Insider Selling: Mayville Engineering (NYSE:MEC) EVP Sells 20,000 Shares of Stock

Mayville Engineering Company, Inc. (NYSE:MEC) EVP Ryan Raber sold 20,000 shares of the firm’s stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $26.00, for a total value of $520,000.00. Following the completion of the sale, the executive vice president directly owned 86,970 shares in the company, valued at $2,261,220. This trade represents a 18.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Mayville Engineering Price Performance

NYSE:MEC traded up $0.43 during trading hours on Wednesday, hitting $27.08. The company’s stock had a trading volume of 474,293 shares, compared to its average volume of 217,085. The stock has a fifty day simple moving average of $21.22 and a 200-day simple moving average of $19.55. The company has a market capitalization of $554.98 million, a P/E ratio of -33.85 and a beta of 1.24. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.64 and a quick ratio of 0.91. Mayville Engineering Company, Inc. has a twelve month low of $12.10 and a twelve month high of $28.15.

Mayville Engineering (NYSE:MEC) last announced its quarterly earnings results on Tuesday, May 5th. The company reported ($0.15) EPS for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $139.18 million. On average, analysts anticipate that Mayville Engineering Company, Inc. will post -0.23 EPS for the current fiscal year.

Analysts Set New Price Targets

MEC has been the topic of a number of recent research reports. Northland Securities set a $30.00 price target 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 note on Friday, March 6th. DA Davidson lifted their price target on Mayville Engineering from $23.00 to $32.00 and gave the company a “buy” rating in a research note on Monday, May 11th. Weiss Ratings lowered Mayville Engineering from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Thursday, March 5th. Finally, Citigroup lifted their price target on Mayville Engineering from $25.00 to $33.00 and gave the company a “buy” rating in a research note on Friday, May 8th. Four investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Mayville Engineering presently has an average rating of “Moderate Buy” and a consensus price target of $29.75.

Hedge Funds Weigh In On Mayville Engineering

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