Mayville Engineering (NYSE:MEC) Stock Price Down 4% – Here’s What Happened

Mayville Engineering Company, Inc. (NYSE:MEC) shares were down 4% during mid-day trading on Friday . The company traded as low as $21.72 and last traded at $21.75. Approximately 218,655 shares changed hands during trading, a decline of 41% from the average session volume of 371,820 shares. The stock had previously closed at $22.65.

Analyst Ratings Changes

Several analysts recently commented on MEC shares. Northland Securities set a $40.00 price target on shares of Mayville Engineering in a research report on Thursday, August 6th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Mayville Engineering in a research note on Friday, July 10th. DA Davidson raised their price objective on shares of Mayville Engineering from $32.00 to $36.00 and gave the stock a “buy” rating in a research report on Wednesday, July 22nd. Finally, Citigroup lifted their price objective on shares of Mayville Engineering from $33.00 to $43.00 and gave the company a “buy” rating in a research note on Monday, July 13th. 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, Mayville Engineering currently has a consensus rating of “Moderate Buy” and a consensus target price of $35.75.

Mayville Engineering Trading Down 3.6%

The company has a 50 day simple moving average of $30.32 and a 200 day simple moving average of $25.14. The company has a current ratio of 1.70, a quick ratio of 0.96 and a debt-to-equity ratio of 0.39. The stock has a market capitalization of $556.66 million, a PE ratio of -25.99 and a beta of 1.27.

Mayville Engineering (NYSE:MEC) last announced its earnings results on Tuesday, August 4th. The company reported $0.07 earnings per share for the quarter, beating the consensus estimate of ($0.05) by $0.12. The company had revenue of $162.98 million for the quarter, compared to the consensus estimate of $150.59 million. Mayville Engineering had a negative return on equity of 6.63% and a negative net margin of 2.95%. Analysts predict that Mayville Engineering Company, Inc. will post -0.22 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Mayville Engineering news, EVP Ryan F. Raber sold 20,000 shares of the business’s stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $26.00, for a total value of $520,000.00. Following the transaction, the executive vice president directly owned 86,970 shares of the company’s stock, valued at approximately $2,261,220. The trade was a 18.70% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Jagadeesh A. Reddy sold 15,688 shares of the business’s stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $35.05, for a total transaction of $549,864.40. Following the completion of the transaction, the chief executive officer directly owned 124,105 shares in the company, valued at $4,349,880.25. This represents a 11.22% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 67,785 shares of company stock valued at $1,980,669 over the last three months. 5.60% of the stock is currently owned by company insiders.

Institutional Trading of Mayville Engineering

Several hedge funds and other institutional investors have recently made changes to their positions in MEC. Wellington Management Group LLP acquired a new position in shares of Mayville Engineering during the second quarter worth about $17,890,000. Empowered Funds LLC acquired a new stake in Mayville Engineering in the second quarter valued at about $4,367,000. Formula Growth Ltd. acquired a new stake in Mayville Engineering in the second quarter valued at about $2,810,000. Panoramic Capital LLC purchased a new stake in Mayville Engineering in the 2nd quarter valued at approximately $2,622,000. Finally, Pillsbury Lake Capital LLC purchased a new stake in Mayville Engineering in the 2nd quarter valued at approximately $5,122,505,000. Hedge funds and other institutional investors own 45.44% of the company’s stock.

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.