Mayville Engineering Company, Inc. (NYSE:MEC) CEO Purchases $98,698.16 in Stock

Mayville Engineering Company, Inc. (NYSE:MEC) CEO Jagadeesh A. Reddy purchased 5,903 shares of the firm’s stock in a transaction that occurred on Thursday, November 7th. The shares were bought at an average cost of $16.72 per share, for a total transaction of $98,698.16. Following the completion of the acquisition, the chief executive officer now directly owns 89,052 shares in the company, valued at $1,488,949.44. The trade was a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Mayville Engineering Trading Down 6.1 %

Shares of NYSE MEC traded down $1.07 during mid-day trading on Thursday, hitting $16.46. The stock had a trading volume of 463,463 shares, compared to its average volume of 92,834. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.97 and a current ratio of 1.71. Mayville Engineering Company, Inc. has a 1 year low of $10.75 and a 1 year high of $23.02. The business has a 50 day moving average price of $20.02 and a two-hundred day moving average price of $17.93. The firm has a market cap of $339.41 million, a P/E ratio of 33.71 and a beta of 0.97.

Mayville Engineering (NYSE:MEC) last issued its earnings results on Tuesday, November 5th. The company reported $0.14 EPS for the quarter, missing the consensus estimate of $0.19 by ($0.05). Mayville Engineering had a return on equity of 5.81% and a net margin of 1.69%. The firm had revenue of $135.39 million during the quarter, compared to analysts’ expectations of $157.22 million. During the same period in the previous year, the firm earned $0.21 earnings per share. On average, equities analysts anticipate that Mayville Engineering Company, Inc. will post 0.68 EPS for the current fiscal year.

Institutional Investors Weigh In On Mayville Engineering

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. First Eagle Investment Management LLC purchased a new stake in Mayville Engineering in the first quarter worth $713,000. Vanguard Group Inc. increased its stake in Mayville Engineering by 7.9% in the first quarter. Vanguard Group Inc. now owns 538,175 shares of the company’s stock worth $7,712,000 after purchasing an additional 39,460 shares during the period. Russell Investments Group Ltd. increased its stake in Mayville Engineering by 65.6% in 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. Harbor Capital Advisors Inc. purchased a new stake in Mayville Engineering in the second quarter worth $587,000. Finally, Ritholtz Wealth Management purchased a new stake in Mayville Engineering in the second quarter worth $191,000. 45.44% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, Northland Securities lowered shares of Mayville Engineering from an “outperform” rating to a “market perform” rating and lowered their price objective for the stock from $30.00 to $20.00 in a report on Thursday.

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.