Mayville Engineering (NYSE:MEC) Hits New 1-Year High – Time to Buy?

Mayville Engineering Company, Inc. (NYSE:MEC)’s stock price hit a new 52-week high during trading on Monday . The stock traded as high as $34.70 and last traded at $33.3750, with a volume of 1075 shares changing hands. The stock had previously closed at $33.25.

Analyst Upgrades and Downgrades

MEC has been the topic of several analyst reports. Zacks Research upgraded shares of Mayville Engineering from a “strong sell” rating to a “hold” rating in a research report on Friday, March 6th. DA Davidson upped 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. Northland Securities set a $30.00 target price on Mayville Engineering in a report on Thursday, May 7th. Weiss Ratings cut Mayville Engineering from a “hold (c-)” rating to a “sell (d+)” rating in a report on Thursday, March 5th. Finally, Citigroup increased their target price 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. Four investment 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. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $29.75.

Mayville Engineering Stock Up 3.1%

The company has a market cap of $709.65 million, a P/E ratio of -43.29 and a beta of 1.29. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.64 and a quick ratio of 0.91. The stock has a fifty day moving average price of $23.92 and a two-hundred day moving average price of $20.59.

Mayville Engineering (NYSE:MEC) last posted its quarterly earnings data on Tuesday, May 5th. The company reported ($0.15) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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%. On average, research analysts expect that Mayville Engineering Company, Inc. will post -0.14 EPS for the current year.

Insider Buying and Selling at Mayville Engineering

In related news, CEO Jagadeesh A. Reddy sold 17,942 shares of the stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $30.00, for a total transaction of $538,260.00. Following the completion of the sale, the chief executive officer directly owned 140,445 shares of the company’s stock, valued at approximately $4,213,350. This trade represents a 11.33% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Ryan F. Raber sold 20,000 shares of Mayville Engineering stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $26.00, for a total value of $520,000.00. Following the sale, the executive vice president owned 86,970 shares in the company, valued at $2,261,220. This trade represents a 18.70% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 63,738 shares of company stock worth $1,716,390. Insiders own 5.60% of the company’s stock.

Institutional Investors Weigh In On Mayville Engineering

Large investors have recently made changes to their positions in the business. EVR Research LP purchased a new position in shares of Mayville Engineering in the 4th quarter worth about $11,326,000. Ameriprise Financial Inc. raised its position in Mayville Engineering by 894.2% in the third quarter. Ameriprise Financial Inc. now owns 394,161 shares of the company’s stock worth $5,424,000 after acquiring an additional 354,514 shares during the period. 22NW LP boosted its stake in Mayville Engineering by 157.2% in the third quarter. 22NW LP now owns 399,890 shares of the company’s stock valued at $5,502,000 after acquiring an additional 244,440 shares during the last quarter. Congruence Capital LLC bought a new position in shares of Mayville Engineering during the 4th quarter valued at approximately $3,896,000. Finally, Blair William & Co. IL grew its position in shares of Mayville Engineering by 54.8% during the 4th quarter. Blair William & Co. IL now owns 583,759 shares of the company’s stock valued at $10,928,000 after acquiring an additional 206,549 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.