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

Shares of Mayville Engineering Company, Inc. (NYSE:MEC) have earned a consensus rating of “Moderate Buy” from the six brokerages that are covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and four have given a buy recommendation to the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $29.75.

A number of equities analysts have recently weighed in on the company. DA Davidson increased their target price on Mayville Engineering from $23.00 to $32.00 and gave the stock a “buy” rating in a research note on Monday, May 11th. Weiss Ratings lowered Mayville Engineering from a “hold (c-)” rating to a “sell (d+)” rating in a report on Thursday, March 5th. Northland Securities set a $30.00 price objective on Mayville Engineering in a research report on Thursday, May 7th. Citigroup lifted their target price on Mayville Engineering from $25.00 to $33.00 and gave the stock a “buy” rating in a report on Friday, May 8th. Finally, Zacks Research raised shares of Mayville Engineering from a “strong sell” rating to a “hold” rating in a research report on Friday, March 6th.

Mayville Engineering Trading Down 4.6%

Shares of Mayville Engineering stock opened at $33.60 on Friday. The business has a fifty day simple moving average of $29.25 and a two-hundred day simple moving average of $22.78. Mayville Engineering has a 1 year low of $12.10 and a 1 year high of $38.76. The company has a market capitalization of $688.42 million, a price-to-earnings ratio of -42.00 and a beta of 1.22. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.64 and a quick ratio of 0.91.

Mayville Engineering (NYSE:MEC) last released its quarterly earnings data on Tuesday, May 5th. The company reported ($0.15) EPS for the quarter, beating the consensus estimate of ($0.28) by $0.13. The firm had revenue of $144.78 million for the quarter, compared to the consensus estimate of $139.18 million. Mayville Engineering had a negative net margin of 2.93% and a negative return on equity of 5.77%. Research analysts forecast that Mayville Engineering will post -0.08 EPS for the current year.

Insider Buying and Selling at Mayville Engineering

In other news, CEO Jagadeesh A. Reddy sold 15,688 shares of Mayville Engineering stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $35.05, for a total value of $549,864.40. Following the completion of the sale, the chief executive officer directly owned 124,105 shares in the company, valued at approximately $4,349,880.25. The trade was a 11.22% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Ryan F. Raber sold 20,000 shares of Mayville Engineering stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $26.00, for a total transaction of $520,000.00. Following the completion of the sale, the executive vice president owned 86,970 shares of the company’s stock, valued at approximately $2,261,220. The trade was a 18.70% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 80,726 shares of company stock valued at $2,311,768 in the last quarter. Company insiders own 5.60% of the company’s stock.

Hedge Funds Weigh In On Mayville Engineering

A number of hedge funds have recently added to or reduced their stakes in MEC. Dimensional Fund Advisors LP lifted its stake in Mayville Engineering by 5.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 926,216 shares of the company’s stock valued at $16,625,000 after purchasing an additional 49,041 shares during the last quarter. Royce & Associates LP grew its position in Mayville Engineering by 10.2% during the 4th quarter. Royce & Associates LP now owns 624,307 shares of the company’s stock worth $11,687,000 after acquiring an additional 57,590 shares during the last quarter. EVR Research LP acquired a new position in Mayville Engineering in the 4th quarter valued at approximately $11,326,000. Blair William & Co. IL grew its position in shares of Mayville Engineering by 54.8% in the 4th quarter. Blair William & Co. IL now owns 583,759 shares of the company’s stock valued at $10,928,000 after buying an additional 206,549 shares during the last quarter. Finally, 22NW LP boosted its stake in shares of Mayville Engineering by 3.6% in the 4th quarter. 22NW LP now owns 414,280 shares of the company’s stock valued at $7,755,000 after purchasing an additional 14,390 shares during the last quarter. Institutional investors own 45.44% of the company’s stock.

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.