Mayville Engineering Company, Inc. (NYSE:MEC – Get Free Report)’s share price was up 7.5% on Tuesday . The stock traded as high as $35.29 and last traded at $35.28. 129,435 shares traded hands during mid-day trading, a decline of 59% from the average daily volume of 312,989 shares. The stock had previously closed at $32.83.
Wall Street Analysts Forecast Growth
Several brokerages have issued reports on MEC. Weiss Ratings restated a “sell (d+)” rating on shares of Mayville Engineering in a research note on Friday. Northland Securities set a $30.00 target price on Mayville Engineering in a research report on Thursday, May 7th. Citigroup boosted their price target on Mayville Engineering from $33.00 to $43.00 and gave the company a “buy” rating in a report on Monday. Finally, DA Davidson upped their price target on Mayville Engineering from $23.00 to $32.00 and gave the company a “buy” rating in a research report on Monday, May 11th. 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 stock. According to MarketBeat.com, Mayville Engineering presently has a consensus rating of “Moderate Buy” and an average price target of $32.25.
View Our Latest Stock Report on MEC
Mayville Engineering Trading Up 5.4%
Mayville Engineering (NYSE:MEC – Get Free Report) last issued its 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. Mayville Engineering had a negative net margin of 2.93% and a negative return on equity of 5.77%. The firm had revenue of $144.78 million for the quarter, compared to analysts’ expectations of $139.18 million. As a group, analysts expect that Mayville Engineering Company, Inc. will post -0.08 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 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 sale, the executive vice president directly owned 86,970 shares of the company’s stock, valued at $2,261,220. This trade represents a 18.70% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Jagadeesh A. Reddy sold 15,688 shares of the firm’s stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $35.05, for a total value of $549,864.40. Following the completion of the sale, the chief executive officer owned 124,105 shares in the company, valued at $4,349,880.25. The trade was a 11.22% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 80,726 shares of company stock valued at $2,311,768. Insiders own 5.60% of the company’s stock.
Hedge Funds Weigh In On Mayville Engineering
Several institutional investors have recently modified their holdings of the company. Royce & Associates LP lifted its position in Mayville Engineering by 10.2% in the 4th quarter. Royce & Associates LP now owns 624,307 shares of the company’s stock valued at $11,687,000 after purchasing an additional 57,590 shares during the last quarter. UBS Group AG grew its position in Mayville Engineering by 38.6% in the 4th quarter. UBS Group AG now owns 146,552 shares of the company’s stock worth $2,743,000 after purchasing an additional 40,798 shares during the last quarter. Congruence Capital LLC acquired a new stake in shares of Mayville Engineering in the fourth quarter valued at approximately $3,896,000. North Star Investment Management Corp. acquired a new stake in shares of Mayville Engineering in the first quarter valued at approximately $538,000. Finally, EVR Research LP bought a new stake in shares of Mayville Engineering during the fourth quarter valued at approximately $11,326,000. Institutional investors own 45.44% of the company’s stock.
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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