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

Shares of Mayville Engineering Company, Inc. (NYSE:MEC) have received an average rating of “Moderate Buy” from the six research firms that are currently covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and four have given a buy recommendation to the company. The average 12 month price objective among analysts that have covered the stock in the last year is $35.75.

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

Insider Buying and Selling

In other Mayville Engineering news, SVP Sean Leuba sold 12,855 shares of the firm’s stock in a transaction dated Thursday, August 6th. The shares were sold at an average price of $25.44, for a total transaction of $327,031.20. Following the completion of the transaction, the senior vice president owned 6,633 shares in the company, valued at $168,743.52. This trade represents a 65.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 5.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Mayville Engineering

Several hedge funds and other institutional investors have recently modified their holdings of the stock. BNP Paribas Financial Markets grew its position in Mayville Engineering by 109.0% in the third quarter. BNP Paribas Financial Markets now owns 2,751 shares of the company’s stock valued at $38,000 after acquiring an additional 1,435 shares during the period. Clearstead Advisors LLC lifted its holdings in shares of Mayville Engineering by 194.9% during the fourth quarter. Clearstead Advisors LLC now owns 2,094 shares of the company’s stock valued at $39,000 after acquiring an additional 1,384 shares during the period. Legal & General Group Plc acquired a new stake in shares of Mayville Engineering in the 2nd quarter valued at $53,000. Parkside Financial Bank & Trust boosted its stake in shares of Mayville Engineering by 4,657.1% in the 2nd quarter. Parkside Financial Bank & Trust now owns 1,665 shares of the company’s stock valued at $62,000 after purchasing an additional 1,630 shares in the last quarter. Finally, Persistent Asset Partners Ltd bought a new stake in shares of Mayville Engineering in the 2nd quarter worth about $80,000. Institutional investors own 45.44% of the company’s stock.

Mayville Engineering Stock Performance

Shares of NYSE MEC opened at $18.88 on Friday. Mayville Engineering has a 12 month low of $12.25 and a 12 month high of $38.76. The company has a market cap of $481.31 million, a P/E ratio of -22.47 and a beta of 1.26. The business’s 50 day moving average is $25.71 and its two-hundred day moving average is $25.01. The company has a quick ratio of 0.96, a current ratio of 1.70 and a debt-to-equity ratio of 0.39.

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, topping 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.

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.