Jagadeesh Reddy Sells 1,300 Shares of Mayville Engineering (NYSE:MEC) Stock

Mayville Engineering Company, Inc. (NYSE:MEC) CEO Jagadeesh Reddy sold 1,300 shares of the firm’s stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $35.01, for a total value of $45,513.00. Following the sale, the chief executive officer directly owned 139,793 shares in the company, valued at approximately $4,894,152.93. This represents a 0.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Mayville Engineering Price Performance

NYSE:MEC opened at $35.14 on Friday. 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 business’s 50-day simple moving average is $24.59 and its two-hundred day simple moving average is $20.86. The stock has a market cap of $720.10 million, a PE ratio of -43.93 and a beta of 1.29. Mayville Engineering Company, Inc. has a 52 week low of $12.10 and a 52 week high of $36.24.

Mayville Engineering (NYSE:MEC) last posted its quarterly earnings results 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 for the quarter, compared to analysts’ expectations of $139.18 million. Mayville Engineering had a negative return on equity of 5.77% and a negative net margin of 2.93%. As a group, analysts forecast that Mayville Engineering Company, Inc. will post -0.14 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

MEC has been the topic of a number of recent analyst reports. DA Davidson raised their price target on Mayville Engineering from $23.00 to $32.00 and gave the company a “buy” rating in a report on Monday, May 11th. Zacks Research raised Mayville Engineering from a “strong sell” rating to a “hold” rating in a report on Friday, March 6th. Citigroup raised their price target on Mayville Engineering from $25.00 to $33.00 and gave the company a “buy” rating in a report on Friday, May 8th. Northland Securities set a $30.00 target price on Mayville Engineering in a report on Thursday, May 7th. Finally, Weiss Ratings cut Mayville Engineering from a “hold (c-)” rating to a “sell (d+)” rating in a report on Thursday, March 5th. Four investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Mayville Engineering presently has a consensus rating of “Moderate Buy” and a consensus target price of $29.75.

Institutional Investors Weigh In On Mayville Engineering

Several large investors have recently made changes to their positions in MEC. EVR Research LP bought a new stake in shares of Mayville Engineering in the fourth quarter worth about $11,326,000. Ameriprise Financial Inc. grew its position in Mayville Engineering by 894.2% in the third quarter. Ameriprise Financial Inc. now owns 394,161 shares of the company’s stock worth $5,424,000 after acquiring an additional 354,514 shares in the last quarter. 22NW LP grew its position in Mayville Engineering by 157.2% in the third quarter. 22NW LP now owns 399,890 shares of the company’s stock worth $5,502,000 after acquiring an additional 244,440 shares in the last quarter. Congruence Capital LLC purchased a new position in Mayville Engineering in the fourth quarter worth about $3,896,000. Finally, Blair William & Co. IL grew its position in Mayville Engineering by 54.8% in the fourth quarter. Blair William & Co. IL now owns 583,759 shares of the company’s stock worth $10,928,000 after acquiring an additional 206,549 shares in the last quarter. 45.44% of the stock is owned by institutional investors.

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.