Mayville Engineering (NYSE:MEC) Stock Price Target Cut by Citigroup

Mayville Engineering (NYSE:MEC) had its price target decreased by investment analysts at Citigroup from $38.00 to $27.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Citigroup‘s price target points to a potential upside of 106.42% from the company’s previous close.

Several other analysts have also issued reports on MEC. Northland Securities set a $40.00 price target on shares of Mayville Engineering in a research report on Thursday, August 6th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Mayville Engineering in a report on Tuesday, October 6th. Finally, DA Davidson increased their target price on Mayville Engineering from $32.00 to $36.00 and gave the stock a “buy” rating in a report on Wednesday, July 22nd. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $34.33.

Mayville Engineering Trading Up 0.2%

Mayville Engineering stock traded up $0.03 during midday trading on Thursday, hitting $13.08. 713,463 shares of the stock were exchanged, compared to its average volume of 438,434. The company has a fifty day simple moving average of $16.23 and a two-hundred day simple moving average of $22.51. The company has a quick ratio of 0.96, a current ratio of 1.70 and a debt-to-equity ratio of 0.39. The stock has a market capitalization of $333.54 million, a PE ratio of -18.96 and a beta of 1.51. Mayville Engineering has a 52 week low of $12.41 and a 52 week high of $38.76.

Mayville Engineering (NYSE:MEC) last issued its quarterly earnings data on Tuesday, November 3rd. The company reported $0.15 EPS for the quarter, topping analysts’ consensus estimates of $0.12 by $0.03. Mayville Engineering had a negative net margin of 2.95% and a negative return on equity of 6.63%. The business had revenue of $170.36 million for the quarter, compared to analyst estimates of $165.07 million. Equities research analysts anticipate that Mayville Engineering will post -0.22 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Legal & General Group Plc purchased a new position in shares of Mayville Engineering in the second quarter worth $53,000. Parkside Financial Bank & Trust lifted its holdings in Mayville Engineering by 4,657.1% in the 2nd quarter. Parkside Financial Bank & Trust now owns 1,665 shares of the company’s stock worth $62,000 after buying an additional 1,630 shares during the period. Persistent Asset Partners Ltd bought a new stake in shares of Mayville Engineering in the 2nd quarter worth approximately $80,000. State of Alaska Department of Revenue grew its position in shares of Mayville Engineering by 33.4% in the 3rd quarter. State of Alaska Department of Revenue now owns 5,207 shares of the company’s stock worth $77,000 after buying an additional 1,304 shares during the last quarter. Finally, State of Wyoming bought a new stake in shares of Mayville Engineering in the 3rd quarter worth approximately $83,000. Hedge funds and other 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 contract manufacturer that provides engineered metal components and assemblies to original equipment manufacturers. Headquartered in Mayville, Wisconsin, the company works with customers from product design and prototyping through production, finishing and assembly.

Its manufacturing capabilities include metal fabrication, precision machining, stamping, tube forming, laser cutting, robotic and manual welding, powder coating, painting and final assembly.