Key Points
- Insider sale: Director Sean Leuba sold 6,698 shares of Mayville Engineering (NYSE:MEC) on March 5 at an average price of $18.81 for about $125,989, reducing his stake by 36.13% to 11,841 shares; the sale was disclosed in an SEC Form 4 filing.
- Quarterly results: On March 3 the company reported ($0.08) EPS—beating the ($0.16) estimate—and revenue of $134.27 million versus $132.51 million, though it still reported negative net margin and return on equity.
- Analyst view is mixed: Several firms raised targets (e.g., DA Davidson to $23, Northland and Citi to $25) while others downgraded the stock, leaving a MarketBeat consensus rating of "Hold" with a $24.25 target.
Mayville Engineering Company, Inc. (NYSE:MEC - Get Free Report) insider Sean Leuba sold 6,698 shares of Mayville Engineering stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $18.81, for a total value of $125,989.38. Following the completion of the transaction, the insider owned 11,841 shares of the company's stock, valued at approximately $222,729.21. This trade represents a 36.13% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link.
Mayville Engineering Stock Performance
NYSE:MEC opened at $18.85 on Tuesday. The stock's fifty day moving average is $19.81 and its 200 day moving average is $17.13. Mayville Engineering Company, Inc. has a fifty-two week low of $11.72 and a fifty-two week high of $22.36. The firm has a market capitalization of $383.03 million, a PE ratio of -47.12 and a beta of 1.08. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.92 and a current ratio of 1.72.
Mayville Engineering (NYSE:MEC - Get Free Report) last posted its quarterly earnings data on Tuesday, March 3rd. The company reported ($0.08) EPS for the quarter, topping the consensus estimate of ($0.16) by $0.08. Mayville Engineering had a negative net margin of 1.48% and a negative return on equity of 2.33%. The company had revenue of $134.27 million during the quarter, compared to analyst estimates of $132.51 million. On average, sell-side analysts anticipate that Mayville Engineering Company, Inc. will post 0.31 earnings per share for the current year.
Analysts Set New Price Targets
A number of research firms recently commented on MEC. DA Davidson lifted their price target on shares of Mayville Engineering from $21.00 to $23.00 and gave the stock a "buy" rating in a research note on Monday. Weiss Ratings lowered shares of Mayville Engineering from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Thursday. Zacks Research downgraded shares of Mayville Engineering from a "hold" rating to a "strong sell" rating in a research note on Wednesday, January 21st. Northland Securities upgraded Mayville Engineering from a "market perform" rating to an "outperform" rating and boosted their target price for the company from $20.00 to $25.00 in a research report on Thursday, March 5th. Finally, Citigroup upped their target price on Mayville Engineering from $24.00 to $25.00 and gave the company a "buy" rating in a research note on Thursday, March 5th. Four research analysts have rated the stock with a Buy rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, Mayville Engineering presently has a consensus rating of "Hold" and a consensus target price of $24.25.
Read Our Latest Report on MEC
Institutional Trading of Mayville Engineering
Large investors have recently made changes to their positions in the stock. EVR Research LP bought a new stake in Mayville Engineering during the 4th quarter valued at about $11,326,000. Ameriprise Financial Inc. boosted 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 buying an additional 354,514 shares during the period. 22NW LP grew its stake in Mayville Engineering by 157.2% in the 3rd 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 bought a new position in Mayville Engineering in the 4th quarter worth about $3,896,000. Finally, Blair William & Co. IL increased its position in shares of Mayville Engineering by 54.8% during 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 during the period. 45.44% of the stock is owned by hedge funds and other institutional investors.
About Mayville Engineering
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Get Free Report)
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.
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