Mayville Engineering (NYSE:MEC) Sets New 1-Year High – What’s Next?

Mayville Engineering Company, Inc. (NYSE:MEC)’s share price reached a new 52-week high during trading on Monday . The stock traded as high as $36.50 and last traded at $35.6440, with a volume of 546956 shares changing hands. The stock had previously closed at $35.48.

Wall Street Analysts Forecast Growth

MEC has been the topic of several research analyst reports. Zacks Research upgraded Mayville Engineering from a “strong sell” rating to a “hold” rating in a research note on Friday, March 6th. DA Davidson raised their target price on Mayville Engineering from $23.00 to $32.00 and gave the company a “buy” rating in a research note on Monday, May 11th. Citigroup raised their target price on Mayville Engineering from $25.00 to $33.00 and gave the company a “buy” rating in a research note on Friday, May 8th. Northland Securities set a $30.00 target price on Mayville Engineering in a research note on Thursday, May 7th. Finally, Weiss Ratings cut Mayville Engineering from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Thursday, March 5th. Four investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $29.75.

Mayville Engineering Price Performance

The company has a market capitalization of $703.81 million, a price-to-earnings ratio of -42.94 and a beta of 1.29. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.64 and a quick ratio of 0.91. The business has a fifty day moving average price of $24.94 and a 200 day moving average price of $21.00.

Mayville Engineering (NYSE:MEC) last issued its quarterly 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. The company had revenue of $144.78 million for the quarter, compared to analyst estimates of $139.18 million. Mayville Engineering had a negative return on equity of 5.77% and a negative net margin of 2.93%. On average, research analysts expect that Mayville Engineering Company, Inc. will post -0.14 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Jagadeesh A. Reddy sold 21,796 shares of the firm’s stock in a transaction on Thursday, May 7th. The stock was sold at an average price of $25.93, for a total transaction of $565,170.28. Following the transaction, the chief executive officer directly owned 158,387 shares of the company’s stock, valued at approximately $4,106,974.91. This trade represents a 12.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Ryan F. Raber sold 20,000 shares of the firm’s stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $26.00, for a total value of $520,000.00. Following the transaction, the executive vice president directly owned 86,970 shares in the company, valued at $2,261,220. This trade represents a 18.70% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety 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 Inflows and Outflows

Large investors have recently modified their holdings of the business. Clearstead Advisors LLC increased 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 purchasing an additional 1,384 shares during the period. BNP Paribas Financial Markets grew its holdings in Mayville Engineering by 109.0% during the third quarter. BNP Paribas Financial Markets now owns 2,751 shares of the company’s stock worth $38,000 after acquiring an additional 1,435 shares during the period. State of Alaska Department of Revenue acquired a new position in Mayville Engineering during the fourth quarter worth about $73,000. Picton Mahoney Asset Management acquired a new position in Mayville Engineering during the fourth quarter worth about $109,000. Finally, JPMorgan Chase & Co. grew its holdings in Mayville Engineering by 20.7% during the second quarter. JPMorgan Chase & Co. now owns 7,936 shares of the company’s stock worth $127,000 after acquiring an additional 1,359 shares during the period. 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.