Mayville Engineering (NYSE:MEC) Cut to Strong Sell at Zacks Research

Mayville Engineering (NYSE:MEC) was downgraded by equities researchers at Zacks Research from a “hold” rating to a “strong sell” rating in a research report issued on Wednesday,Zacks.com reports.

A number of other brokerages also recently weighed in on MEC. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Mayville Engineering in a research note on Wednesday, October 8th. Citigroup increased their price objective on Mayville Engineering from $21.00 to $24.00 and gave the stock a “buy” rating in a report on Monday, January 12th. Northland Securities cut Mayville Engineering from an “outperform” rating to a “market perform” rating and set a $20.00 price target on the stock. in a research note on Monday, January 5th. Finally, Craig Hallum set a $24.00 target price on Mayville Engineering and gave the stock a “buy” rating in a research note on Tuesday, October 21st. Three research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $22.75.

Mayville Engineering Stock Performance

NYSE:MEC opened at $18.67 on Wednesday. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.82 and a quick ratio of 1.04. The company has a market capitalization of $379.35 million, a P/E ratio of 32.19 and a beta of 1.08. Mayville Engineering has a 1 year low of $11.72 and a 1 year high of $19.82. The business has a fifty day simple moving average of $17.77 and a two-hundred day simple moving average of $15.99.

Mayville Engineering (NYSE:MEC) last posted its earnings results on Tuesday, November 4th. The company reported $0.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.05 by $0.05. The firm had revenue of $144.31 million for the quarter, compared to the consensus estimate of $141.36 million. Mayville Engineering had a return on equity of 5.88% and a net margin of 2.29%. On average, analysts expect that Mayville Engineering will post 0.31 earnings per share for the current year.

Insider Activity at Mayville Engineering

In other Mayville Engineering news, EVP Ryan F. Raber sold 15,000 shares of Mayville Engineering stock in a transaction on Tuesday, November 25th. The shares were sold at an average price of $16.68, for a total value of $250,200.00. Following the sale, the executive vice president directly owned 91,018 shares in the company, valued at approximately $1,518,180.24. The trade was a 14.15% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Steven L. Fisher sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, December 11th. The shares were sold at an average price of $19.11, for a total value of $191,100.00. Following the transaction, the director owned 30,482 shares of the company’s stock, valued at $582,511.02. This represents a 24.70% decrease in their position. 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

Hedge funds have recently bought and sold shares of the business. BNP Paribas Financial Markets increased its position 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 during the period. AlphaQuest LLC raised its position in shares of Mayville Engineering by 26.2% in the 3rd 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. JPMorgan Chase & Co. raised its holdings in Mayville Engineering by 20.7% in 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. Public Employees Retirement System of Ohio raised its holdings in Mayville Engineering by 54.0% in the third quarter. Public Employees Retirement System of Ohio now owns 16,689 shares of the company’s stock worth $230,000 after purchasing an additional 5,855 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC lifted its position in Mayville Engineering by 6.2% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 13,792 shares of the company’s stock valued at $245,000 after acquiring an additional 800 shares during 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 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.