Key Points
- CEO Jagadeesh Reddy sold 21,796 shares of Mayville Engineering on May 7 at an average price of $25.93, worth about $565,170. After the sale, he still owned 158,387 shares, a 12.1% reduction in his stake.
- Mayville Engineering beat earnings expectations for the quarter, reporting a loss of $0.15 per share versus the expected loss of $0.28, while revenue came in at $144.78 million, above analyst estimates of $139.18 million.
- Wall Street sentiment is mixed but mostly positive, with a consensus rating of “Moderate Buy” and a consensus price target of $29.75; several firms recently raised targets, though one research firm downgraded the stock to Sell.
Mayville Engineering Company, Inc. (NYSE:MEC - Get Free Report) CEO Jagadeesh Reddy sold 21,796 shares of the business's stock in a transaction on 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 owned 158,387 shares in the company, valued at $4,106,974.91. This represents a 12.10% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link.
Mayville Engineering Price Performance
MEC stock opened at $27.18 on Tuesday. The company has a current ratio of 1.64, a quick ratio of 0.91 and a debt-to-equity ratio of 0.91. The company has a market capitalization of $556.84 million, a PE ratio of -33.97 and a beta of 1.24. Mayville Engineering Company, Inc. has a 12-month low of $12.10 and a 12-month high of $28.15. The business's fifty day moving average price is $19.92 and its 200 day moving average price is $18.92.
Mayville Engineering (NYSE:MEC - Get Free Report) last released its earnings results on Tuesday, May 5th. The company reported ($0.15) EPS for the quarter, topping the consensus estimate of ($0.28) by $0.13. Mayville Engineering had a negative return on equity of 5.77% and a negative net margin of 2.93%.The firm had revenue of $144.78 million during the quarter, compared to analysts' expectations of $139.18 million. On average, sell-side analysts anticipate that Mayville Engineering Company, Inc. will post -0.28 EPS for the current year.
Wall Street Analysts Forecast Growth
Several research analysts recently commented on the company. Northland Securities set a $30.00 target price on Mayville Engineering in a research note on Thursday. Citigroup boosted their target price on Mayville Engineering from $25.00 to $33.00 and gave the stock a "buy" rating in a research note on Friday. Weiss Ratings cut Mayville Engineering from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Thursday, March 5th. Zacks Research raised Mayville Engineering from a "strong sell" rating to a "hold" rating in a research note on Friday, March 6th. Finally, DA Davidson boosted their target price on Mayville Engineering from $23.00 to $32.00 and gave the stock a "buy" rating in a research note on Monday. Four equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $29.75.
Get Our Latest Report on MEC
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently made changes to their positions in the business. Raymond James Financial Inc. boosted its position in shares of Mayville Engineering by 3.0% during the 3rd quarter. Raymond James Financial Inc. now owns 25,187 shares of the company's stock worth $347,000 after acquiring an additional 740 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its position in shares of Mayville Engineering by 6.2% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 13,792 shares of the company's stock worth $245,000 after acquiring an additional 800 shares in the last quarter. JPMorgan Chase & Co. boosted its position in shares of Mayville Engineering by 20.7% during the 2nd quarter. JPMorgan Chase & Co. now owns 7,936 shares of the company's stock worth $127,000 after acquiring an additional 1,359 shares in the last quarter. Clearstead Advisors LLC boosted its position in shares of Mayville Engineering by 194.9% during the 4th quarter. Clearstead Advisors LLC now owns 2,094 shares of the company's stock worth $39,000 after acquiring an additional 1,384 shares in the last quarter. Finally, BNP Paribas Financial Markets boosted its position in shares of Mayville Engineering by 109.0% during the 3rd quarter. BNP Paribas Financial Markets now owns 2,751 shares of the company's stock worth $38,000 after acquiring an additional 1,435 shares in the last quarter. 45.44% of the stock is owned by institutional investors and hedge funds.
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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