Mayville Engineering (NYSE:MEC) CEO Jagadeesh Reddy Sells 1,300 Shares

Mayville Engineering Company, Inc. (NYSE:MEC) CEO Jagadeesh Reddy sold 1,300 shares of the firm’s stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $35.01, for a total transaction of $45,513.00. Following the completion of the sale, the chief executive officer directly owned 139,793 shares of the company’s stock, valued at approximately $4,894,152.93. This represents a 0.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link.

Mayville Engineering Trading Down 2.0%

Shares of NYSE:MEC traded down $0.70 on Wednesday, hitting $34.04. The company had a trading volume of 865,996 shares, compared to its average volume of 271,989. The firm’s 50-day simple moving average is $23.92 and its two-hundred day simple moving average is $20.59. Mayville Engineering Company, Inc. has a 1 year low of $12.10 and a 1 year high of $35.22. 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 firm has a market capitalization of $697.54 million, a price-to-earnings ratio of -42.55 and a beta of 1.29.

Mayville Engineering (NYSE:MEC) last posted its earnings results on Tuesday, May 5th. The company reported ($0.15) EPS for the quarter, topping the consensus estimate 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 analysts’ expectations of $139.18 million. Equities analysts anticipate that Mayville Engineering Company, Inc. will post -0.14 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. 22NW LP grew its stake in shares of Mayville Engineering by 157.2% in the third quarter. 22NW LP now owns 399,890 shares of the company’s stock worth $5,502,000 after acquiring an additional 244,440 shares during the period. Roubaix Capital LLC grew its stake in shares of Mayville Engineering by 110.3% in the third quarter. Roubaix Capital LLC now owns 212,688 shares of the company’s stock worth $2,927,000 after acquiring an additional 111,550 shares during the period. Royce & Associates LP grew its stake in shares of Mayville Engineering by 10.2% in the fourth quarter. Royce & Associates LP now owns 624,307 shares of the company’s stock worth $11,687,000 after acquiring an additional 57,590 shares during the period. UBS Group AG grew its stake in shares of Mayville Engineering by 38.6% in the fourth quarter. UBS Group AG now owns 146,552 shares of the company’s stock worth $2,743,000 after acquiring an additional 40,798 shares during the period. Finally, CenterBook Partners LP grew its stake in shares of Mayville Engineering by 86.8% in the third quarter. CenterBook Partners LP now owns 177,659 shares of the company’s stock worth $2,445,000 after acquiring an additional 82,573 shares during the period. 45.44% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages recently issued reports on MEC. Weiss Ratings lowered shares of Mayville Engineering from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Thursday, March 5th. Northland Securities set a $30.00 price target on shares of Mayville Engineering in a research note on Thursday, May 7th. DA Davidson increased their price target on shares of Mayville Engineering from $23.00 to $32.00 and gave the stock a “buy” rating in a research note on Monday, May 11th. Citigroup increased their price target on shares of Mayville Engineering from $25.00 to $33.00 and gave the stock a “buy” rating in a research note on Friday, May 8th. Finally, Zacks Research upgraded shares of Mayville Engineering from a “strong sell” rating to a “hold” rating in a research note on Friday, March 6th. Four 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’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $29.75.

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.