Insider Selling: Mayville Engineering (NYSE:MEC) EVP Sells $520,000.00 in Stock

Mayville Engineering Company, Inc. (NYSE:MEC) EVP Ryan Raber sold 20,000 shares of Mayville Engineering stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $26.00, for a total transaction of $520,000.00. Following the completion of the sale, the executive vice president owned 86,970 shares of the company’s stock, valued at approximately $2,261,220. This trade represents a 18.70% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Mayville Engineering Stock Up 2.8%

Shares of NYSE:MEC opened at $26.84 on Friday. 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 fifty day simple moving average of $21.79 and a 200 day simple moving average of $19.74. The firm has a market cap of $550.02 million, a PE ratio of -33.55 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.

Mayville Engineering (NYSE:MEC) 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. The business had revenue of $144.78 million during the quarter, compared to analyst estimates of $139.18 million. Mayville Engineering had a negative net margin of 2.93% and a negative return on equity of 5.77%. On average, equities research analysts anticipate that Mayville Engineering Company, Inc. will post -0.23 EPS for the current fiscal year.

Institutional Trading of Mayville Engineering

Institutional investors have recently added to or reduced their stakes in the business. Clearstead Advisors LLC increased its stake in Mayville Engineering by 194.9% during 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 last quarter. BNP Paribas Financial Markets boosted its holdings in shares of Mayville Engineering by 109.0% during the third quarter. BNP Paribas Financial Markets now owns 2,751 shares of the company’s stock valued at $38,000 after acquiring an additional 1,435 shares during the period. State of Alaska Department of Revenue acquired a new position in shares of Mayville Engineering during the fourth quarter valued at $73,000. Picton Mahoney Asset Management acquired a new position in shares of Mayville Engineering during the fourth quarter valued at $109,000. Finally, JPMorgan Chase & Co. boosted its holdings in shares of Mayville Engineering by 20.7% during the second quarter. JPMorgan Chase & Co. now owns 7,936 shares of the company’s stock valued at $127,000 after acquiring an additional 1,359 shares during the period. Institutional investors own 45.44% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on MEC. Northland Securities set a $30.00 target price on shares of Mayville Engineering in a research note on Thursday, May 7th. Zacks Research upgraded shares of Mayville Engineering from a “strong sell” rating to a “hold” rating in a research note on Friday, March 6th. DA Davidson boosted their target price on shares of Mayville Engineering from $23.00 to $32.00 and gave the company a “buy” rating in a research note on Monday, May 11th. Citigroup boosted their target price on shares of Mayville Engineering from $25.00 to $33.00 and gave the company a “buy” rating in a research note on Friday, May 8th. Finally, Weiss Ratings lowered shares of Mayville Engineering from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Thursday, March 5th. Four investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $29.75.

About Mayville Engineering

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.