Jagadeesh Reddy Sells 15,688 Shares of Mayville Engineering (NYSE:MEC) 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 stock was sold at an average price of $35.05, for a total value of $549,864.40. Following the transaction, the chief executive officer owned 124,105 shares of the company’s stock, valued at approximately $4,349,880.25. This represents a 11.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

Mayville Engineering Trading Up 1.1%

Shares of NYSE MEC traded up $0.37 during mid-day trading on Friday, reaching $35.61. 537,290 shares of the company’s stock were exchanged, compared to its average volume of 277,389. The firm has a market capitalization of $729.73 million, a price-to-earnings ratio of -44.52 and a beta of 1.29. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.91 and a current ratio of 1.64. Mayville Engineering Company, Inc. has a 52-week low of $12.10 and a 52-week high of $36.50. The company’s 50-day moving average is $24.59 and its 200-day moving average is $20.86.

Mayville Engineering (NYSE:MEC) last released its quarterly earnings results 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. The business had revenue of $144.78 million during the quarter, compared to analysts’ expectations of $139.18 million. Mayville Engineering had a negative return on equity of 5.77% and a negative net margin of 2.93%. Analysts expect that Mayville Engineering Company, Inc. will post -0.14 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

MEC has been the subject of a number of research analyst reports. Citigroup raised their target price on Mayville Engineering from $25.00 to $33.00 and gave the company a “buy” rating in a report on Friday, May 8th. DA Davidson raised their target price on Mayville Engineering from $23.00 to $32.00 and gave the company a “buy” rating in a report on Monday, May 11th. Zacks Research upgraded Mayville Engineering from a “strong sell” rating to a “hold” rating in a report on Friday, March 6th. Weiss Ratings cut Mayville Engineering from a “hold (c-)” rating to a “sell (d+)” rating in a report on Thursday, March 5th. Finally, Northland Securities set a $30.00 target price on Mayville Engineering in a report on Thursday, May 7th. Four research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $29.75.

Institutional Investors Weigh In On Mayville Engineering

Hedge funds have recently bought and sold shares of the stock. Clearstead Advisors LLC raised its position in Mayville Engineering by 194.9% in the 4th quarter. Clearstead Advisors LLC now owns 2,094 shares of the company’s stock valued at $39,000 after purchasing an additional 1,384 shares in the last quarter. BNP Paribas Financial Markets raised its position in Mayville Engineering by 109.0% in 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 in the last quarter. State of Alaska Department of Revenue acquired a new stake in Mayville Engineering in the 4th quarter valued at about $73,000. Picton Mahoney Asset Management acquired a new stake in Mayville Engineering in the 4th quarter valued at about $109,000. Finally, JPMorgan Chase & Co. raised its position 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 purchasing an additional 1,359 shares in the last quarter. Institutional investors and hedge funds own 45.44% of the company’s stock.

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.