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

Shares of Mayville Engineering Company, Inc. (NYSE:MEC) have been given a consensus recommendation of “Moderate Buy” by the six research firms that are presently covering the company, Marketbeat reports. One analyst has rated the stock with a sell recommendation, one has given a hold recommendation and four have given a buy recommendation to the company. The average twelve-month target price among analysts that have issued a report on the stock in the last year is $29.75.

A number of analysts have weighed in on the company. Zacks Research raised Mayville Engineering from a “strong sell” rating to a “hold” rating in a research report on Friday, March 6th. Northland Securities set a $30.00 price objective on Mayville Engineering in a research report on Thursday, May 7th. Citigroup increased their price objective on Mayville Engineering from $25.00 to $33.00 and gave the stock a “buy” rating in a research report on Friday, May 8th. Weiss Ratings cut Mayville Engineering from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Thursday, March 5th. Finally, DA Davidson increased their price objective on Mayville Engineering from $23.00 to $32.00 and gave the stock a “buy” rating in a research report on Monday, May 11th.

Mayville Engineering Stock Up 4.7%

MEC opened at $36.96 on Friday. The business’s 50-day simple moving average is $28.03 and its 200-day simple moving average is $22.25. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.91 and a current ratio of 1.64. Mayville Engineering has a one year low of $12.10 and a one year high of $37.02. The stock has a market capitalization of $757.31 million, a P/E ratio of -46.20 and a beta of 1.29.

Mayville Engineering (NYSE:MEC) last posted its earnings results on Tuesday, May 5th. The company reported ($0.15) EPS for the quarter, topping analysts’ consensus estimates of ($0.28) by $0.13. Mayville Engineering had a negative return on equity of 5.77% and a negative net margin of 2.93%.The business had revenue of $144.78 million for the quarter, compared to analysts’ expectations of $139.18 million. Analysts anticipate that Mayville Engineering will post -0.08 EPS for the current year.

Insiders Place Their Bets

In other Mayville Engineering news, SVP Craig D. Nichols sold 4,000 shares of the business’s stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $23.24, for a total transaction of $92,960.00. Following the transaction, the senior vice president owned 146 shares in the company, valued at approximately $3,393.04. The trade was a 96.48% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Jagadeesh A. Reddy sold 15,688 shares of the business’s stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $35.05, for a total value of $549,864.40. Following the transaction, the chief executive officer owned 124,105 shares in the company, valued at $4,349,880.25. The trade was a 11.22% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 80,726 shares of company stock valued at $2,311,768. 5.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On Mayville Engineering

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Raymond James Financial Inc. grew its holdings in shares of Mayville Engineering by 3.0% in the 3rd quarter. Raymond James Financial Inc. now owns 25,187 shares of the company’s stock worth $347,000 after acquiring an additional 740 shares during the period. Wealth Enhancement Advisory Services LLC grew its holdings in shares of Mayville Engineering by 6.2% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 13,792 shares of the company’s stock worth $245,000 after acquiring an additional 800 shares during the period. JPMorgan Chase & Co. grew its holdings in shares of 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 acquiring an additional 1,359 shares during the period. Clearstead Advisors LLC grew its holdings in shares of Mayville Engineering by 194.9% in the 4th quarter. Clearstead Advisors LLC now owns 2,094 shares of the company’s stock worth $39,000 after acquiring an additional 1,384 shares during the period. Finally, BNP Paribas Financial Markets grew its holdings in shares of Mayville Engineering by 109.0% in the 3rd 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. Institutional investors and hedge funds own 45.44% of the company’s stock.

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.