Mayville Engineering Company, Inc. (NYSE:MEC) Short Interest Update

Mayville Engineering Company, Inc. (NYSE:MEC) was the recipient of a significant decline in short interest in the month of August. As of August 31st, there was short interest totalling 214,200 shares, a decline of 24.6% from the August 15th total of 284,200 shares. Approximately 1.4% of the company’s shares are short sold. Based on an average daily volume of 120,000 shares, the days-to-cover ratio is currently 1.8 days.

Insider Activity at Mayville Engineering

In related news, EVP Ryan F. Raber sold 21,508 shares of the firm’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $19.15, for a total transaction of $411,878.20. Following the sale, the executive vice president now owns 97,053 shares of the company’s stock, valued at approximately $1,858,564.95. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 6.40% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Ancora Advisors LLC increased its holdings in shares of Mayville Engineering by 0.4% during the 1st quarter. Ancora Advisors LLC now owns 248,280 shares of the company’s stock worth $3,558,000 after acquiring an additional 1,100 shares during the last quarter. Panagora Asset Management Inc. lifted its stake in shares of Mayville Engineering by 2.7% during the 4th quarter. Panagora Asset Management Inc. now owns 43,113 shares of the company’s stock worth $622,000 after buying an additional 1,132 shares during the last quarter. Pullen Investment Management LLC increased its stake in Mayville Engineering by 4.1% during the 2nd quarter. Pullen Investment Management LLC now owns 39,686 shares of the company’s stock worth $661,000 after acquiring an additional 1,578 shares during the period. BNP Paribas Financial Markets raised its holdings in Mayville Engineering by 49.6% in the 1st quarter. BNP Paribas Financial Markets now owns 5,426 shares of the company’s stock valued at $78,000 after acquiring an additional 1,799 shares in the last quarter. Finally, Kennedy Capital Management LLC lifted its position in shares of Mayville Engineering by 2.1% during the 1st quarter. Kennedy Capital Management LLC now owns 96,831 shares of the company’s stock valued at $1,388,000 after acquiring an additional 1,980 shares during the period. Institutional investors and hedge funds own 45.44% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Northland Securities upped their price target on shares of Mayville Engineering from $20.00 to $30.00 and gave the company an “outperform” rating in a report on Friday, June 14th.

Mayville Engineering Stock Up 2.8 %

Shares of MEC traded up $0.52 during mid-day trading on Friday, hitting $19.22. 102,334 shares of the company’s stock were exchanged, compared to its average volume of 84,053. The company has a 50-day simple moving average of $18.62 and a 200 day simple moving average of $16.13. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.71 and a quick ratio of 0.97. The company has a market cap of $394.53 million, a PE ratio of 45.76 and a beta of 0.94. Mayville Engineering has a 52 week low of $9.72 and a 52 week high of $19.94.

Mayville Engineering (NYSE:MEC) last issued its quarterly earnings results on Tuesday, August 6th. The company reported $0.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.01. The firm had revenue of $163.64 million for the quarter, compared to analyst estimates of $160.38 million. Mayville Engineering had a net margin of 1.69% and a return on equity of 5.81%. On average, research analysts forecast that Mayville Engineering will post 0.68 earnings per share for the current fiscal year.

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.