Mayville Engineering Company, Inc. (NYSE:MEC) Short Interest Down 12.7% in January

Mayville Engineering Company, Inc. (NYSE:MEC) was the recipient of a large decrease in short interest in January. As of January 15th, there was short interest totalling 253,400 shares, a decrease of 12.7% from the December 31st total of 290,200 shares. Based on an average daily volume of 128,600 shares, the days-to-cover ratio is presently 2.0 days. Currently, 1.6% of the shares of the stock are sold short.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on MEC. Northland Capmk lowered Mayville Engineering from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 7th. Northland Securities lowered Mayville Engineering from an “outperform” rating to a “market perform” rating and dropped their price target for the stock from $30.00 to $20.00 in a research note on Thursday, November 7th.

Insider Transactions at Mayville Engineering

In other Mayville Engineering news, CEO Jagadeesh A. Reddy purchased 5,903 shares of the business’s stock in a transaction on Thursday, November 7th. The stock was acquired at an average cost of $16.72 per share, for a total transaction of $98,698.16. Following the completion of the transaction, the chief executive officer now directly owns 89,052 shares in the company, valued at approximately $1,488,949.44. This represents a 7.10 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 6.40% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. R Squared Ltd purchased a new position in Mayville Engineering in the 4th quarter worth approximately $40,000. US Bancorp DE purchased a new position in shares of Mayville Engineering in the third quarter worth $60,000. Harvest Fund Management Co. Ltd bought a new position in shares of Mayville Engineering during the third quarter valued at $62,000. Quantbot Technologies LP purchased a new stake in shares of Mayville Engineering during the third quarter valued at $70,000. Finally, Point72 Asset Management L.P. bought a new stake in Mayville Engineering in the 3rd quarter worth about $95,000. Institutional investors own 45.44% of the company’s stock.

Mayville Engineering Price Performance

MEC opened at $15.83 on Friday. Mayville Engineering has a 12-month low of $11.07 and a 12-month high of $23.02. The company has a market cap of $326.73 million, a price-to-earnings ratio of 26.83 and a beta of 0.91. The stock has a fifty day simple moving average of $16.13 and a two-hundred day simple moving average of $18.14. The company has a current ratio of 1.77, a quick ratio of 0.91 and a debt-to-equity ratio of 0.47.

Mayville Engineering (NYSE:MEC) last announced its quarterly earnings data on Tuesday, November 5th. The company reported $0.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.05). Mayville Engineering had a net margin of 2.01% and a return on equity of 5.20%. The company had revenue of $135.39 million for the quarter, compared to analysts’ expectations of $157.22 million. During the same quarter in the previous year, the firm posted $0.21 EPS. Research analysts predict that Mayville Engineering will post 0.31 earnings per share for the current fiscal year.

Mayville Engineering Company Profile

Mayville Engineering Company, Inc, together with its subsidiaries, engages in the production, design, prototyping and tooling, fabrication, aluminum extrusion, coating, and assembling of aftermarket components in the United States. It also supplies engineered components to original equipment manufacturers.