Mayville Engineering (NYSE:MEC) Sees Large Volume Increase - Here's What Happened

Key Points

• Mayville Engineering shares saw a big jump in trading activity, with 677,075 shares changing hands Friday, up 113% from the prior session. The stock ended the day lower at $31.21, down from its previous close of $32.50.
• Analysts remain generally upbeat, with DA Davidson and Citigroup both raising price targets and issuing Buy ratings. The consensus rating is now “Moderate Buy,” with an average price target of $32.25.
• Recent earnings and insider activity paint a mixed picture: the company beat quarterly EPS and revenue estimates, but insiders sold significant shares over the past 90 days. Institutional investors still hold 45.44% of the stock.

Mayville Engineering Company, Inc. (NYSE:MEC - Get Free Report) shares saw strong trading volume on Friday . 677,075 shares traded hands during trading, an increase of 113% from the previous session's volume of 318,458 shares.The stock last traded at $31.21 and had previously closed at $32.50.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. DA Davidson boosted their price objective on shares of Mayville Engineering from $23.00 to $32.00 and gave the stock a "buy" rating in a report on Monday, May 11th. Citigroup lifted their target price on Mayville Engineering from $33.00 to $43.00 and gave the stock a "buy" rating in a research report on Monday. Weiss Ratings reiterated a "sell (d+)" rating on shares of Mayville Engineering in a research note on Friday, July 10th. Finally, Northland Securities set a $30.00 price target on Mayville Engineering in a report on Thursday, May 7th. 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 stock. According to MarketBeat.com, Mayville Engineering presently has a consensus rating of "Moderate Buy" and an average price target of $32.25.

Mayville Engineering Stock Down 4.5%

The company has a debt-to-equity ratio of 0.91, a current ratio of 1.64 and a quick ratio of 0.91. The firm's 50-day moving average price is $31.46 and its 200 day moving average price is $23.84. The firm has a market cap of $635.80 million, a P/E ratio of -38.81 and a beta of 1.22.

Mayville Engineering (NYSE:MEC - Get Free Report) last announced its quarterly earnings data on Tuesday, May 5th. The company reported ($0.15) earnings per share for the quarter, beating the consensus estimate of ($0.28) by $0.13. Mayville Engineering had a negative return on equity of 5.77% and a negative net margin of 2.93%.The firm had revenue of $144.78 million during the quarter, compared to analyst estimates of $139.18 million. On average, equities research analysts expect that Mayville Engineering Company, Inc. will post -0.08 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Ryan F. Raber sold 20,000 shares of the firm's stock in a transaction dated 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 in the company, valued at approximately $2,261,220. This trade represents a 18.70% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Craig D. Nichols sold 4,000 shares of the business's stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $23.24, for a total transaction of $92,960.00. Following the sale, the senior vice president directly owned 146 shares of the company's stock, valued at approximately $3,393.04. This represents a 96.48% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 80,726 shares of company stock valued at $2,311,768 over the last 90 days. 5.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On Mayville Engineering

A number of large investors have recently bought and sold shares of MEC. EVR Research LP bought a new position in shares of Mayville Engineering during the fourth quarter valued at approximately $11,326,000. Ameriprise Financial Inc. lifted its holdings in shares of Mayville Engineering by 894.2% in the 3rd quarter. Ameriprise Financial Inc. now owns 394,161 shares of the company's stock worth $5,424,000 after purchasing an additional 354,514 shares during the last quarter. Congruence Capital LLC acquired a new position in Mayville Engineering during the 4th quarter valued at approximately $3,896,000. Blair William & Co. IL boosted its position in Mayville Engineering by 54.8% during the 4th quarter. Blair William & Co. IL now owns 583,759 shares of the company's stock valued at $10,928,000 after purchasing an additional 206,549 shares during the period. Finally, Boston Partners bought a new position in Mayville Engineering during the 3rd quarter worth $2,727,000. 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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