Mayville Engineering (NYSE:MEC) Downgraded by Northland Securities to Market Perform

Mayville Engineering (NYSE:MEC) was downgraded by analysts at Northland Securities from an “outperform” rating to a “market perform” rating in a research report issued to clients and investors on Monday, MarketBeat Ratings reports. They currently have a $20.00 price objective on the stock. Northland Securities’ target price suggests a potential upside of 6.58% from the company’s previous close.

Several other research analysts also recently weighed in on MEC. Craig Hallum set a $24.00 target price on Mayville Engineering and gave the stock a “buy” rating in a research note on Tuesday, October 21st. Weiss Ratings restated a “hold (c-)” rating on shares of Mayville Engineering in a research note on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, Mayville Engineering presently has a consensus rating of “Moderate Buy” and a consensus price target of $22.00.

Mayville Engineering Stock Up 0.2%

NYSE:MEC opened at $18.77 on Monday. The company’s 50-day simple moving average is $17.33 and its 200-day simple moving average is $15.77. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.04 and a current ratio of 1.82. Mayville Engineering has a fifty-two week low of $11.72 and a fifty-two week high of $19.77. The stock has a market capitalization of $381.30 million, a P/E ratio of 32.35 and a beta of 1.08.

Mayville Engineering (NYSE:MEC) last posted its earnings results on Tuesday, November 4th. The company reported $0.10 EPS for the quarter, beating analysts’ consensus estimates of $0.05 by $0.05. Mayville Engineering had a net margin of 2.29% and a return on equity of 5.88%. The company had revenue of $144.31 million during the quarter, compared to analysts’ expectations of $141.36 million. On average, equities analysts anticipate that Mayville Engineering will post 0.31 earnings per share for the current fiscal year.

Insider Activity

In related news, EVP Ryan F. Raber sold 15,000 shares of Mayville Engineering stock in a transaction dated Tuesday, November 25th. The stock was sold at an average price of $16.68, for a total transaction of $250,200.00. Following the completion of the sale, the executive vice president owned 91,018 shares of the company’s stock, valued at $1,518,180.24. The trade was a 14.15% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Steven L. Fisher sold 10,000 shares of the stock in a transaction that occurred on Thursday, December 11th. The stock was sold at an average price of $19.11, for a total transaction of $191,100.00. Following the completion of the transaction, the director owned 30,482 shares in the company, valued at approximately $582,511.02. This trade represents a 24.70% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 7.20% of the company’s stock.

Institutional Investors Weigh In On Mayville Engineering

Several hedge funds have recently added to or reduced their stakes in MEC. Sheets Smith Wealth Management boosted its stake in shares of Mayville Engineering by 1.8% in the second quarter. Sheets Smith Wealth Management now owns 38,585 shares of the company’s stock worth $616,000 after buying an additional 680 shares during the last quarter. Raymond James Financial Inc. lifted its holdings in Mayville Engineering by 3.0% in the third quarter. Raymond James Financial Inc. now owns 25,187 shares of the company’s stock valued at $347,000 after acquiring an additional 740 shares during the period. JPMorgan Chase & Co. lifted its holdings in Mayville Engineering by 20.7% in the second quarter. JPMorgan Chase & Co. now owns 7,936 shares of the company’s stock valued at $127,000 after acquiring an additional 1,359 shares during the period. BNP Paribas Financial Markets boosted its position in Mayville Engineering by 109.0% in the 3rd quarter. BNP Paribas Financial Markets now owns 2,751 shares of the company’s stock worth $38,000 after purchasing an additional 1,435 shares in the last quarter. Finally, Rhumbline Advisers grew its stake in shares of Mayville Engineering by 8.3% during the 2nd quarter. Rhumbline Advisers now owns 19,969 shares of the company’s stock worth $319,000 after purchasing an additional 1,526 shares during the period. 45.44% of the stock is owned by hedge funds and other institutional investors.

Mayville Engineering Company Profile

Mayville Engineering Company, Inc (NYSE:MEC) is a U.S.-based industrial manufacturer specializing in engineered metal castings and precision machining services. Headquartered in Mayville, Wisconsin, the company leverages over a century of casting experience to design, produce and finish complex metal components for a broad range of heavy-duty applications.

The company operates two principal business segments: iron castings and steel castings. Its iron segment utilizes green sand and lost-foam molding processes to produce gray and ductile iron components, while the steel segment employs electric-arc furnace technology to manufacture high-strength steel castings.