Mayville Engineering Company, Inc. (NYSE:MEC) Receives $29.75 Consensus Price Target from Brokerages

Mayville Engineering Company, Inc. (NYSE:MEC) has been given an average rating of “Moderate Buy” by the six brokerages that are currently covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, one has given a hold recommendation and four have issued a buy recommendation on the company. The average 1 year price objective among brokers that have covered the stock in the last year is $29.75.

Several brokerages have recently commented on MEC. DA Davidson raised their target price on Mayville Engineering from $23.00 to $32.00 and gave the stock a “buy” rating in a research report on Monday, May 11th. Northland Securities set a $30.00 target price on Mayville Engineering in a research report on Thursday, May 7th. Weiss Ratings cut Mayville Engineering from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Thursday, March 5th. Citigroup raised their target price on Mayville Engineering from $25.00 to $33.00 and gave the stock a “buy” rating in a research report on Friday, May 8th. Finally, Zacks Research raised Mayville Engineering from a “strong sell” rating to a “hold” rating in a research report on Friday, March 6th.

Insider Buying and Selling

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

Institutional Trading of Mayville Engineering

Several hedge funds and other institutional investors have recently modified their holdings of MEC. BNP Paribas Financial Markets raised its holdings in shares of Mayville Engineering by 109.0% during the third quarter. BNP Paribas Financial Markets now owns 2,751 shares of the company’s stock worth $38,000 after acquiring an additional 1,435 shares in the last quarter. Clearstead Advisors LLC raised its holdings in shares of Mayville Engineering by 194.9% during the fourth quarter. Clearstead Advisors LLC now owns 2,094 shares of the company’s stock worth $39,000 after acquiring an additional 1,384 shares in the last quarter. State of Alaska Department of Revenue purchased a new stake in shares of Mayville Engineering during the fourth quarter worth $73,000. Picton Mahoney Asset Management purchased a new stake in shares of Mayville Engineering during the fourth quarter worth $109,000. Finally, AlphaQuest LLC raised its holdings in shares of Mayville Engineering by 26.2% during the third quarter. AlphaQuest LLC now owns 8,342 shares of the company’s stock worth $115,000 after acquiring an additional 1,733 shares in the last quarter. 45.44% of the stock is currently owned by hedge funds and other institutional investors.

Mayville Engineering Stock Performance

Shares of Mayville Engineering stock opened at $34.63 on Wednesday. The stock has a market cap of $709.65 million, a PE ratio of -43.29 and a beta of 1.29. The business has a fifty day simple moving average of $23.92 and a 200-day simple moving average of $20.59. The company has a quick ratio of 0.91, a current ratio of 1.64 and a debt-to-equity ratio of 0.91. Mayville Engineering has a 12 month low of $12.10 and a 12 month high of $35.22.

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. The business had revenue of $144.78 million during the quarter, compared to analysts’ expectations of $139.18 million. Mayville Engineering had a negative return on equity of 5.77% and a negative net margin of 2.93%. On average, sell-side analysts anticipate that Mayville Engineering will post -0.14 EPS for the current fiscal year.

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.