Mayville Engineering Company, Inc. (NYSE:MEC) Short Interest Up 27.9% in May

Mayville Engineering Company, Inc. (NYSE:MEC) was the target of a large growth in short interest in May. As of May 31st, there was short interest totalling 291,000 shares, a growth of 27.9% from the May 15th total of 227,500 shares. Based on an average daily trading volume, of 112,400 shares, the days-to-cover ratio is presently 2.6 days. Currently, 1.9% of the company’s stock are sold short.

Analyst Ratings Changes

Several research analysts have issued reports on the stock. DA Davidson began coverage on shares of Mayville Engineering in a report on Tuesday. They set a “buy” rating and a $23.00 target price on the stock. Citigroup lowered their price target on shares of Mayville Engineering from $18.00 to $16.00 and set a “buy” rating for the company in a research report on Monday, April 14th.

Mayville Engineering Trading Up 5.3%

Shares of NYSE:MEC opened at $15.76 on Wednesday. The company has a market capitalization of $322.43 million, a PE ratio of 14.59 and a beta of 1.18. The company has a current ratio of 1.67, a quick ratio of 0.91 and a debt-to-equity ratio of 0.31. Mayville Engineering has a 12-month low of $11.72 and a 12-month high of $23.02. The business’s fifty day simple moving average is $14.17 and its 200-day simple moving average is $14.85.

Mayville Engineering (NYSE:MEC) last issued its quarterly earnings data on Tuesday, May 6th. The company reported $0.04 earnings per share for the quarter, beating analysts’ consensus estimates of $0.01 by $0.03. The company had revenue of $135.58 million for the quarter, compared to the consensus estimate of $134.52 million. Mayville Engineering had a return on equity of 9.30% and a net margin of 4.09%. During the same quarter last year, the company earned $0.22 earnings per share. As a group, equities research analysts predict that Mayville Engineering will post 0.31 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. AlphaQuest LLC purchased a new position in Mayville Engineering during the 4th quarter worth $38,000. GAMMA Investing LLC raised its stake in Mayville Engineering by 9,690.3% in the first quarter. GAMMA Investing LLC now owns 3,035 shares of the company’s stock valued at $41,000 after buying an additional 3,004 shares during the last quarter. Aquatic Capital Management LLC acquired a new stake in Mayville Engineering in the fourth quarter worth about $44,000. Oppenheimer Asset Management Inc. acquired a new stake in Mayville Engineering in the first quarter worth about $152,000. Finally, Integrated Quantitative Investments LLC purchased a new stake in shares of Mayville Engineering during the fourth quarter worth about $177,000. Hedge funds and other institutional investors own 45.44% of the company’s stock.

Mayville Engineering Company Profile

Mayville Engineering Company, Inc, together with its subsidiaries, engages in the production, design, prototyping and tooling, fabrication, aluminum extrusion, coating, and assembling of aftermarket components in the United States. It also supplies engineered components to original equipment manufacturers.