Mayville Engineering Company, Inc. (NYSE:MEC) Receives $21.50 Consensus Price Target from Brokerages

Shares of Mayville Engineering Company, Inc. (NYSE:MEC) have earned an average recommendation of “Moderate Buy” from the six analysts that are presently covering the firm, Marketbeat.com reports. Three equities research analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $22.00.

A number of analysts have recently weighed in on MEC shares. Craig Hallum set a $24.00 price objective on shares of 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 report on Wednesday, October 8th. Northland Capmk cut Mayville Engineering from a “strong-buy” rating to a “hold” rating in a research note on Monday. Finally, Northland Securities cut shares of Mayville Engineering from an “outperform” rating to a “market perform” rating and set a $20.00 target price for the company. in a report on Monday.

Mayville Engineering Trading Down 1.3%

Shares of MEC opened at $17.74 on Friday. The company has a market cap of $360.56 million, a P/E ratio of 30.59 and a beta of 1.08. The company has a current ratio of 1.82, a quick ratio of 1.04 and a debt-to-equity ratio of 0.87. Mayville Engineering has a twelve month low of $11.72 and a twelve month high of $19.77. The company’s fifty day simple moving average is $17.38 and its 200-day simple moving average is $15.80.

Mayville Engineering (NYSE:MEC) last issued its earnings results on Tuesday, November 4th. The company reported $0.10 EPS for the quarter, topping 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 business had revenue of $144.31 million for the quarter, compared to analyst estimates of $141.36 million. As a group, analysts expect that Mayville Engineering will post 0.31 EPS for the current year.

Insiders Place Their Bets

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

Institutional Investors Weigh In On Mayville Engineering

Hedge funds have recently made changes to their positions in the business. BNP Paribas Financial Markets raised its holdings in Mayville Engineering by 109.0% during the third 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. AlphaQuest LLC raised its position in shares of Mayville Engineering by 26.2% during the third quarter. AlphaQuest LLC now owns 8,342 shares of the company’s stock valued at $115,000 after buying an additional 1,733 shares during the last quarter. JPMorgan Chase & Co. increased its stake 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. CHICAGO TRUST Co NA bought a new position in Mayville Engineering during the 2nd quarter valued at about $165,000. Finally, Public Employees Retirement System of Ohio raised its stake in shares of Mayville Engineering by 54.0% in the third quarter. Public Employees Retirement System of Ohio now owns 16,689 shares of the company’s stock worth $230,000 after acquiring an additional 5,855 shares during the last quarter. Institutional investors own 45.44% of the company’s stock.

About Mayville Engineering

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.