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

Mayville Engineering Company, Inc. (NYSE:MEC) shares reached a new 52-week high during trading on Friday . The stock traded as high as $37.02 and last traded at $36.96, with a volume of 1159812 shares changing hands. The stock had previously closed at $35.29.

Analyst Upgrades and Downgrades

MEC has been the subject of several recent analyst reports. DA Davidson increased 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. Northland Securities set a $30.00 price objective on shares of Mayville Engineering in a report on Thursday, May 7th. Citigroup increased their target price on shares of Mayville Engineering from $25.00 to $33.00 and gave the company a “buy” rating in a research report on Friday, May 8th. Zacks Research raised shares of Mayville Engineering from a “strong sell” rating to a “hold” rating in a research note on Friday, March 6th. Finally, Weiss Ratings downgraded shares of Mayville Engineering from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Thursday, March 5th. Four analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $29.75.

Mayville Engineering Price Performance

The company has a market cap of $757.46 million, a price-to-earnings ratio of -46.20 and a beta of 1.29. The company has a current ratio of 1.64, a quick ratio of 0.91 and a debt-to-equity ratio of 0.91. The business has a 50-day moving average price of $27.70 and a 200 day moving average price of $22.15.

Mayville Engineering (NYSE:MEC) last announced its earnings results 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. Mayville Engineering had a negative return on equity of 5.77% and a negative net margin of 2.93%.The company had revenue of $144.78 million for the quarter, compared to analyst estimates of $139.18 million. As a group, research analysts expect that Mayville Engineering Company, Inc. will post -0.08 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Mayville Engineering news, SVP Craig D. Nichols sold 4,000 shares of Mayville Engineering stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $23.24, for a total transaction of $92,960.00. Following the transaction, the senior vice president directly owned 146 shares in the company, valued at approximately $3,393.04. The trade was a 96.48% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Jagadeesh A. Reddy sold 21,796 shares of the stock in a transaction on Thursday, May 7th. The shares were sold at an average price of $25.93, for a total value of $565,170.28. Following the completion of the sale, the chief executive officer owned 158,387 shares of the company’s stock, valued at $4,106,974.91. The trade was a 12.10% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 80,726 shares of company stock valued at $2,311,768. Company insiders own 5.60% of the company’s stock.

Hedge Funds Weigh In On Mayville Engineering

A number of large investors have recently made changes to their positions in MEC. Empowered Funds LLC increased its stake in Mayville Engineering by 7.3% in the 1st quarter. Empowered Funds LLC now owns 98,207 shares of the company’s stock valued at $1,319,000 after buying an additional 6,694 shares during the period. Jane Street Group LLC lifted its holdings in Mayville Engineering by 158.6% in the 1st quarter. Jane Street Group LLC now owns 47,194 shares of the company’s stock worth $634,000 after purchasing an additional 28,946 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Mayville Engineering by 9.5% during the 2nd quarter. Geode Capital Management LLC now owns 318,321 shares of the company’s stock worth $5,081,000 after buying an additional 27,552 shares during the period. JPMorgan Chase & Co. grew its position in shares of Mayville Engineering by 20.7% in the second quarter. JPMorgan Chase & Co. now owns 7,936 shares of the company’s stock valued at $127,000 after purchasing an additional 1,359 shares during the last quarter. Finally, Rhumbline Advisers grew its holdings in Mayville Engineering by 8.3% in the 2nd quarter. Rhumbline Advisers now owns 19,969 shares of the company’s stock valued at $319,000 after buying an additional 1,526 shares during the last quarter. Institutional investors and hedge funds 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.