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 company’s stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $35.01, for a total value of $45,513.00. Following the sale, the chief executive officer owned 139,793 shares of the company’s stock, valued at $4,894,152.93. This trade represents a 0.92% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Mayville Engineering Price Performance

Mayville Engineering stock opened at $34.04 on Thursday. Mayville Engineering Company, Inc. has a 12 month low of $12.10 and a 12 month high of $35.22. 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 business has a 50 day simple moving average of $24.25 and a 200-day simple moving average of $20.73. The stock has a market capitalization of $697.68 million, a PE ratio of -42.55 and a beta of 1.29.

Mayville Engineering (NYSE:MEC) last released its quarterly 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. 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%. Equities analysts predict that Mayville Engineering Company, Inc. will post -0.14 earnings per share for the current year.

Wall Street Analyst Weigh In

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

Institutional Trading of Mayville Engineering

A number of large investors have recently made changes to their positions in the stock. Empowered Funds LLC boosted its stake in shares of Mayville Engineering by 9.8% during the first quarter. Empowered Funds LLC now owns 123,293 shares of the company’s stock valued at $2,213,000 after acquiring an additional 11,035 shares during the last quarter. SummitTX Capital L.P. boosted its stake in shares of Mayville Engineering by 23.7% during the first quarter. SummitTX Capital L.P. now owns 18,696 shares of the company’s stock valued at $336,000 after acquiring an additional 3,578 shares during the last quarter. Granahan Investment Management LLC boosted its stake in shares of Mayville Engineering by 44.7% during the first quarter. Granahan Investment Management LLC now owns 387,470 shares of the company’s stock valued at $6,955,000 after acquiring an additional 119,708 shares during the last quarter. Sei Investments Co. boosted its stake in shares of Mayville Engineering by 47.0% during the first quarter. Sei Investments Co. now owns 122,878 shares of the company’s stock valued at $2,206,000 after acquiring an additional 39,309 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Mayville Engineering by 5.6% during the first quarter. Dimensional Fund Advisors LP now owns 926,216 shares of the company’s stock valued at $16,625,000 after acquiring an additional 49,041 shares during 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.