Mayville Engineering Company, Inc. (NYSE:MEC) Receives Consensus Rating of “Moderate Buy” from Analysts

Mayville Engineering Company, Inc. (NYSE:MEC) has been assigned a consensus recommendation of “Moderate Buy” from the six analysts that are presently covering the firm, MarketBeat.com reports. One analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $33.25.

Several research analysts have recently commented on MEC shares. Northland Securities set a $30.00 price target on Mayville Engineering in a research report on Thursday, May 7th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Mayville Engineering in a research report on Friday, July 10th. Citigroup lifted their target price on Mayville Engineering from $33.00 to $43.00 and gave the company a “buy” rating in a research note on Monday, July 13th. Finally, DA Davidson boosted their target price on shares of Mayville Engineering from $32.00 to $36.00 and gave the stock a “buy” rating in a report on Wednesday.

Mayville Engineering Stock Performance

Shares of MEC stock opened at $29.90 on Thursday. The firm has a market cap of $612.73 million, a price-to-earnings ratio of -37.38 and a beta of 1.22. Mayville Engineering has a 52-week low of $12.10 and a 52-week high of $38.76. The company has a quick ratio of 0.91, a current ratio of 1.64 and a debt-to-equity ratio of 0.91. The company’s 50 day moving average is $31.73 and its 200 day moving average is $24.14.

Mayville Engineering (NYSE:MEC) last posted its earnings results on Tuesday, May 5th. The company reported ($0.15) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.28) by $0.13. The company had revenue of $144.78 million during the quarter, compared to analyst estimates of $139.18 million. Mayville Engineering had a negative return on equity of 5.77% and a negative net margin of 2.93%. On average, sell-side analysts anticipate that Mayville Engineering will post -0.08 EPS for the current fiscal year.

Insider Activity at Mayville Engineering

In other Mayville Engineering news, SVP Craig D. Nichols sold 4,000 shares of the firm’s stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $23.24, for a total value of $92,960.00. Following the completion of the sale, the senior vice president owned 146 shares of the company’s stock, valued at approximately $3,393.04. This trade represents a 96.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Jagadeesh A. Reddy sold 15,688 shares of Mayville Engineering stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $35.05, for a total transaction of $549,864.40. Following the completion of the sale, the chief executive officer owned 124,105 shares of the company’s stock, valued at $4,349,880.25. This trade represents a 11.22% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 80,726 shares of company stock valued at $2,311,768 over the last 90 days. Insiders own 5.60% of the company’s stock.

Institutional Investors Weigh In On Mayville Engineering

Several institutional investors and hedge funds have recently made changes to their positions in MEC. EVR Research LP acquired a new position in shares of Mayville Engineering in the 4th quarter valued at $11,326,000. Ameriprise Financial Inc. lifted its position in Mayville Engineering by 894.2% during the 3rd quarter. Ameriprise Financial Inc. now owns 394,161 shares of the company’s stock worth $5,424,000 after acquiring an additional 354,514 shares during the period. Congruence Capital LLC acquired a new stake in Mayville Engineering during the 4th quarter worth about $3,896,000. Blair William & Co. IL grew its stake in Mayville Engineering by 54.8% during the 4th quarter. Blair William & Co. IL now owns 583,759 shares of the company’s stock valued at $10,928,000 after purchasing an additional 206,549 shares during the last quarter. Finally, Boston Partners purchased a new stake in Mayville Engineering during the 3rd quarter valued at about $2,727,000. 45.44% of the stock is currently owned by institutional investors and hedge funds.

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.