39,000 after purchasing an additional 1,384 shares during the last quarter. Finally, BNP Paribas Financial Markets increased its holdings in 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 purchasing an additional 1,435 shares during the period. Hedge funds and other institutional investors own 45.44% of the company’s stock.

Analyst Ratings Changes

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

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.