Mayville Engineering (NYSE:MEC) SVP Sells $92,960.00 in Stock

Mayville Engineering Company, Inc. (NYSE:MEC) SVP Craig Nichols sold 4,000 shares of the business’s stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $23.24, for a total transaction of $92,960.00. Following the transaction, the senior vice president owned 146 shares in the company, valued at approximately $3,393.04. This trade represents a 96.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Mayville Engineering Stock Performance

MEC traded up $1.16 during midday trading on Tuesday, reaching $26.61. The company had a trading volume of 469,944 shares, compared to its average volume of 214,473. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.91 and a current ratio of 1.64. The stock has a market cap of $545.24 million, a PE ratio of -33.26 and a beta of 1.24. Mayville Engineering Company, Inc. has a 12-month low of $12.10 and a 12-month high of $28.15. The business has a 50-day moving average price of $21.02 and a two-hundred day moving average price of $19.48.

Mayville Engineering (NYSE:MEC) last released 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. Mayville Engineering had a negative net margin of 2.93% and a negative return on equity of 5.77%. The firm had revenue of $144.78 million for the quarter, compared to analysts’ expectations of $139.18 million. On average, sell-side analysts expect that Mayville Engineering Company, Inc. will post -0.23 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on MEC. Weiss Ratings lowered shares of Mayville Engineering from a “hold (c-)” rating to a “sell (d+)” rating in a report on Thursday, March 5th. DA Davidson upped their target price on shares of Mayville Engineering from $23.00 to $32.00 and gave the stock a “buy” rating in a report on Monday, May 11th. Zacks Research raised shares of Mayville Engineering from a “strong sell” rating to a “hold” rating in a report on Friday, March 6th. Citigroup increased their price target on shares of Mayville Engineering from $25.00 to $33.00 and gave the stock a “buy” rating in a report on Friday, May 8th. Finally, Northland Securities set a $30.00 price target on shares of Mayville Engineering in a report on Thursday, May 7th. Four analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Mayville Engineering presently has a consensus rating of “Moderate Buy” and an average target price of $29.75.

Institutional Investors Weigh In On Mayville Engineering

Several institutional investors have recently added to or reduced their stakes in MEC. BNP Paribas Financial Markets boosted its position in Mayville Engineering by 109.0% during the 3rd quarter. BNP Paribas Financial Markets now owns 2,751 shares of the company’s stock valued at $38,000 after buying an additional 1,435 shares during the period. Clearstead Advisors LLC boosted its position in Mayville Engineering by 194.9% during the 4th quarter. Clearstead Advisors LLC now owns 2,094 shares of the company’s stock valued at $39,000 after buying an additional 1,384 shares during the period. State of Alaska Department of Revenue purchased a new stake in Mayville Engineering during the 4th quarter valued at $73,000. Picton Mahoney Asset Management purchased a new stake in Mayville Engineering during the 4th quarter valued at $109,000. Finally, AlphaQuest LLC boosted its position in Mayville Engineering by 26.2% during the 3rd quarter. AlphaQuest LLC now owns 8,342 shares of the company’s stock valued at $115,000 after buying an additional 1,733 shares during the period. Hedge funds and other institutional investors 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.