Jagadeesh Reddy Sells 21,796 Shares of Mayville Engineering (NYSE:MEC) Stock

Mayville Engineering Company, Inc. (NYSE:MEC) CEO Jagadeesh Reddy sold 21,796 shares of the business’s stock in a transaction on Thursday, May 7th. The stock was sold at an average price of $25.93, for a total value of $565,170.28. Following the transaction, the chief executive officer directly owned 158,387 shares of the company’s stock, valued at $4,106,974.91. This trade represents a 12.10% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.

Mayville Engineering Stock Performance

NYSE:MEC opened at $26.45 on Wednesday. Mayville Engineering Company, Inc. has a twelve month low of $12.10 and a twelve month high of $28.15. 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 stock’s 50-day simple moving average is $20.03 and its 200 day simple moving average is $18.99. The firm has a market capitalization of $542.02 million, a PE ratio of -33.07 and a beta of 1.24.

Mayville Engineering (NYSE:MEC) last issued 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 return on equity of 5.77% and a negative net margin of 2.93%.The firm had revenue of $144.78 million during the quarter, compared to the consensus estimate of $139.18 million. On average, analysts anticipate that Mayville Engineering Company, Inc. will post -0.28 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

MEC has been the subject of several research reports. Northland Securities set a $30.00 target price on shares of Mayville Engineering in a research report on Thursday, May 7th. Zacks Research upgraded shares of Mayville Engineering from a “strong sell” rating to a “hold” rating in a report on Friday, March 6th. Weiss Ratings cut Mayville Engineering from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Thursday, March 5th. DA Davidson raised their price objective on Mayville Engineering from $23.00 to $32.00 and gave the company a “buy” rating in a report on Monday. Finally, Citigroup boosted 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. Four equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $29.75.

Institutional Investors Weigh In On Mayville Engineering

Several hedge funds have recently added to or reduced their stakes in the business. BNP Paribas Financial Markets increased its position in Mayville Engineering by 109.0% in the 3rd quarter. BNP Paribas Financial Markets now owns 2,751 shares of the company’s stock valued at $38,000 after acquiring an additional 1,435 shares during the period. Clearstead Advisors LLC lifted its holdings in shares of Mayville Engineering by 194.9% during the fourth quarter. Clearstead Advisors LLC now owns 2,094 shares of the company’s stock worth $39,000 after purchasing an additional 1,384 shares during the period. State of Alaska Department of Revenue acquired a new position in shares of Mayville Engineering during the fourth quarter worth $73,000. Picton Mahoney Asset Management bought a new stake in shares of Mayville Engineering in the fourth quarter worth $109,000. Finally, AlphaQuest LLC increased its holdings in Mayville Engineering by 26.2% in the third quarter. AlphaQuest LLC now owns 8,342 shares of the company’s stock valued at $115,000 after purchasing an additional 1,733 shares during the period. 45.44% of the stock is currently owned by institutional investors and hedge funds.

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.