Jagadeesh A. Reddy Purchases 5,903 Shares of Mayville Engineering Company, Inc. (NYSE:MEC) Stock

Mayville Engineering Company, Inc. (NYSE:MEC) CEO Jagadeesh A. Reddy bought 5,903 shares of Mayville Engineering stock in a transaction that occurred on Thursday, November 7th. The stock was bought at an average price of $16.72 per share, with a total value of $98,698.16. Following the purchase, the chief executive officer now owns 89,052 shares of the company’s stock, valued at $1,488,949.44. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Mayville Engineering Stock Up 4.2 %

NYSE MEC opened at $17.15 on Friday. The stock’s 50 day simple moving average is $19.91 and its 200 day simple moving average is $17.94. The firm has a market cap of $353.63 million, a PE ratio of 29.07 and a beta of 0.97. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.71 and a quick ratio of 0.97. Mayville Engineering Company, Inc. has a one year low of $10.75 and a one year high of $23.02.

Mayville Engineering (NYSE:MEC) last released its quarterly earnings results on Tuesday, November 5th. The company reported $0.14 EPS for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.05). Mayville Engineering had a return on equity of 5.22% and a net margin of 2.01%. The business had revenue of $135.39 million for the quarter, compared to analyst estimates of $157.22 million. During the same period in the prior year, the business earned $0.21 EPS. As a group, sell-side analysts forecast that Mayville Engineering Company, Inc. will post 0.68 earnings per share for the current fiscal year.

Analyst Ratings Changes

MEC has been the subject of a number of research reports. Northland Securities downgraded Mayville Engineering from an “outperform” rating to a “market perform” rating and reduced their price objective for the stock from $30.00 to $20.00 in a research report on Thursday. Northland Capmk cut Mayville Engineering from a “strong-buy” rating to a “hold” rating in a research report on Thursday.

Institutional Investors Weigh In On Mayville Engineering

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. First Eagle Investment Management LLC lifted its stake in Mayville Engineering by 404.2% in the second quarter. First Eagle Investment Management LLC now owns 250,785 shares of the company’s stock valued at $4,178,000 after acquiring an additional 201,047 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Mayville Engineering by 17.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 517,323 shares of the company’s stock valued at $8,618,000 after purchasing an additional 77,486 shares during the last quarter. Russell Investments Group Ltd. grew its holdings in Mayville Engineering by 65.6% during the first quarter. Russell Investments Group Ltd. now owns 153,710 shares of the company’s stock worth $2,203,000 after purchasing an additional 60,896 shares during the period. Marshall Wace LLP acquired a new stake in shares of Mayville Engineering in the second quarter valued at approximately $978,000. Finally, Harbor Capital Advisors Inc. increased its holdings in shares of Mayville Engineering by 124.4% in the third quarter. Harbor Capital Advisors Inc. now owns 79,122 shares of the company’s stock valued at $1,668,000 after purchasing an additional 43,858 shares during the last quarter. 45.44% of the stock is owned by institutional investors.

About Mayville Engineering

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.