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

Northland Securities upgraded shares of Mayville Engineering (NYSE:MEC) from a market perform rating to an outperform rating in a report published on Thursday, Marketbeat.com reports. The firm currently has $25.00 price target on the stock, up from their previous price target of $20.00.

A number of other brokerages also recently issued reports on MEC. Weiss Ratings reissued a “hold (c-)” rating on shares of Mayville Engineering in a report on Thursday, January 22nd. Zacks Research cut shares of Mayville Engineering from a “hold” rating to a “strong sell” rating in a research note on Wednesday, January 21st. Finally, Citigroup upped their price objective on shares of Mayville Engineering from $21.00 to $24.00 and gave the stock a “buy” rating in a research report on Monday, January 12th. Four research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $24.25.

Mayville Engineering Stock Performance

Shares of MEC stock traded down $0.24 during trading hours on Thursday, hitting $18.61. The company’s stock had a trading volume of 35,209 shares, compared to its average volume of 169,773. The stock has a market cap of $378.16 million, a PE ratio of -46.52 and a beta of 1.08. Mayville Engineering has a 12-month low of $11.72 and a 12-month high of $22.36. The company has a 50 day moving average of $19.82 and a 200 day moving average of $17.02. 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 (NYSE:MEC) last posted its quarterly earnings results on Tuesday, March 3rd. The company reported ($0.08) EPS for the quarter, beating the consensus estimate of ($0.16) by $0.08. The company had revenue of $134.27 million for the quarter, compared to analyst estimates of $132.51 million. Mayville Engineering had a negative net margin of 1.48% and a negative return on equity of 2.31%. On average, sell-side analysts forecast that Mayville Engineering will post 0.31 EPS for the current fiscal year.

Insider Activity at Mayville Engineering

In related news, Director Steven L. Fisher sold 10,000 shares of the business’s stock in a transaction dated Thursday, December 11th. The shares were sold at an average price of $19.11, for a total transaction of $191,100.00. Following the transaction, the director directly owned 30,482 shares in the company, valued at approximately $582,511.02. The trade was a 24.70% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 7.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of MEC. Bailard Inc. purchased a new position in Mayville Engineering during the second quarter worth approximately $284,000. Roubaix Capital LLC increased its stake in shares of Mayville Engineering by 110.3% in the 3rd quarter. Roubaix Capital LLC now owns 212,688 shares of the company’s stock worth $2,927,000 after acquiring an additional 111,550 shares during the last quarter. American Century Companies Inc. raised 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 acquiring an additional 54,843 shares during the period. 22NW LP acquired a new position in shares of Mayville Engineering during the 2nd quarter valued at about $2,481,000. Finally, CenterBook Partners LP grew its holdings in shares of Mayville Engineering by 86.8% in the third quarter. CenterBook Partners LP now owns 177,659 shares of the company’s stock valued at $2,445,000 after purchasing an additional 82,573 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.