Mayville Engineering (NYSE:MEC) Trading Up 4.7% – Time to Buy?

Mayville Engineering Company, Inc. (NYSE:MEC)’s stock price rose 4.7% during mid-day trading on Monday . The company traded as high as $25.09 and last traded at $24.4980. 4,229 shares were traded during trading, a decline of 99% from the average session volume of 368,478 shares. The stock had previously closed at $23.40.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on MEC shares. DA Davidson lifted their price objective on Mayville Engineering from $32.00 to $36.00 and gave the stock a “buy” rating in a report on Wednesday, July 22nd. Weiss Ratings restated a “sell (d+)” rating on shares of Mayville Engineering in a report on Friday, July 10th. Citigroup raised their price target on Mayville Engineering from $33.00 to $43.00 and gave the stock a “buy” rating in a research report on Monday, July 13th. Finally, Northland Securities set a $40.00 price objective on Mayville Engineering in a research report on Thursday, August 6th. Four equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $35.75.

Mayville Engineering Stock Performance

The business’s fifty day simple moving average is $30.80 and its 200-day simple moving average is $25.10. The firm has a market cap of $592.72 million, a P/E ratio of -27.67 and a beta of 1.27. The company has a current ratio of 1.70, a quick ratio of 0.96 and a debt-to-equity ratio of 0.39.

Mayville Engineering (NYSE:MEC) last issued its quarterly earnings data on Tuesday, August 4th. The company reported $0.07 EPS for the quarter, beating the consensus estimate of ($0.05) by $0.12. The firm had revenue of $162.98 million during 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%. As a group, sell-side analysts expect that Mayville Engineering Company, Inc. will post -0.22 earnings per share for the current year.

Insiders Place Their Bets

In other Mayville Engineering news, SVP Sean P. Leuba sold 12,855 shares of the stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $25.44, for a total value of $327,031.20. Following the completion of the sale, the senior vice president owned 6,633 shares in the company, valued at approximately $168,743.52. This trade represents a 65.96% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Craig D. Nichols sold 4,000 shares of the business’s stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $23.24, for a total value of $92,960.00. Following the transaction, the senior vice president directly owned 146 shares in the company, valued at $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 sold 71,785 shares of company stock worth $2,073,629. 5.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Mayville Engineering

Institutional investors and hedge funds have recently modified their holdings of the stock. BlackRock Inc. purchased a new position in shares of Mayville Engineering during the second quarter valued at about $44,332,000. Dimensional Fund Advisors LP boosted its position in Mayville Engineering by 5.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 926,216 shares of the company’s stock valued at $16,625,000 after acquiring an additional 49,041 shares in the last quarter. Royce & Associates LP boosted its position in Mayville Engineering by 10.2% during the 4th quarter. Royce & Associates LP now owns 624,307 shares of the company’s stock valued at $11,687,000 after acquiring an additional 57,590 shares in the last quarter. EVR Research LP purchased a new position in shares of Mayville Engineering during the 4th quarter worth approximately $11,326,000. Finally, Blair William & Co. IL grew its holdings in shares of Mayville Engineering by 54.8% during the 4th quarter. Blair William & Co. IL now owns 583,759 shares of the company’s stock worth $10,928,000 after acquiring an additional 206,549 shares during the period. 45.44% of the stock is owned by hedge funds and other 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.