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

Mayville Engineering Company, Inc. (NYSE:MEC) saw a significant decline in short interest during 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 daily trading volume, of 127,700 shares, the days-to-cover ratio is currently 0.9 days. Currently, 0.8% of the shares of the company are short sold.

Insider Buying and Selling at Mayville Engineering

In other Mayville Engineering news, EVP Ryan F. Raber sold 21,508 shares of the business’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $19.15, for a total value of $411,878.20. Following the completion of the sale, the executive vice president now owns 97,053 shares of the company’s stock, valued at $1,858,564.95. The trade was a 18.14 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Jagadeesh A. Reddy acquired 5,903 shares of the stock in a transaction dated Thursday, November 7th. The shares were purchased at an average price of $16.72 per share, for a total transaction of $98,698.16. Following the completion of the transaction, the chief executive officer now owns 89,052 shares of the company’s stock, valued at $1,488,949.44. This trade represents a 7.10 % increase in their position. The disclosure for this purchase can be found here. 6.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Mayville Engineering

A number of institutional investors have recently bought and sold shares of the stock. First Eagle Investment Management LLC lifted its position in shares of Mayville Engineering by 404.2% in the 2nd quarter. First Eagle Investment Management LLC now owns 250,785 shares of the company’s stock worth $4,178,000 after acquiring an additional 201,047 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Mayville Engineering by 17.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 517,323 shares of the company’s stock worth $8,618,000 after buying an additional 77,486 shares during the period. Russell Investments Group Ltd. increased its position in shares of 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 acquiring an additional 60,896 shares in the last quarter. Marshall Wace LLP acquired a new stake in Mayville Engineering in the 2nd quarter valued at approximately $978,000. Finally, Jacobs Levy Equity Management Inc. increased its position in shares of Mayville Engineering by 91.3% in the third quarter. Jacobs Levy Equity Management Inc. now owns 122,055 shares of the company’s stock valued at $2,573,000 after acquiring an additional 58,242 shares during the last quarter. 45.44% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Northland Securities cut shares of Mayville Engineering from an “outperform” rating to a “market perform” rating and dropped their target price for the company from $30.00 to $20.00 in a report 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.

Mayville Engineering Trading Down 2.4 %

NYSE:MEC traded down $0.41 during trading hours on Friday, hitting $16.81. The company had a trading volume of 113,051 shares, compared to its average volume of 96,061. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.77 and a quick ratio of 0.91. Mayville Engineering has a 52 week low of $11.07 and a 52 week high of $23.02. The company has a market capitalization of $346.96 million, a PE ratio of 29.24 and a beta of 0.97. The stock has a 50-day moving average price of $19.78 and a 200 day moving average price of $18.04.

Mayville Engineering (NYSE:MEC) last issued its quarterly earnings data 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 for the quarter, compared to analysts’ expectations 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 previous year, the business earned $0.21 EPS. On average, equities research analysts predict that Mayville Engineering will post 0.31 EPS 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.