Mayville Engineering (NYSE:MEC) Trading 7.5% Higher – What’s Next?

Mayville Engineering Company, Inc. (NYSE:MEC) shares were up 7.5% on Tuesday . The company traded as high as $35.29 and last traded at $35.28. 129,435 shares traded hands during mid-day trading, a decline of 59% from the average session volume of 312,989 shares. The stock had previously closed at $32.83.

Analyst Ratings Changes

Several equities analysts recently commented on MEC shares. Citigroup increased their target price on Mayville Engineering from $33.00 to $43.00 and gave the company a “buy” rating in a report on Monday. Weiss Ratings reiterated a “sell (d+)” rating on shares of Mayville Engineering in a report on Friday, July 10th. DA Davidson boosted 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. Finally, Northland Securities set a $30.00 price target on Mayville Engineering in a report on Thursday, May 7th. Four analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Mayville Engineering currently has an average rating of “Moderate Buy” and a consensus target price of $32.25.

Mayville Engineering Price Performance

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 company has a market capitalization of $694.03 million, a PE ratio of -42.33 and a beta of 1.22. The company’s 50-day simple moving average is $31.32 and its 200-day simple moving average is $23.74.

Mayville Engineering (NYSE:MEC) last announced its earnings results on Tuesday, May 5th. The company reported ($0.15) EPS for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.13. Mayville Engineering had a negative net margin of 2.93% and a negative return on equity of 5.77%. The business had revenue of $144.78 million during the quarter, compared to analysts’ expectations of $139.18 million. As a group, sell-side analysts anticipate that Mayville Engineering Company, Inc. will post -0.08 earnings per share for the current year.

Insider Activity

In other news, EVP Ryan F. Raber sold 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $26.00, for a total transaction of $520,000.00. Following the completion of the sale, the executive vice president owned 86,970 shares in the company, valued at $2,261,220. This represents a 18.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Craig D. Nichols sold 4,000 shares of Mayville Engineering stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $23.24, for a total transaction of $92,960.00. Following the completion of the transaction, the senior vice president owned 146 shares in the company, valued at approximately $3,393.04. This trade represents a 96.48% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 80,726 shares of company stock valued at $2,311,768. Company insiders own 5.60% of the company’s stock.

Institutional Investors Weigh In On Mayville Engineering

A number of institutional investors have recently added to or reduced their stakes in MEC. 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 valued at $38,000 after buying an additional 1,435 shares during the period. Clearstead Advisors LLC raised its position in Mayville Engineering by 194.9% in the fourth quarter. Clearstead Advisors LLC now owns 2,094 shares of the company’s stock worth $39,000 after acquiring an additional 1,384 shares in the last quarter. State of Alaska Department of Revenue acquired a new stake in Mayville Engineering in the fourth quarter valued at $73,000. Picton Mahoney Asset Management acquired a new stake in Mayville Engineering in the fourth quarter valued at $109,000. Finally, JPMorgan Chase & Co. boosted its position in shares of Mayville Engineering by 20.7% during the 2nd 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. Hedge funds and other 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.