Mayville Engineering (NYSE:MEC) Price Target Lowered to $18.00 at Citigroup

Mayville Engineering (NYSE:MEC) had its target price reduced by Citigroup from $22.00 to $18.00 in a report issued on Thursday morning,Benzinga reports. They currently have a buy rating on the stock.

Other equities research analysts also recently issued research reports about the stock. Northland Securities downgraded shares of Mayville Engineering from an “outperform” rating to a “market perform” rating and reduced their target price for the company from $30.00 to $20.00 in a research note on Thursday, November 7th. Northland Capmk downgraded shares of Mayville Engineering from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 7th.

Mayville Engineering Stock Up 3.1 %

MEC opened at $14.20 on Thursday. Mayville Engineering has a fifty-two week low of $12.47 and a fifty-two week high of $23.02. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.77 and a quick ratio of 0.91. The firm’s fifty day moving average price is $15.42 and its two-hundred day moving average price is $17.56. The company has a market capitalization of $293.14 million, a P/E ratio of 24.07 and a beta of 0.92.

Institutional Investors Weigh In On Mayville Engineering

Institutional investors and hedge funds have recently made changes to their positions in the company. Dimensional Fund Advisors LP lifted its position in Mayville Engineering by 13.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 704,659 shares of the company’s stock worth $11,077,000 after buying an additional 85,086 shares in the last quarter. Royce & Associates LP increased its stake in shares of Mayville Engineering by 4.2% in the 4th quarter. Royce & Associates LP now owns 584,297 shares of the company’s stock valued at $9,185,000 after acquiring an additional 23,749 shares during the last quarter. Granahan Investment Management LLC increased its stake in shares of Mayville Engineering by 71.2% in the 4th quarter. Granahan Investment Management LLC now owns 578,967 shares of the company’s stock valued at $9,101,000 after acquiring an additional 240,752 shares during the last quarter. Nokomis Capital L.L.C. increased its stake in shares of Mayville Engineering by 270.0% in the 4th quarter. Nokomis Capital L.L.C. now owns 449,792 shares of the company’s stock valued at $7,071,000 after acquiring an additional 328,223 shares during the last quarter. Finally, First Eagle Investment Management LLC increased its stake in shares of Mayville Engineering by 10.8% in the 4th quarter. First Eagle Investment Management LLC now owns 332,375 shares of the company’s stock valued at $5,225,000 after acquiring an additional 32,500 shares during the last quarter. Institutional investors and hedge funds own 45.44% of the company’s stock.

About Mayville Engineering

Mayville Engineering Company, Inc, together with its subsidiaries, engages in the production, design, prototyping and tooling, fabrication, aluminum extrusion, coating, and assembling of aftermarket components in the United States. It also supplies engineered components to original equipment manufacturers.