Insider Selling: Mayville Engineering (NYSE:MEC) CEO Sells 21,796 Shares of Stock

Mayville Engineering Company, Inc. (NYSE:MEC) CEO Jagadeesh Reddy sold 21,796 shares of the firm’s stock in a transaction on Thursday, May 7th. The stock was sold at an average price of $25.93, for a total transaction of $565,170.28. Following the transaction, the chief executive officer directly owned 158,387 shares in the company, valued at $4,106,974.91. The trade was a 12.10% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.

Mayville Engineering Stock Performance

Mayville Engineering stock traded down $0.02 during midday trading on Monday, hitting $27.18. 351,665 shares of the company’s stock were exchanged, compared to its average volume of 164,195. Mayville Engineering Company, Inc. has a 12-month low of $12.10 and a 12-month high of $28.15. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.91 and a current ratio of 1.64. The stock has a market cap of $556.84 million, a price-to-earnings ratio of -33.97 and a beta of 1.24. The firm’s 50 day simple moving average is $19.92 and its 200 day simple moving average is $18.92.

Mayville Engineering (NYSE:MEC) last issued 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. Mayville Engineering had a negative net margin of 2.93% and a negative return on equity of 5.77%. The company had revenue of $144.78 million for the quarter, compared to the consensus estimate of $139.18 million. Equities research analysts predict that Mayville Engineering Company, Inc. will post -0.28 EPS for the current year.

Institutional Trading of Mayville Engineering

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Clearstead Advisors LLC lifted its stake in shares of Mayville Engineering by 194.9% in the fourth quarter. Clearstead Advisors LLC now owns 2,094 shares of the company’s stock valued at $39,000 after purchasing an additional 1,384 shares during the period. BNP Paribas Financial Markets lifted its stake in shares of Mayville Engineering by 109.0% in the third quarter. BNP Paribas Financial Markets now owns 2,751 shares of the company’s stock valued at $38,000 after purchasing an additional 1,435 shares during the period. State of Alaska Department of Revenue acquired a new stake in shares of Mayville Engineering in the fourth quarter valued at about $73,000. Picton Mahoney Asset Management acquired a new stake in shares of Mayville Engineering in the fourth quarter valued at about $109,000. Finally, JPMorgan Chase & Co. lifted its stake in shares of Mayville Engineering by 20.7% in the second quarter. JPMorgan Chase & Co. now owns 7,936 shares of the company’s stock valued at $127,000 after purchasing an additional 1,359 shares during the period. Institutional investors and hedge funds own 45.44% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently commented on MEC. Citigroup raised their target price on shares of Mayville Engineering from $25.00 to $33.00 and gave the stock a “buy” rating in a research note on Friday. Zacks Research upgraded shares of Mayville Engineering from a “strong sell” rating to a “hold” rating in a research note on Friday, March 6th. Weiss Ratings cut shares of Mayville Engineering from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Thursday, March 5th. DA Davidson raised their target price on shares of Mayville Engineering from $23.00 to $32.00 and gave the stock a “buy” rating in a research note on Monday. Finally, Northland Securities set a $30.00 target price on shares of Mayville Engineering in a research note on Thursday. Four investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $29.75.

Mayville Engineering Company Profile

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.