Mayville Engineering Company, Inc. (NYSE:MEC – Get Free Report)’s stock price gapped down prior to trading on Monday . The stock had previously closed at $35.21, but opened at $33.67. Mayville Engineering shares last traded at $33.95, with a volume of 64,267 shares.
Wall Street Analysts Forecast Growth
MEC has been the topic of a number of research reports. DA Davidson raised their target price on shares of Mayville Engineering from $23.00 to $32.00 and gave the company a “buy” rating in a research report on Monday, May 11th. Citigroup upped their price target on shares of Mayville Engineering from $25.00 to $33.00 and gave the stock a “buy” rating in a research report on Friday, May 8th. Finally, Northland Securities set a $30.00 price objective on shares of Mayville Engineering in a research note on Thursday, May 7th. 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 stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $29.75.
View Our Latest Stock Analysis on MEC
Mayville Engineering Stock Up 1.1%
Mayville Engineering (NYSE:MEC – Get Free Report) last announced its earnings results on Tuesday, May 5th. The company reported ($0.15) EPS for the quarter, topping analysts’ consensus estimates 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 business had revenue of $144.78 million during the quarter, compared to the consensus estimate of $139.18 million. Analysts predict that Mayville Engineering Company, Inc. will post -0.08 EPS for the current year.
Insider Buying and Selling
In other Mayville Engineering news, SVP Craig D. Nichols sold 4,000 shares of Mayville Engineering stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $23.24, for a total value of $92,960.00. Following the transaction, the senior vice president directly owned 146 shares of the company’s stock, valued at approximately $3,393.04. The trade was a 96.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Ryan F. Raber sold 20,000 shares of the company’s stock in a transaction on Tuesday, May 26th. The stock was 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 in the company, valued at approximately $2,261,220. The trade was a 18.70% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 80,726 shares of company stock worth $2,311,768 in the last 90 days. 5.60% of the stock is owned by corporate insiders.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently added to or reduced their stakes in MEC. BNP Paribas Financial Markets raised its stake in 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 buying an additional 1,435 shares during the last quarter. Clearstead Advisors LLC increased its holdings in shares of 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 acquiring an additional 1,384 shares in the last quarter. State of Alaska Department of Revenue acquired a new position in shares of Mayville Engineering during the fourth quarter valued at about $73,000. Picton Mahoney Asset Management purchased a new position in shares of Mayville Engineering in the 4th quarter valued at approximately $109,000. Finally, JPMorgan Chase & Co. raised its position in shares of Mayville Engineering by 20.7% in the 2nd 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 last quarter. 45.44% of the stock is currently owned by hedge funds and other institutional investors.
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.
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