Insider Buying: Mayville Engineering Company, Inc. (NYSE:MEC) CFO Buys 10,000 Shares of Stock

Mayville Engineering Company, Inc. (NYSE:MEC) CFO Todd M. Butz bought 10,000 shares of the stock in a transaction on Wednesday, October 30th. The stock was purchased at an average price of $10.21 per share, for a total transaction of $102,100.00.

NYSE MEC opened at $9.97 on Thursday. Mayville Engineering Company, Inc. has a 1 year low of $7.70 and a 1 year high of $17.40. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.07 and a current ratio of 1.87. The business has a 50 day moving average price of $12.12.

Mayville Engineering (NYSE:MEC) last issued its quarterly earnings results on Tuesday, October 29th. The company reported $0.49 EPS for the quarter, topping the Zacks’ consensus estimate of $0.32 by $0.17. The firm had revenue of $128.51 million for the quarter, compared to analyst estimates of $140.10 million. Mayville Engineering had a negative net margin of 0.51% and a positive return on equity of 13.70%. As a group, research analysts forecast that Mayville Engineering Company, Inc. will post 1.05 EPS for the current fiscal year.

Separately, Zacks Investment Research cut shares of Mayville Engineering from a “strong-buy” rating to a “sell” rating in a research note on Saturday, October 12th. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $16.67.

Several large investors have recently modified their holdings of the company. Wells Fargo & Company MN bought a new position in shares of Mayville Engineering in the 2nd quarter worth $12,978,000. Jennison Associates LLC bought a new position in shares of Mayville Engineering in the 2nd quarter worth $8,024,000. Invesco Ltd. bought a new position in shares of Mayville Engineering in the 2nd quarter worth $7,902,000. BlackRock Inc. bought a new position in shares of Mayville Engineering in the 2nd quarter worth $4,161,000. Finally, Vanguard Group Inc. bought a new position in shares of Mayville Engineering in the 2nd quarter worth $2,570,000. 28.02% of the stock is currently owned by hedge funds and other institutional investors.

About Mayville Engineering

Mayville Engineering Company, Inc operates as a contract manufacturer that serves the heavy and medium duty commercial vehicle, construction, powersports, agriculture, military, and other end markets in the United States. The company provides a range of prototyping and tooling, production fabrication, coating, assembly and aftermarket components.

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