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

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

Insider Activity

In other news, EVP Ryan F. Raber sold 21,508 shares of the firm’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 transaction, the executive vice president now owns 97,053 shares in the company, valued at $1,858,564.95. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 6.40% of the stock is owned by corporate insiders.

Institutional Trading of Mayville Engineering

A number of hedge funds and other institutional investors have recently modified their holdings of MEC. Lazard Asset Management LLC acquired a new position in shares of Mayville Engineering during the first quarter valued at about $73,000. BNP Paribas Financial Markets increased its holdings in shares of Mayville Engineering by 49.6% in the 1st quarter. BNP Paribas Financial Markets now owns 5,426 shares of the company’s stock worth $78,000 after buying an additional 1,799 shares during the last quarter. Janney Montgomery Scott LLC bought a new position in shares of Mayville Engineering in the 1st quarter worth $147,000. Cubist Systematic Strategies LLC bought a new position in shares of Mayville Engineering during the 2nd quarter valued at $189,000. Finally, Ritholtz Wealth Management bought a new position in shares of Mayville Engineering during the 2nd quarter valued at $191,000. Institutional investors own 45.44% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Mayville Engineering Stock Performance

Mayville Engineering stock traded down $0.17 during midday trading on Friday, reaching $19.99. 69,731 shares of the company’s stock were exchanged, compared to its average volume of 86,525. Mayville Engineering has a 52 week low of $9.72 and a 52 week high of $22.07. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.97 and a current ratio of 1.71. The firm has a market cap of $412.19 million, a price-to-earnings ratio of 38.44 and a beta of 0.95. The stock’s 50-day simple moving average is $19.81 and its 200 day simple moving average is $17.54.

Mayville Engineering (NYSE:MEC) last issued its quarterly earnings data on Tuesday, August 6th. The company reported $0.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.17 by $0.01. Mayville Engineering had a net margin of 1.69% and a return on equity of 5.81%. The firm had revenue of $163.64 million during the quarter, compared to the consensus estimate of $160.38 million. On average, analysts expect that Mayville Engineering will post 0.68 earnings per share for the current fiscal year.

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.