Brokerages Set Mayville Engineering Company, Inc. (NYSE:MEC) PT at $22.75

Mayville Engineering Company, Inc. (NYSE:MEC) has earned a consensus recommendation of “Hold” from the six brokerages that are currently covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $22.75.

A number of research firms have recently commented on MEC. Northland Securities lowered shares of Mayville Engineering from an “outperform” rating to a “market perform” rating and set a $20.00 price target for the company. in a research report on Monday, January 5th. Zacks Research cut Mayville Engineering from a “hold” rating to a “strong sell” rating in a research report on Wednesday, January 21st. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Mayville Engineering in a report on Thursday, January 22nd. Finally, Citigroup lifted their price target on Mayville Engineering from $21.00 to $24.00 and gave the company a “buy” rating in a research report on Monday, January 12th.

Insider Buying and Selling

In other news, Director Steven L. Fisher sold 10,000 shares of the stock in a transaction on Thursday, December 11th. The shares were sold at an average price of $19.11, for a total value of $191,100.00. Following the transaction, the director owned 30,482 shares of the company’s stock, valued at $582,511.02. This represents a 24.70% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 7.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MEC. Clearstead Advisors LLC raised its position in 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 in the last quarter. BNP Paribas Financial Markets increased its position in shares of Mayville Engineering by 109.0% during the 3rd quarter. BNP Paribas Financial Markets now owns 2,751 shares of the company’s stock valued at $38,000 after purchasing an additional 1,435 shares during the last quarter. State of Alaska Department of Revenue purchased a new position in shares of Mayville Engineering during the 4th quarter valued at about $73,000. Picton Mahoney Asset Management purchased a new position in shares of Mayville Engineering during the 4th quarter valued at about $109,000. Finally, JPMorgan Chase & Co. lifted its position in Mayville Engineering by 20.7% in the 2nd quarter. JPMorgan Chase & Co. now owns 7,936 shares of the company’s stock worth $127,000 after buying an additional 1,359 shares during the last quarter. 45.44% of the stock is currently owned by hedge funds and other institutional investors.

Mayville Engineering Price Performance

Shares of NYSE:MEC opened at $21.02 on Monday. The company has a 50 day moving average of $19.57 and a 200 day moving average of $16.78. The stock has a market cap of $427.19 million, a P/E ratio of 36.25 and a beta of 1.09. Mayville Engineering has a 12 month low of $11.72 and a 12 month high of $22.36. The company has a current ratio of 1.82, a quick ratio of 1.04 and a debt-to-equity ratio of 0.87.

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.