Mayville Engineering (NYSE:MEC) Stock Price Down 4% – Time to Sell?

Shares of Mayville Engineering Company, Inc. (NYSE:MEC) fell 4% during mid-day trading on Friday . The company traded as low as $21.72 and last traded at $21.75. Approximately 218,655 shares traded hands during trading, a decline of 41% from the average session volume of 371,820 shares. The stock had previously closed at $22.65.

Analysts Set New Price Targets

A number of analysts recently weighed in on the company. Weiss Ratings restated a “sell (d+)” rating on shares of Mayville Engineering in a research note on Friday, July 10th. Citigroup increased their price objective on Mayville Engineering from $33.00 to $43.00 and gave the stock a “buy” rating in a research report on Monday, July 13th. Northland Securities set a $40.00 target price on Mayville Engineering in a report on Thursday, August 6th. Finally, DA Davidson boosted their target price on shares of Mayville Engineering from $32.00 to $36.00 and gave the stock a “buy” rating in a research report on Wednesday, July 22nd. 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. According to data from MarketBeat.com, Mayville Engineering presently has an average rating of “Moderate Buy” and an average target price of $35.75.

Mayville Engineering Stock Performance

The company has a quick ratio of 0.96, a current ratio of 1.70 and a debt-to-equity ratio of 0.39. The company has a market capitalization of $549.78 million, a PE ratio of -25.67 and a beta of 1.27. The stock’s fifty day simple moving average is $30.04 and its 200-day simple moving average is $25.12.

Mayville Engineering (NYSE:MEC) last announced its quarterly earnings results on Tuesday, August 4th. The company reported $0.07 EPS for the quarter, topping the consensus estimate of ($0.05) by $0.12. The business had revenue of $162.98 million for the quarter, compared to analyst estimates of $150.59 million. Mayville Engineering had a negative return on equity of 6.63% and a negative net margin of 2.95%. On average, research analysts predict that Mayville Engineering Company, Inc. will post -0.22 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Jagadeesh A. Reddy sold 15,688 shares of the firm’s stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $35.05, for a total value of $549,864.40. Following the completion of the transaction, the chief executive officer owned 124,105 shares in the company, valued at $4,349,880.25. This trade represents a 11.22% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Ryan F. Raber sold 20,000 shares of Mayville Engineering stock in a transaction on 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 trade represents a 18.70% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 67,785 shares of company stock worth $1,980,669. 5.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Mayville Engineering

Hedge funds have recently added to or reduced their stakes in the business. Wellington Management Group LLP acquired a new position in Mayville Engineering during the second quarter worth about $17,890,000. Empowered Funds LLC acquired a new stake in shares of Mayville Engineering in the second quarter valued at approximately $4,367,000. Formula Growth Ltd. acquired a new stake in shares of Mayville Engineering in the second quarter valued at approximately $2,810,000. Panoramic Capital LLC purchased a new position in shares of Mayville Engineering during the 2nd quarter worth approximately $2,622,000. Finally, Pillsbury Lake Capital LLC purchased a new position in shares of Mayville Engineering during the 2nd quarter worth approximately $5,122,505,000. 45.44% of the stock is currently owned by hedge funds and other 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.