Mayville Engineering (NYSE:MEC) Stock Gets Price Target Cut from DA Davidson

Mayville Engineering (NYSE:MEC) had its target price lowered by stock analysts at DA Davidson from $36.00 to $19.00 in a research report issued on Monday, Benzinga reports. The firm presently has a “buy” rating on the stock. DA Davidson‘s target price indicates a potential upside of 31.85% from the stock’s previous close.

A number of other equities research analysts have also recently weighed in on the company. Northland Securities set a $40.00 price target on Mayville Engineering in a research note on Thursday, August 6th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Mayville Engineering in a research report on Tuesday, October 6th. Finally, Citigroup reduced their price objective on shares of Mayville Engineering from $38.00 to $27.00 and set a “buy” rating for the company in a research report on Thursday. Three investment 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. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $28.67.

Mayville Engineering Stock Performance

NYSE:MEC traded up $1.29 during mid-day trading on Monday, hitting $14.41. The stock had a trading volume of 268,037 shares, compared to its average volume of 414,973. Mayville Engineering has a twelve month low of $12.41 and a twelve month high of $38.76. The stock has a market cap of $367.45 million, a price-to-earnings ratio of -20.79 and a beta of 1.51. The company’s 50 day simple moving average is $16.23 and its 200 day simple moving average is $22.51. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.96 and a current ratio of 1.74.

Mayville Engineering (NYSE:MEC) last released its quarterly earnings data on Tuesday, November 3rd. The company reported $0.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.03. Mayville Engineering had a negative return on equity of 5.05% and a negative net margin of 2.32%. The firm had revenue of $170.36 million for the quarter, compared to analyst estimates of $165.07 million. On average, equities research analysts forecast that Mayville Engineering will post -0.22 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. BlackRock Inc. acquired a new position in Mayville Engineering in the second quarter valued at about $44,332,000. Dimensional Fund Advisors LP grew its stake in Mayville Engineering by 5.6% during the first quarter. Dimensional Fund Advisors LP now owns 926,216 shares of the company’s stock worth $16,625,000 after buying an additional 49,041 shares in the last quarter. Jupiter Topco LLC bought a new position in Mayville Engineering in the 2nd quarter valued at about $21,550,000. Wellington Management Group LLP bought a new position in Mayville Engineering in the 2nd quarter valued at about $17,890,000. Finally, Granahan Investment Management LLC raised its position in shares of Mayville Engineering by 44.7% in the 1st quarter. Granahan Investment Management LLC now owns 387,470 shares of the company’s stock valued at $6,955,000 after buying an additional 119,708 shares in the last quarter. Institutional investors own 45.44% of the company’s stock.

About Mayville Engineering

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.