Mayville Engineering (NYSE:MEC) Sets New 1-Year High – What’s Next?

Shares of Mayville Engineering Company, Inc. (NYSE:MEC) reached a new 52-week high on Monday . The company traded as high as $36.50 and last traded at $35.6440, with a volume of 546956 shares. The stock had previously closed at $35.48.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on MEC shares. DA Davidson raised their price objective on shares of Mayville Engineering from $23.00 to $32.00 and gave the stock a “buy” rating in a report on Monday, May 11th. Zacks Research raised shares of Mayville Engineering from a “strong sell” rating to a “hold” rating in a report on Friday, March 6th. Citigroup raised their price objective on shares of Mayville Engineering from $25.00 to $33.00 and gave the stock a “buy” rating in a report on Friday, May 8th. Weiss Ratings cut shares of Mayville Engineering from a “hold (c-)” rating to a “sell (d+)” rating in a report on Thursday, March 5th. Finally, Northland Securities set a $30.00 target price on shares of Mayville Engineering in a report on Thursday, May 7th. Four equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $29.75.

Mayville Engineering Trading Down 3.2%

The stock has a market capitalization of $703.81 million, a PE ratio of -42.94 and a beta of 1.29. The business’s 50-day moving average is $24.94 and its two-hundred day moving average is $21.00. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.91 and a current ratio of 1.64.

Mayville Engineering (NYSE:MEC) last issued its earnings results on Tuesday, May 5th. The company reported ($0.15) EPS for the quarter, topping the consensus estimate of ($0.28) by $0.13. Mayville Engineering had a negative net margin of 2.93% and a negative return on equity of 5.77%. The company had revenue of $144.78 million for the quarter, compared to analyst estimates of $139.18 million. As a group, equities research analysts anticipate that Mayville Engineering Company, Inc. will post -0.14 earnings per share for the current year.

Insider Buying and Selling at Mayville Engineering

In other news, SVP Craig D. Nichols sold 4,000 shares of the company’s stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $23.24, for a total transaction of $92,960.00. Following the completion of the transaction, the senior vice president owned 146 shares of the company’s stock, valued at $3,393.04. This represents a 96.48% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Ryan F. Raber sold 20,000 shares of the company’s stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $26.00, for a total transaction of $520,000.00. Following the transaction, the executive vice president directly owned 86,970 shares of the company’s stock, valued at approximately $2,261,220. This represents a 18.70% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 80,726 shares of company stock worth $2,311,768. Corporate insiders own 5.60% of the company’s stock.

Institutional Trading of Mayville Engineering

Several large investors have recently bought and sold shares of the company. Clearstead Advisors LLC boosted its stake in shares of Mayville Engineering by 194.9% during the 4th quarter. Clearstead Advisors LLC now owns 2,094 shares of the company’s stock valued at $39,000 after buying an additional 1,384 shares during the last quarter. BNP Paribas Financial Markets boosted its stake in shares of Mayville Engineering by 109.0% during the 3rd quarter. BNP Paribas Financial Markets now owns 2,751 shares of the company’s stock valued at $38,000 after buying an additional 1,435 shares during the last quarter. State of Alaska Department of Revenue purchased a new position in shares of Mayville Engineering during the 4th quarter valued at approximately $73,000. Picton Mahoney Asset Management purchased a new position in shares of Mayville Engineering during the 4th quarter valued at approximately $109,000. Finally, JPMorgan Chase & Co. boosted its stake in shares of Mayville Engineering by 20.7% during the 2nd quarter. JPMorgan Chase & Co. now owns 7,936 shares of the company’s stock valued at $127,000 after buying an additional 1,359 shares during the last quarter. Institutional investors and hedge funds 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.