Mayville Engineering (NYSE:MEC) Trading Down 4.9% – Here’s Why

Mayville Engineering Company, Inc. (NYSE:MEC)’s stock price fell 4.9% during trading on Monday . The company traded as low as $28.33 and last traded at $29.4080. 101,504 shares traded hands during mid-day trading, a decline of 68% from the average session volume of 321,312 shares. The stock had previously closed at $30.92.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on MEC. DA Davidson lifted their price objective on shares of Mayville Engineering from $23.00 to $32.00 and gave the stock a “buy” rating in a research report on Monday, May 11th. Citigroup increased their target price on Mayville Engineering from $33.00 to $43.00 and gave the company a “buy” rating in a report on Monday, July 13th. Northland Securities set a $30.00 price target on Mayville Engineering in a research note on Thursday, May 7th. Finally, Weiss Ratings reaffirmed 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. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $32.25.

Mayville Engineering Price Performance

The company has a market capitalization of $616.03 million, a PE ratio of -37.57 and a beta of 1.22. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.64 and a quick ratio of 0.91. The company’s 50 day simple moving average is $31.65 and its 200 day simple moving average is $24.06.

Mayville Engineering (NYSE:MEC) last issued its quarterly earnings data on Tuesday, May 5th. The company reported ($0.15) earnings per share for the quarter, topping 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 the consensus estimate of $139.18 million. As a group, sell-side analysts predict that Mayville Engineering Company, Inc. will post -0.08 earnings per share for the current year.

Insiders Place Their Bets

In other news, SVP Craig D. Nichols sold 4,000 shares of Mayville Engineering 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 sale, the senior vice president owned 146 shares in the company, valued at approximately $3,393.04. The trade was a 96.48% 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. Also, CEO Jagadeesh A. Reddy sold 21,796 shares of the business’s stock in a transaction dated Thursday, May 7th. The shares were sold at an average price of $25.93, for a total value of $565,170.28. Following the completion of the sale, the chief executive officer directly owned 158,387 shares of the company’s stock, valued at $4,106,974.91. The trade was a 12.10% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 80,726 shares of company stock valued at $2,311,768. 5.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Mayville Engineering

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. EVR Research LP purchased a new position in shares of Mayville Engineering during the fourth quarter worth approximately $11,326,000. Ameriprise Financial Inc. raised its position in Mayville Engineering by 894.2% in the 3rd quarter. Ameriprise Financial Inc. now owns 394,161 shares of the company’s stock valued at $5,424,000 after purchasing an additional 354,514 shares during the last quarter. Congruence Capital LLC purchased a new stake in Mayville Engineering in the 4th quarter valued at $3,896,000. Blair William & Co. IL boosted its stake in Mayville Engineering by 54.8% during the 4th quarter. Blair William & Co. IL now owns 583,759 shares of the company’s stock worth $10,928,000 after purchasing an additional 206,549 shares during the period. Finally, Boston Partners acquired a new stake in Mayville Engineering during the 3rd quarter worth $2,727,000. 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.