Key Points
- CEO Jagadeesh Reddy sold 15,688 shares of Mayville Engineering on June 11 at an average price of $35.05, totaling about $549,864. After the sale, he still owned 124,105 shares, reducing his position by 11.22%.
- Mayville Engineering beat quarterly expectations, reporting EPS of -$0.15 versus the expected -$0.28 and revenue of $144.78 million versus $139.18 million anticipated. Analysts still expect the company to post -$0.14 EPS for the full year.
- Wall Street sentiment is mostly positive, with four Buy ratings, one Hold, and one Sell, and a consensus target price of $29.75. Recent target hikes from DA Davidson and Citigroup helped push the stock higher, with shares recently trading near their 1-year high.
Mayville Engineering Company, Inc. (NYSE:MEC - Get Free Report) CEO Jagadeesh Reddy sold 15,688 shares of the business's stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $35.05, for a total value of $549,864.40. Following the sale, the chief executive officer owned 124,105 shares in the company, valued at approximately $4,349,880.25. The trade was a 11.22% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.
Mayville Engineering Price Performance
NYSE MEC opened at $35.61 on Friday. The stock's 50-day moving average price is $24.94 and its two-hundred day moving average price is $20.97. 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 cap of $729.73 million, a PE ratio of -44.52 and a beta of 1.29. Mayville Engineering Company, Inc. has a 1 year low of $12.10 and a 1 year high of $36.50.
Mayville Engineering (NYSE:MEC - Get Free Report) last posted its quarterly earnings data on Tuesday, May 5th. The company reported ($0.15) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.28) by $0.13. The firm had revenue of $144.78 million for the quarter, compared to the consensus estimate of $139.18 million. Mayville Engineering had a negative return on equity of 5.77% and a negative net margin of 2.93%. On average, analysts predict that Mayville Engineering Company, Inc. will post -0.14 EPS for the current year.
Wall Street Analyst Weigh In
A number of equities analysts have recently weighed in on the company. DA Davidson upped their target price on Mayville Engineering from $23.00 to $32.00 and gave the company a "buy" rating in a report on Monday, May 11th. Weiss Ratings downgraded Mayville Engineering from a "hold (c-)" rating to a "sell (d+)" rating in a report on Thursday, March 5th. Citigroup upped their target price on Mayville Engineering from $25.00 to $33.00 and gave the company a "buy" rating in a report on Friday, May 8th. Northland Securities set a $30.00 price target on Mayville Engineering in a research note on Thursday, May 7th. Finally, Zacks Research raised Mayville Engineering from a "strong sell" rating to a "hold" rating in a research note on Friday, March 6th. Four research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $29.75.
View Our Latest Analysis on MEC
Institutional Investors Weigh In On Mayville Engineering
Several large investors have recently made changes to their positions in MEC. EVR Research LP bought a new stake in shares of Mayville Engineering in the 4th quarter valued at approximately $11,326,000. Ameriprise Financial Inc. boosted its position in Mayville Engineering by 894.2% during the third quarter. Ameriprise Financial Inc. now owns 394,161 shares of the company's stock worth $5,424,000 after purchasing an additional 354,514 shares during the period. 22NW LP boosted its position in Mayville Engineering by 157.2% during the third quarter. 22NW LP now owns 399,890 shares of the company's stock worth $5,502,000 after purchasing an additional 244,440 shares during the period. Congruence Capital LLC bought a new stake in Mayville Engineering during the fourth quarter worth approximately $3,896,000. Finally, Blair William & Co. IL boosted its position in 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 purchasing an additional 206,549 shares during the period. Institutional investors own 45.44% of the company's stock.
About Mayville Engineering
(
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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