Mayville Engineering (NYSE:MEC) Sees Large Volume Increase – Here’s Why

Shares of Mayville Engineering Company, Inc. (NYSE:MEC) saw unusually-strong trading volume on Friday . Approximately 677,075 shares changed hands during trading, an increase of 113% from the previous session’s volume of 318,458 shares.The stock last traded at $31.21 and had previously closed at $32.50.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on MEC. Citigroup upped their price target on Mayville Engineering from $33.00 to $43.00 and gave the stock a “buy” rating in a report on Monday, July 13th. DA Davidson lifted their price target on shares of Mayville Engineering from $23.00 to $32.00 and gave the company a “buy” rating in a report on Monday, May 11th. Northland Securities set a $30.00 price target on shares of Mayville Engineering in a research report on Thursday, May 7th. Finally, Weiss Ratings reissued a “sell (d+)” rating on shares of Mayville Engineering in a report on Friday, July 10th. 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 company’s stock. Based on data from MarketBeat.com, Mayville Engineering has a consensus rating of “Moderate Buy” and an average target price of $32.25.

Mayville Engineering Stock Down 4.8%

The firm has a market cap of $634.25 million, a P/E ratio of -38.68 and a beta of 1.22. The firm’s 50 day moving average is $31.53 and its two-hundred day moving average is $23.89. The company has a current ratio of 1.64, a quick ratio of 0.91 and a debt-to-equity ratio of 0.91.

Mayville Engineering (NYSE:MEC) last released its quarterly earnings data on Tuesday, May 5th. The company reported ($0.15) EPS for the quarter, beating analysts’ consensus estimates 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 net margin of 2.93% and a negative return on equity of 5.77%. As a group, research analysts anticipate that Mayville Engineering Company, Inc. will post -0.08 EPS for the current fiscal year.

Insider Transactions at Mayville Engineering

In related news, SVP Craig D. Nichols sold 4,000 shares of the firm’s stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $23.24, for a total transaction of $92,960.00. Following the sale, the senior vice president directly owned 146 shares in the company, valued at $3,393.04. This trade represents a 96.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Ryan F. Raber sold 20,000 shares of the company’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $26.00, for a total value of $520,000.00. Following the transaction, the executive vice president directly owned 86,970 shares of the company’s stock, valued at $2,261,220. This represents a 18.70% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 80,726 shares of company stock valued at $2,311,768 over the last quarter. Corporate insiders own 5.60% of the company’s stock.

Institutional Trading of Mayville Engineering

A number of hedge funds and other institutional investors have recently modified their holdings of MEC. Royce & Associates LP raised its stake in Mayville Engineering by 10.2% in the fourth quarter. Royce & Associates LP now owns 624,307 shares of the company’s stock valued at $11,687,000 after buying an additional 57,590 shares during the period. UBS Group AG boosted its position in Mayville Engineering by 38.6% during the fourth quarter. UBS Group AG now owns 146,552 shares of the company’s stock worth $2,743,000 after purchasing an additional 40,798 shares during the period. Congruence Capital LLC bought a new position in Mayville Engineering during the fourth quarter worth $3,896,000. North Star Investment Management Corp. acquired a new position in shares of Mayville Engineering in the first quarter valued at $538,000. Finally, EVR Research LP acquired a new position in shares of Mayville Engineering in the fourth quarter valued at $11,326,000. Institutional investors and hedge funds own 45.44% of the company’s stock.

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.