Key Points
- CEO Jagadeesh Reddy sold 1,300 shares of Mayville Engineering stock on June 8 for about $45,513, reducing his direct ownership by 0.92% while still holding nearly 139,793 shares.
- Mayville Engineering’s shares were down 2.0% and recently traded near $34.04, close to the stock’s 12-month high of $35.22, after a strong run above its longer-term moving averages.
- The company beat quarterly earnings and revenue estimates, reporting an EPS loss of $0.15 versus expectations for a larger loss and revenue of $144.78 million, while analysts currently rate the stock a Moderate Buy with an average target price of $29.75.
Mayville Engineering Company, Inc. (NYSE:MEC - Get Free Report) CEO Jagadeesh Reddy sold 1,300 shares of the firm's stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $35.01, for a total value of $45,513.00. Following the completion of the sale, the chief executive officer directly owned 139,793 shares in the company, valued at approximately $4,894,152.93. The trade was a 0.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.
Mayville Engineering Stock Down 2.0%
Shares of NYSE:MEC opened at $34.04 on Thursday. The stock's 50-day moving average price is $24.25 and its two-hundred day moving average price is $20.73. The company has a current ratio of 1.64, a quick ratio of 0.91 and a debt-to-equity ratio of 0.91. Mayville Engineering Company, Inc. has a 12-month low of $12.10 and a 12-month high of $35.22. The firm has a market cap of $697.68 million, a price-to-earnings ratio of -42.55 and a beta of 1.29.
Mayville Engineering (NYSE:MEC - Get Free Report) last issued its quarterly earnings results on Tuesday, May 5th. The company reported ($0.15) earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $139.18 million. On average, research analysts forecast that Mayville Engineering Company, Inc. will post -0.14 EPS for the current year.
Institutional Investors Weigh In On Mayville Engineering
Several hedge funds and other institutional investors have recently bought and sold shares of MEC. Empowered Funds LLC increased its holdings in Mayville Engineering by 7.3% during the 1st quarter. Empowered Funds LLC now owns 98,207 shares of the company's stock worth $1,319,000 after purchasing an additional 6,694 shares during the last quarter. Jane Street Group LLC increased its holdings in Mayville Engineering by 158.6% during the 1st quarter. Jane Street Group LLC now owns 47,194 shares of the company's stock worth $634,000 after purchasing an additional 28,946 shares during the last quarter. Geode Capital Management LLC increased its holdings in Mayville Engineering by 9.5% during the 2nd quarter. Geode Capital Management LLC now owns 318,321 shares of the company's stock worth $5,081,000 after purchasing an additional 27,552 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in 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 purchasing an additional 1,359 shares during the last quarter. Finally, Rhumbline Advisers increased its holdings in Mayville Engineering by 8.3% during the 2nd quarter. Rhumbline Advisers now owns 19,969 shares of the company's stock worth $319,000 after purchasing an additional 1,526 shares during the last quarter. 45.44% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
A number of brokerages have issued reports on MEC. Weiss Ratings lowered Mayville Engineering from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Thursday, March 5th. DA Davidson raised their price target on Mayville Engineering from $23.00 to $32.00 and gave the stock a "buy" rating in a research note on Monday, May 11th. Citigroup raised their price objective on Mayville Engineering from $25.00 to $33.00 and gave the stock a "buy" rating in a report on Friday, May 8th. Zacks Research upgraded Mayville Engineering from a "strong sell" rating to a "hold" rating in a report on Friday, March 6th. Finally, Northland Securities set a $30.00 target price on shares of Mayville Engineering in a research report on Thursday, May 7th. Four research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $29.75.
View Our Latest Research Report on Mayville Engineering
Mayville Engineering Company Profile
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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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