Mayville Engineering (NYSE:MEC) Raised to Outperform at Northland Securities

Mayville Engineering (NYSE:MEC) was upgraded by equities research analysts at Northland Securities from a “market perform” rating to an “outperform” rating in a report released on Thursday, MarketBeat Ratings reports. The brokerage presently has a $25.00 price target on the stock, up from their previous price target of $20.00. Northland Securities’ price objective would indicate a potential upside of 30.48% from the company’s current price.

MEC has been the topic of a number of other reports. Citigroup raised their price objective on shares of Mayville Engineering from $21.00 to $24.00 and gave the company a “buy” rating in a report on Monday, January 12th. Zacks Research downgraded shares of Mayville Engineering from a “hold” rating to a “strong sell” rating in a research note on Wednesday, January 21st. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of Mayville Engineering in a research note on Thursday, January 22nd. Four analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, Mayville Engineering presently has a consensus rating of “Hold” and a consensus target price of $24.25.

Mayville Engineering Trading Up 1.6%

Mayville Engineering stock opened at $19.16 on Thursday. The stock’s 50 day simple moving average is $19.82 and its two-hundred day simple moving average is $17.06. The company has a current ratio of 1.72, a quick ratio of 1.04 and a debt-to-equity ratio of 0.84. Mayville Engineering has a 12 month low of $11.72 and a 12 month high of $22.36. The firm has a market cap of $389.33 million, a PE ratio of -47.90 and a beta of 1.08.

Mayville Engineering (NYSE:MEC) last issued its quarterly earnings results on Tuesday, March 3rd. The company reported ($0.08) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.08. Mayville Engineering had a negative net margin of 1.48% and a negative return on equity of 2.33%. The company had revenue of $134.27 million during the quarter, compared to the consensus estimate of $132.51 million. Analysts anticipate that Mayville Engineering will post 0.31 earnings per share for the current year.

Insiders Place Their Bets

In other Mayville Engineering news, Director Steven L. Fisher sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, December 11th. The shares were sold at an average price of $19.11, for a total transaction of $191,100.00. Following the sale, the director owned 30,482 shares of the company’s stock, valued at approximately $582,511.02. This trade represents a 24.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 7.20% of the company’s stock.

Institutional Investors Weigh In On Mayville Engineering

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Clearstead Advisors LLC lifted its position in Mayville Engineering by 194.9% in the fourth quarter. Clearstead Advisors LLC now owns 2,094 shares of the company’s stock valued at $39,000 after acquiring an additional 1,384 shares during the last quarter. BNP Paribas Financial Markets grew its holdings in shares of 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 during the last quarter. State of Alaska Department of Revenue acquired a new stake in shares of Mayville Engineering during the fourth quarter worth about $73,000. Picton Mahoney Asset Management acquired a new stake in shares of Mayville Engineering during the fourth quarter worth about $109,000. Finally, JPMorgan Chase & Co. lifted its holdings in shares of Mayville Engineering by 20.7% in the 2nd quarter. JPMorgan Chase & Co. now owns 7,936 shares of the company’s stock valued at $127,000 after purchasing an additional 1,359 shares during the last quarter. 45.44% of the stock is currently owned by institutional investors and hedge funds.

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.