Mayville Engineering Company, Inc. (NYSE:MEC) Receives Average Rating of “Hold” from Analysts

Shares of Mayville Engineering Company, Inc. (NYSE:MEC) have been assigned a consensus recommendation of “Hold” from the six ratings firms that are currently covering the stock, Marketbeat.com reports. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $22.75.

Several equities research analysts recently commented on MEC shares. Weiss Ratings reissued a “hold (c-)” rating on shares of Mayville Engineering in a report on Thursday, January 22nd. Zacks Research lowered shares of Mayville Engineering from a “hold” rating to a “strong sell” rating in a research report on Wednesday, January 21st. Citigroup boosted their target price on shares of Mayville Engineering from $21.00 to $24.00 and gave the stock a “buy” rating in a research note on Monday, January 12th. Finally, Northland Securities lowered shares of Mayville Engineering from an “outperform” rating to a “market perform” rating and set a $20.00 price target on the stock. in a research note on Monday, January 5th.

Insider Buying and Selling

In other Mayville Engineering news, 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 of the company’s stock, valued at $582,511.02. This represents a 24.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 7.20% of the company’s stock.

Institutional Investors Weigh In On Mayville Engineering

A number of large investors have recently made changes to their positions in the stock. Bailard Inc. purchased a new position in Mayville Engineering during the second quarter worth about $284,000. American Century Companies Inc. increased its holdings in shares of Mayville Engineering by 21.8% during the 2nd quarter. American Century Companies Inc. now owns 306,982 shares of the company’s stock worth $4,899,000 after buying an additional 54,843 shares during the last quarter. 22NW LP purchased a new stake in shares of Mayville Engineering during the 2nd quarter valued at approximately $2,481,000. CenterBook Partners LP grew its position in Mayville Engineering by 86.8% in the third quarter. CenterBook Partners LP now owns 177,659 shares of the company’s stock worth $2,445,000 after acquiring an additional 82,573 shares during the period. Finally, SummerHaven Investment Management LLC purchased a new position in Mayville Engineering in the third quarter worth approximately $712,000. 45.44% of the stock is currently owned by hedge funds and other institutional investors.

Mayville Engineering Stock Performance

Shares of MEC stock opened at $20.96 on Monday. 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 12-month low of $11.72 and a 12-month high of $22.36. The business’s 50 day moving average is $19.72 and its two-hundred day moving average is $16.86. The company has a market capitalization of $425.95 million, a P/E ratio of 36.14 and a beta of 1.09.

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.