FY2030 EPS Estimates for MEC Lifted by Northland Securities

Mayville Engineering Company, Inc. (NYSE:MEC) – Investment analysts at Northland Securities increased their FY2030 earnings per share (EPS) estimates for Mayville Engineering in a note issued to investors on Thursday, May 7th. Northland Securities analyst T. Jackson now expects that the company will post earnings per share of $1.35 for the year, up from their prior estimate of $0.80. The consensus estimate for Mayville Engineering’s current full-year earnings is ($0.23) per share.

MEC has been the topic of a number of other reports. Weiss Ratings downgraded Mayville Engineering from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Thursday, March 5th. Zacks Research upgraded Mayville Engineering from a “strong sell” rating to a “hold” rating in a research note on Friday, March 6th. DA Davidson raised their price target on Mayville Engineering from $23.00 to $32.00 and gave the stock a “buy” rating in a research note on Monday, May 11th. Finally, Citigroup lifted their target price on Mayville Engineering from $25.00 to $33.00 and gave the company a “buy” rating in a research report on Friday, May 8th. Four equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Mayville Engineering currently has an average rating of “Moderate Buy” and a consensus price target of $29.75.

Mayville Engineering Stock Down 5.5%

Mayville Engineering stock opened at $23.55 on Monday. The firm has a market cap of $482.62 million, a price-to-earnings ratio of -29.44 and a beta of 1.24. The stock has a fifty day simple moving average of $20.53 and a two-hundred day simple moving average of $19.29. Mayville Engineering has a 12 month low of $12.10 and a 12 month high of $28.15. The company has a current ratio of 1.64, a quick ratio of 0.91 and a debt-to-equity ratio of 0.91.

Mayville Engineering (NYSE:MEC) last posted its quarterly earnings data on Tuesday, May 5th. The company reported ($0.15) EPS for the quarter, topping analysts’ consensus estimates of ($0.28) by $0.13. The company had revenue of $144.78 million for 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%.

Insiders Place Their Bets

In other news, CEO Jagadeesh A. Reddy sold 21,796 shares of the firm’s stock in a transaction dated Thursday, May 7th. The stock was sold at an average price of $25.93, for a total transaction of $565,170.28. Following the sale, the chief executive officer directly owned 158,387 shares in the company, valued at $4,106,974.91. This trade represents a 12.10% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Sean P. Leuba sold 2,500 shares of the firm’s stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $20.07, for a total value of $50,175.00. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 30,994 shares of company stock valued at $741,335. 5.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in MEC. BNP Paribas Financial Markets boosted its holdings 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 worth $38,000 after purchasing an additional 1,435 shares during the last quarter. Clearstead Advisors LLC raised its position 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 period. State of Alaska Department of Revenue purchased a new stake in shares of Mayville Engineering during the 4th quarter valued at approximately $73,000. Picton Mahoney Asset Management purchased a new stake in shares of Mayville Engineering during the 4th quarter valued at approximately $109,000. Finally, AlphaQuest LLC raised its position in shares of Mayville Engineering by 26.2% during the 3rd quarter. AlphaQuest LLC now owns 8,342 shares of the company’s stock valued at $115,000 after buying an additional 1,733 shares during the period. 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.