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

Shares of Mayville Engineering Company, Inc. (NYSE:MEC) have been assigned a consensus rating of “Moderate Buy” from the six ratings firms that are currently covering the stock, Marketbeat.com 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 twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $35.75.

A number of equities research analysts have recently commented on MEC shares. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Mayville Engineering in a research report on Friday, July 10th. Northland Securities set a $40.00 target price on shares of Mayville Engineering in a report on Thursday, August 6th. Citigroup upped their price target on Mayville Engineering from $33.00 to $43.00 and gave the stock a “buy” rating in a research note on Monday, July 13th. Finally, DA Davidson increased their price objective on shares of Mayville Engineering from $32.00 to $36.00 and gave the stock a “buy” rating in a research report on Wednesday, July 22nd.

Mayville Engineering Stock Performance

NYSE:MEC opened at $21.56 on Monday. The firm has a 50 day simple moving average of $30.04 and a 200-day simple moving average of $25.15. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.70 and a quick ratio of 0.96. The firm has a market cap of $549.78 million, a PE ratio of -25.67 and a beta of 1.27. Mayville Engineering has a 1-year low of $12.25 and a 1-year high of $38.76.

Mayville Engineering (NYSE:MEC) last announced its quarterly earnings data on Tuesday, August 4th. The company reported $0.07 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.12. The business had revenue of $162.98 million for the quarter, compared to the consensus estimate of $150.59 million. Mayville Engineering had a negative net margin of 2.95% and a negative return on equity of 6.63%. On average, equities analysts expect that Mayville Engineering will post -0.22 EPS for the current year.

Insider Transactions at Mayville Engineering

In related news, EVP Ryan F. Raber sold 20,000 shares of the business’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $26.00, for a total value of $520,000.00. Following the transaction, the executive vice president owned 86,970 shares in the company, valued at approximately $2,261,220. The trade was a 18.70% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Sean P. Leuba sold 12,855 shares of the company’s stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $25.44, for a total value of $327,031.20. Following the completion of the transaction, the senior vice president directly owned 6,633 shares in the company, valued at approximately $168,743.52. The trade was a 65.96% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 67,785 shares of company stock valued at $1,980,669. Corporate insiders own 5.60% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Royce & Associates LP increased its holdings in Mayville Engineering by 10.2% in the fourth quarter. Royce & Associates LP now owns 624,307 shares of the company’s stock valued at $11,687,000 after buying an additional 57,590 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in Mayville Engineering by 5.6% during the 1st 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 during the last quarter. UBS Group AG grew its position in shares of Mayville Engineering by 38.6% in the 4th quarter. UBS Group AG now owns 146,552 shares of the company’s stock worth $2,743,000 after acquiring an additional 40,798 shares in the last quarter. Congruence Capital LLC acquired a new position in shares of Mayville Engineering in the 4th quarter worth approximately $3,896,000. Finally, North Star Investment Management Corp. bought a new stake in shares of Mayville Engineering in the 1st quarter valued at approximately $538,000. 45.44% of the stock is owned by institutional investors and hedge funds.

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.