Northland Securities Downgrades Mayville Engineering (NYSE:MEC) to Market Perform

Mayville Engineering (NYSE:MEC) was downgraded by Northland Securities from an “outperform” rating to a “market perform” rating in a report released on Monday, MarketBeat.com reports. They currently have a $20.00 target price on the stock. Northland Securities’ price target suggests a potential upside of 12.71% from the company’s previous close.

Several other equities research analysts have also recently weighed in on MEC. Weiss Ratings reiterated a “hold (c-)” rating on shares of Mayville Engineering in a report on Wednesday, October 8th. Craig Hallum set a $24.00 target price on Mayville Engineering and gave the company a “buy” rating in a report on Tuesday, October 21st. Three equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Mayville Engineering presently has an average rating of “Moderate Buy” and a consensus target price of $22.00.

Mayville Engineering Price Performance

Shares of Mayville Engineering stock opened at $17.74 on Monday. The firm has a market cap of $360.56 million, a PE ratio of 30.59 and a beta of 1.08. Mayville Engineering has a 12-month low of $11.72 and a 12-month high of $19.77. The company has a quick ratio of 1.04, a current ratio of 1.82 and a debt-to-equity ratio of 0.87. The company’s fifty day simple moving average is $17.38 and its two-hundred day simple moving average is $15.80.

Mayville Engineering (NYSE:MEC) last issued its quarterly earnings data on Tuesday, November 4th. The company reported $0.10 EPS for the quarter, beating the consensus estimate of $0.05 by $0.05. The firm had revenue of $144.31 million during the quarter, compared to the consensus estimate of $141.36 million. Mayville Engineering had a net margin of 2.29% and a return on equity of 5.88%. As a group, equities analysts expect that Mayville Engineering will post 0.31 EPS for the current year.

Insider Buying and Selling at Mayville Engineering

In other news, Director Steven L. Fisher sold 10,000 shares of the business’s stock in a transaction on Thursday, December 11th. The shares were sold at an average price of $19.11, for a total transaction of $191,100.00. Following the sale, the director owned 30,482 shares in the company, valued at approximately $582,511.02. The trade was a 24.70% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Ryan F. Raber sold 15,000 shares of the stock in a transaction dated Tuesday, November 25th. The stock was sold at an average price of $16.68, for a total transaction of $250,200.00. Following the completion of the transaction, the executive vice president owned 91,018 shares of the company’s stock, valued at approximately $1,518,180.24. The trade was a 14.15% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 7.20% of the company’s stock.

Hedge Funds Weigh In On Mayville Engineering

Several large investors have recently made changes to their positions in MEC. Ameriprise Financial Inc. increased its position in Mayville Engineering by 894.2% during the 3rd quarter. Ameriprise Financial Inc. now owns 394,161 shares of the company’s stock valued at $5,424,000 after buying an additional 354,514 shares in the last quarter. Blair William & Co. IL lifted its stake in shares of Mayville Engineering by 304.8% in the second quarter. Blair William & Co. IL now owns 373,448 shares of the company’s stock worth $5,960,000 after buying an additional 281,198 shares in the last quarter. 22NW LP grew its holdings in shares of Mayville Engineering by 157.2% during the third quarter. 22NW LP now owns 399,890 shares of the company’s stock valued at $5,502,000 after buying an additional 244,440 shares during the last quarter. Boston Partners purchased a new stake in shares of Mayville Engineering during the third quarter valued at approximately $2,727,000. Finally, Roubaix Capital LLC increased its position in shares of Mayville Engineering by 110.3% during the third quarter. Roubaix Capital LLC now owns 212,688 shares of the company’s stock valued at $2,927,000 after acquiring an additional 111,550 shares in the last quarter. 45.44% of the stock is currently 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.