Mayville Engineering Company, Inc. (NYSE:MEC) Short Interest Down 12.7% in January

Mayville Engineering Company, Inc. (NYSE:MEC) was the target of a large decline in short interest in the month of January. As of January 15th, there was short interest totalling 253,400 shares, a decline of 12.7% from the December 31st total of 290,200 shares. Currently, 1.6% of the shares of the company are short sold. Based on an average daily volume of 128,600 shares, the short-interest ratio is currently 2.0 days.

Mayville Engineering Stock Performance

Shares of MEC opened at $15.83 on Friday. The business has a 50-day simple moving average of $16.13 and a two-hundred day simple moving average of $18.14. The company has a quick ratio of 0.91, a current ratio of 1.77 and a debt-to-equity ratio of 0.47. Mayville Engineering has a 52 week low of $11.07 and a 52 week high of $23.02. The stock has a market cap of $326.73 million, a price-to-earnings ratio of 26.83 and a beta of 0.91.

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

Wall Street Analyst Weigh In

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

Insiders Place Their Bets

In other news, CEO Jagadeesh A. Reddy bought 5,903 shares of the stock in a transaction 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 acquisition, the chief executive officer now owns 89,052 shares in the company, valued at $1,488,949.44. The trade was a 7.10 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 6.40% of the stock is currently owned by insiders.

Institutional Trading of Mayville Engineering

A number of hedge funds and other institutional investors have recently modified their holdings of MEC. Dimensional Fund Advisors LP lifted its stake 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 valued at $8,618,000 after buying an additional 77,486 shares in the last quarter. Marshall Wace LLP purchased a new position in shares of Mayville Engineering in the second quarter valued at about $978,000. Jacobs Levy Equity Management Inc. boosted its stake 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 worth $2,573,000 after acquiring an additional 58,242 shares during the period. Harbor Capital Advisors Inc. grew its position in shares of Mayville Engineering by 124.4% during the third quarter. Harbor Capital Advisors Inc. now owns 79,122 shares of the company’s stock worth $1,668,000 after purchasing an additional 43,858 shares in the last quarter. Finally, Martingale Asset Management L P bought a new stake in Mayville Engineering during the 3rd quarter valued at approximately $766,000. 45.44% of the stock is owned by hedge funds and other institutional investors.

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.