Mayville Engineering (NYSE:MEC) Given New $33.00 Price Target at Citigroup

Mayville Engineering (NYSE:MEC) had its price target boosted by Citigroup from $25.00 to $33.00 in a research report released on Friday,Benzinga reports. Citigroup currently has a buy rating on the stock.

Several other research firms have also issued reports on MEC. Weiss Ratings lowered Mayville Engineering from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Thursday, March 5th. Northland Securities set a $30.00 target price on shares of Mayville Engineering in a research report on Thursday. DA Davidson lifted their target price on shares of Mayville Engineering from $21.00 to $23.00 and gave the company a “buy” rating in a research report on Monday, March 9th. Finally, Zacks Research upgraded shares of Mayville Engineering from a “strong sell” rating to a “hold” rating in a research report on Friday, March 6th. Four equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Mayville Engineering presently has an average rating of “Moderate Buy” and a consensus price target of $27.50.

Mayville Engineering Price Performance

NYSE:MEC opened at $27.08 on Friday. The firm has a market capitalization of $554.79 million, a price-to-earnings ratio of -33.84 and a beta of 1.24. Mayville Engineering has a 52-week low of $12.10 and a 52-week high of $27.20. The stock has a fifty day moving average of $19.68 and a 200 day moving average of $18.74. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.92 and a current ratio of 1.64.

Mayville Engineering (NYSE:MEC) last posted its quarterly earnings data on Tuesday, May 5th. The company reported ($0.15) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.28) by $0.13. The company had revenue of $144.78 million during the quarter, compared to analyst estimates of $139.18 million. Mayville Engineering had a negative return on equity of 5.77% and a negative net margin of 2.93%. On average, research analysts expect that Mayville Engineering will post -0.28 EPS for the current fiscal year.

Insider Transactions at Mayville Engineering

In other Mayville Engineering news, insider Sean P. Leuba sold 2,500 shares of Mayville Engineering stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $20.07, for a total transaction of $50,175.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 5.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Mayville Engineering

Hedge funds have recently made changes to their positions in the business. BNP Paribas Financial Markets lifted its holdings in shares of Mayville Engineering by 109.0% in the 3rd 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 last quarter. Clearstead Advisors LLC lifted its holdings in shares of Mayville Engineering by 194.9% in the 4th quarter. Clearstead Advisors LLC now owns 2,094 shares of the company’s stock worth $39,000 after acquiring an additional 1,384 shares during the last quarter. State of Alaska Department of Revenue bought a new stake in shares of Mayville Engineering in the 4th quarter worth approximately $73,000. Picton Mahoney Asset Management bought a new stake in shares of Mayville Engineering in the 4th quarter worth approximately $109,000. Finally, AlphaQuest LLC lifted its holdings 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 during the last quarter. 45.44% of the stock is currently owned by 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.