Jagadeesh Reddy Sells 15,688 Shares of Mayville Engineering (NYSE:MEC) Stock

Mayville Engineering Company, Inc. (NYSE:MEC) CEO Jagadeesh Reddy sold 15,688 shares of the stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $35.05, for a total transaction of $549,864.40. Following the transaction, the chief executive officer directly owned 124,105 shares in the company, valued at $4,349,880.25. The trade was a 11.22% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link.

Mayville Engineering Price Performance

Shares of NYSE:MEC opened at $35.61 on Friday. The firm’s 50 day moving average is $24.94 and its two-hundred day moving average is $20.97. Mayville Engineering Company, Inc. has a 52 week low of $12.10 and a 52 week high of $36.50. The firm has a market capitalization of $729.73 million, a P/E ratio of -44.52 and a beta of 1.29. 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 posted its quarterly earnings data on Tuesday, May 5th. The company reported ($0.15) earnings per share (EPS) for the quarter, beating the consensus estimate 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 business had revenue of $144.78 million during the quarter, compared to analysts’ expectations of $139.18 million. Analysts anticipate that Mayville Engineering Company, Inc. will post -0.14 earnings per share for the current year.

Hedge Funds Weigh In On Mayville Engineering

Institutional investors have recently added to or reduced their stakes in the company. Clearstead Advisors LLC lifted its holdings 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 purchasing an additional 1,384 shares during the last quarter. BNP Paribas Financial Markets lifted its holdings 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 purchasing an additional 1,435 shares during the last quarter. State of Alaska Department of Revenue bought a new position in Mayville Engineering during the 4th quarter valued at about $73,000. Picton Mahoney Asset Management bought a new position in Mayville Engineering during the 4th quarter valued at about $109,000. Finally, JPMorgan Chase & Co. lifted its holdings in Mayville Engineering by 20.7% during the 2nd quarter. JPMorgan Chase & Co. now owns 7,936 shares of the company’s stock valued at $127,000 after purchasing an additional 1,359 shares during the last quarter. 45.44% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

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

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.