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

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 volume of 127,700 shares, the short-interest ratio is currently 0.9 days. Currently, 0.8% of the shares of the stock are short sold.

Mayville Engineering Trading Down 2.4 %

Shares of NYSE MEC traded down $0.41 during midday trading on Friday, hitting $16.81. The stock had a trading volume of 113,051 shares, compared to its average volume of 96,061. The company’s 50-day simple moving average is $19.78 and its 200 day simple moving average is $18.04. The firm has a market cap of $346.96 million, a P/E ratio of 29.24 and a beta of 0.97. Mayville Engineering has a fifty-two week low of $11.07 and a fifty-two week high of $23.02. 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 (NYSE:MEC) last announced 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 business had revenue of $135.39 million for the quarter, compared to analyst estimates of $157.22 million. Mayville Engineering had a return on equity of 5.20% and a net margin of 2.01%. During the same period last year, the firm earned $0.21 EPS. Research analysts anticipate that Mayville Engineering will post 0.31 EPS for the current year.

Insider Activity at Mayville Engineering

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

Institutional Investors Weigh In On Mayville Engineering

Large investors have recently added to or reduced their stakes in the company. US Bancorp DE bought a new position in shares of Mayville Engineering during the 3rd quarter valued at approximately $60,000. Harvest Fund Management Co. Ltd purchased a new stake in Mayville Engineering in the 3rd quarter valued at about $62,000. Quantbot Technologies LP purchased a new position in Mayville Engineering during the 3rd quarter valued at about $70,000. Point72 Asset Management L.P. bought a new stake in Mayville Engineering during the third quarter valued at about $95,000. Finally, Lazard Asset Management LLC acquired a new position in shares of Mayville Engineering during the first quarter worth $73,000. Hedge funds and other institutional investors own 45.44% of the company’s stock.

Analyst Upgrades and Downgrades

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