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In a recent SEC filing, Jagadeesh A. Reddy, President and CEO of Mayville Engineering Company, Inc. (NYSE:MEC), disclosed a purchase of 380 shares of common stock valued at approximately $5,225. The timing is notable as InvestingPro data shows the stock has fallen over 26% in the past six months, with the company currently trading at a P/E ratio of 11.2x. The shares were acquired at a price of $13.75 each on March 12, 2025. Following this transaction, Reddy’s direct and indirect holdings include 102,531 shares held directly, 2,300 shares held through an ESOP and/or 401(k) plan, and 380 shares held indirectly by his daughter. With analysts setting price targets between $18 and $20, according to InvestingPro data, this insider purchase comes at an interesting juncture for the $287 million market cap company.
In terms of derivative securities, Reddy holds 32,051 restricted stock units and 108,950 additional restricted stock units, which are set to vest over the coming years. Additionally, he holds stock options for 88,901 shares at an exercise price of $16.22, with vesting scheduled for February 2024 and 2025. For deeper insights into insider trading patterns and comprehensive financial analysis, including 8 additional ProTips, check out the full research report available on InvestingPro.
In other recent news, Mayville Engineering Company (MEC) reported its financial results for the fourth quarter of 2024, showing a slight beat in earnings per share (EPS) expectations. The company posted an EPS of -$0.07, surpassing the forecast of -$0.08, while revenue fell short at $121.3 million compared to the expected $124.27 million. This represented an 18.4% year-over-year decline in revenue for the quarter. Analysts from firms like William Blair and Northland Capital Markets have been closely monitoring these developments. Despite the revenue shortfall, MEC remains focused on cost reductions and efficiency improvements. The company anticipates a demand recovery in the latter half of 2025, driven by strategic initiatives and ongoing market share gains. MEC has also been actively pursuing mergers and acquisitions, targeting companies with revenues between $50 million and $150 million. The company continues to engage in discussions with both new and existing customers within high-value emerging markets.
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