Mayville Engineering (NYSE:MEC) Shares Gap Down – Here’s What Happened

Mayville Engineering Company, Inc. (NYSE:MEC)’s stock price gapped down before the market opened on Friday . The stock had previously closed at $27.13, but opened at $26.04. Mayville Engineering shares last traded at $26.1550, with a volume of 8,468 shares traded.

Analyst Ratings Changes

Several analysts recently issued reports on the company. DA Davidson upped their target price on Mayville Engineering from $23.00 to $32.00 and gave the stock a “buy” rating in a report on Monday, May 11th. Weiss Ratings downgraded Mayville Engineering from a “hold (c-)” rating to a “sell (d+)” rating in a report on Thursday, March 5th. Northland Securities set a $30.00 price target on Mayville Engineering in a report on Thursday, May 7th. Citigroup upped their price objective on Mayville Engineering from $25.00 to $33.00 and gave the company a “buy” rating in a report on Friday, May 8th. Finally, Zacks Research raised shares of Mayville Engineering from a “strong sell” rating to a “hold” rating in a report 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 data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $29.75.

Mayville Engineering Stock Performance

The stock has a fifty day simple moving average of $21.59 and a two-hundred day simple moving average of $19.69. The stock has a market cap of $537.76 million, a price-to-earnings ratio of -32.78 and a beta of 1.24. 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 (NYSE:MEC) last issued its earnings results on Tuesday, May 5th. The company reported ($0.15) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.13. The firm had revenue of $144.78 million for the quarter, compared to the consensus estimate 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 -0.23 EPS for the current fiscal year.

Insider Activity at Mayville Engineering

In other news, SVP Craig D. Nichols sold 4,000 shares of the stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $23.24, for a total value of $92,960.00. Following the completion of the transaction, the senior vice president owned 146 shares of the company’s stock, valued at approximately $3,393.04. This represents a 96.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Ryan F. Raber sold 20,000 shares of the stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $26.00, for a total transaction of $520,000.00. Following the completion of the transaction, the executive vice president directly owned 86,970 shares of the company’s stock, valued at $2,261,220. This trade represents a 18.70% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 54,994 shares of company stock worth $1,354,295 over the last three months. 5.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Dimensional Fund Advisors LP increased its holdings 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 worth $16,625,000 after buying an additional 49,041 shares in the last quarter. Royce & Associates LP increased its holdings in shares of Mayville Engineering by 10.2% during the fourth quarter. Royce & Associates LP now owns 624,307 shares of the company’s stock worth $11,687,000 after buying an additional 57,590 shares in the last quarter. EVR Research LP bought a new stake in shares of Mayville Engineering during the fourth quarter worth about $11,326,000. Blair William & Co. IL grew its holdings in shares of Mayville Engineering by 54.8% during the fourth quarter. Blair William & Co. IL now owns 583,759 shares of the company’s stock worth $10,928,000 after purchasing an additional 206,549 shares during the last quarter. Finally, 22NW LP grew its holdings in shares of Mayville Engineering by 3.6% during the fourth quarter. 22NW LP now owns 414,280 shares of the company’s stock worth $7,755,000 after purchasing an additional 14,390 shares during the last quarter. 45.44% of the stock is currently owned by institutional investors and hedge funds.

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.