Mayville Engineering Company, Inc. (NYSE:MEC) Short Interest Down 20.3% in October

Mayville Engineering Company, Inc. (NYSE:MEC) saw a large decline in short interest in the month of October. As of October 31st, there was short interest totalling 118,800 shares, a decline of 20.3% from the October 15th total of 149,100 shares. Based on an average trading volume of 127,700 shares, the days-to-cover ratio is presently 0.9 days. Approximately 0.8% of the company’s shares are sold short.

Insider Activity at Mayville Engineering

In other news, CEO Jagadeesh A. Reddy acquired 5,903 shares of the company’s stock in a transaction that occurred on Thursday, November 7th. The shares were bought at an average price of $16.72 per share, with a total value of $98,698.16. Following the completion of the purchase, the chief executive officer now directly owns 89,052 shares in the company, valued at $1,488,949.44. This trade represents a 7.10 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 value of $411,878.20. Following the transaction, the executive vice president now owns 97,053 shares in the company, valued at $1,858,564.95. The trade was a 18.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 6.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On Mayville Engineering

A number of large investors have recently made changes to their positions in the business. US Bancorp DE purchased a new position in Mayville Engineering during the 3rd quarter worth $60,000. Harvest Fund Management Co. Ltd purchased a new stake in shares of Mayville Engineering during the third quarter worth about $62,000. Quantbot Technologies LP acquired a new position in shares of Mayville Engineering during the third quarter valued at about $70,000. Lazard Asset Management LLC purchased a new position in shares of Mayville Engineering in the 1st quarter valued at approximately $73,000. Finally, BNP Paribas Financial Markets raised its position in shares of 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 purchasing an additional 1,799 shares during the last quarter. 45.44% of the stock is owned by institutional investors and hedge funds.

Mayville Engineering Stock Down 2.4 %

Shares of NYSE MEC traded down $0.41 during mid-day trading on Friday, reaching $16.81. 113,051 shares of the company were exchanged, compared to its average volume of 186,682. The firm has a 50-day moving average of $19.75 and a 200 day moving average of $18.09. Mayville Engineering has a 1 year low of $11.07 and a 1 year high of $23.02. The company has a quick ratio of 0.91, a current ratio of 1.77 and a debt-to-equity ratio of 0.47. The stock has a market cap of $346.96 million, a price-to-earnings ratio of 28.49 and a beta of 0.97.

Mayville Engineering (NYSE:MEC) last released its quarterly earnings results on Tuesday, November 5th. The company reported $0.14 earnings per share for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.05). The firm had revenue of $135.39 million during the quarter, compared to the consensus estimate of $157.22 million. Mayville Engineering had a net margin of 2.01% and a return on equity of 5.20%. During the same quarter in the prior year, the business posted $0.21 earnings per share. On average, research analysts expect that Mayville Engineering will post 0.31 earnings per share for the current year.

Analyst Ratings Changes

Several research analysts have issued reports on the stock. Northland Capmk cut shares of Mayville Engineering from a “strong-buy” rating to a “hold” rating in a report on Thursday, November 7th. Northland Securities downgraded shares of Mayville Engineering from an “outperform” rating to a “market perform” rating and dropped their price objective for the company from $30.00 to $20.00 in a research note on Thursday, November 7th.

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.