Mayville Engineering Company, Inc. (NYSE:MEC) Given Average Recommendation of “Moderate Buy” by Brokerages

Mayville Engineering Company, Inc. (NYSE:MEC) has earned an average rating of “Moderate Buy” from the six ratings firms that are currently covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating on the company. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $29.75.

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

Insider Activity

In related news, CEO Jagadeesh A. Reddy sold 15,688 shares of Mayville Engineering stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $35.05, for a total value of $549,864.40. Following the completion of the transaction, the chief executive officer directly owned 124,105 shares in the company, valued at approximately $4,349,880.25. This trade represents a 11.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Ryan F. Raber sold 20,000 shares of Mayville Engineering stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $26.00, for a total value of $520,000.00. Following the completion of the transaction, the executive vice president owned 86,970 shares of the company’s stock, valued at approximately $2,261,220. This trade represents a 18.70% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 80,726 shares of company stock valued at $2,311,768. 5.60% of the stock is currently owned by corporate insiders.

Institutional Trading of Mayville Engineering

A number of institutional investors have recently bought and sold shares of MEC. BNP Paribas Financial Markets lifted its holdings in Mayville Engineering by 109.0% during the 3rd quarter. BNP Paribas Financial Markets now owns 2,751 shares of the company’s stock worth $38,000 after buying an additional 1,435 shares during the last quarter. Clearstead Advisors LLC increased its position 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 purchasing an additional 1,384 shares in the last quarter. State of Alaska Department of Revenue acquired a new stake in shares of Mayville Engineering during the fourth quarter worth about $73,000. Picton Mahoney Asset Management acquired a new stake in shares of Mayville Engineering during the fourth quarter worth about $109,000. Finally, JPMorgan Chase & Co. increased its position in shares of Mayville Engineering by 20.7% during the second quarter. JPMorgan Chase & Co. now owns 7,936 shares of the company’s stock worth $127,000 after purchasing an additional 1,359 shares in the last quarter. 45.44% of the stock is owned by hedge funds and other institutional investors.

Mayville Engineering Price Performance

NYSE:MEC opened at $36.96 on Friday. Mayville Engineering has a one year low of $12.10 and a one year high of $37.02. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.91 and a current ratio of 1.64. The stock has a market cap of $757.31 million, a PE ratio of -46.20 and a beta of 1.29. The stock has a 50 day moving average price of $28.03 and a 200 day moving average price of $22.25.

Mayville Engineering (NYSE:MEC) last posted its earnings results on Tuesday, May 5th. The company reported ($0.15) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.28) by $0.13. The company 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%. Equities research analysts expect that Mayville Engineering will post -0.08 EPS for the current fiscal year.

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.