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

Mayville Engineering Company, Inc. (NYSE:MEC) was the target of a significant decline in short interest in 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. Currently, 0.8% of the company’s stock are short sold.

Mayville Engineering Stock Performance

MEC stock traded down $0.41 during trading on Friday, reaching $16.81. The stock had a trading volume of 113,051 shares, compared to its average volume of 186,682. The stock’s 50 day moving average is $19.75 and its two-hundred day moving average is $18.09. The firm has a market cap of $346.96 million, a PE ratio of 28.49 and a beta of 0.97. Mayville Engineering has a 52 week low of $11.07 and a 52 week high of $23.02. The company has a current ratio of 1.77, a quick ratio of 0.91 and a debt-to-equity ratio of 0.47.

Mayville Engineering (NYSE:MEC) last posted its quarterly earnings data on Tuesday, November 5th. The company reported $0.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.05). Mayville Engineering had a return on equity of 5.20% and a net margin of 2.01%. The business 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 business posted $0.21 EPS. As a group, equities analysts anticipate that Mayville Engineering will post 0.31 earnings per share for the current year.

Insiders Place Their Bets

In related news, EVP Ryan F. Raber sold 21,508 shares of the company’s stock in a transaction that occurred 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 directly owns 97,053 shares of the company’s stock, valued at approximately $1,858,564.95. This represents a 18.14 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Jagadeesh A. Reddy purchased 5,903 shares of the stock in a transaction dated Thursday, November 7th. The shares were acquired 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 owns 89,052 shares of the company’s stock, valued at approximately $1,488,949.44. This represents a 7.10 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 6.40% of the company’s stock.

Institutional Investors Weigh In On Mayville Engineering

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Ancora Advisors LLC increased its holdings in Mayville Engineering by 0.4% in the 1st quarter. Ancora Advisors LLC now owns 248,280 shares of the company’s stock valued at $3,558,000 after acquiring an additional 1,100 shares during the last quarter. Pullen Investment Management LLC grew its holdings in shares of Mayville Engineering by 4.1% in the second quarter. Pullen Investment Management LLC now owns 39,686 shares of the company’s stock valued at $661,000 after purchasing an additional 1,578 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in Mayville Engineering by 5.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 34,252 shares of the company’s stock worth $722,000 after purchasing an additional 1,760 shares during the last quarter. BNP Paribas Financial Markets raised its stake in Mayville Engineering by 49.6% during the first 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 in the last quarter. Finally, Kennedy Capital Management LLC lifted its position in Mayville Engineering by 2.1% during the first quarter. Kennedy Capital Management LLC now owns 96,831 shares of the company’s stock valued at $1,388,000 after purchasing an additional 1,980 shares during the last quarter. 45.44% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

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.