Short Interest in Mayville Engineering Company, Inc. (NYSE:MEC) Decreases By 35.7%

Mayville Engineering Company, Inc. (NYSE:MEC) was the target of a large decline in short interest during the month of October. As of October 15th, there was short interest totalling 149,100 shares, a decline of 35.7% from the September 30th total of 232,000 shares. Approximately 1.0% of the shares of the company are short sold. Based on an average daily volume of 107,700 shares, the short-interest ratio is presently 1.4 days.

Wall Street Analyst Weigh In

Separately, Northland Securities reaffirmed an “outperform” rating and issued a $30.00 price target on shares of Mayville Engineering in a report on Tuesday, October 8th.

Insider Buying and Selling

In related 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 transaction of $411,878.20. Following the completion of the transaction, the executive vice president now owns 97,053 shares of the company’s stock, valued at approximately $1,858,564.95. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 6.40% of the stock is owned by insiders.

Institutional Trading of Mayville Engineering

Hedge funds have recently added to or reduced their stakes in the business. First Eagle Investment Management LLC acquired a new stake in Mayville Engineering during the 1st quarter worth $713,000. Vanguard Group Inc. raised its stake in shares of Mayville Engineering by 7.9% in the 1st quarter. Vanguard Group Inc. now owns 538,175 shares of the company’s stock valued at $7,712,000 after purchasing an additional 39,460 shares during the period. Russell Investments Group Ltd. raised its stake in shares of Mayville Engineering by 65.6% in the 1st quarter. Russell Investments Group Ltd. now owns 153,710 shares of the company’s stock valued at $2,203,000 after purchasing an additional 60,896 shares during the period. Harbor Capital Advisors Inc. acquired a new stake in shares of Mayville Engineering in the 2nd quarter valued at about $587,000. Finally, Ritholtz Wealth Management acquired a new stake in shares of Mayville Engineering in the 2nd quarter valued at about $191,000. Institutional investors and hedge funds own 45.44% of the company’s stock.

Mayville Engineering Price Performance

NYSE MEC traded down $0.17 during trading hours on Friday, reaching $19.99. 69,731 shares of the company’s stock were exchanged, compared to its average volume of 86,525. The stock has a market cap of $412.19 million, a PE ratio of 38.44 and a beta of 0.95. Mayville Engineering has a one year low of $9.72 and a one year high of $22.07. The firm has a fifty day moving average of $19.81 and a 200-day moving average of $17.54. The company has a current ratio of 1.71, a quick ratio of 0.97 and a debt-to-equity ratio of 0.51.

Mayville Engineering (NYSE:MEC) last announced its quarterly earnings data on Tuesday, August 6th. The company reported $0.18 EPS for the quarter, beating analysts’ consensus estimates 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 return on equity of 5.81% and a net margin of 1.69%. On average, equities research analysts predict 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.