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 an average recommendation of “Moderate Buy” by the six ratings firms that are covering the company, MarketBeat reports. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $35.75.

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

Mayville Engineering Stock Down 4.0%

Shares of MEC opened at $18.88 on Friday. Mayville Engineering has a 52 week low of $12.25 and a 52 week high of $38.76. The company has a quick ratio of 0.96, a current ratio of 1.70 and a debt-to-equity ratio of 0.39. The company has a market capitalization of $481.31 million, a price-to-earnings ratio of -22.47 and a beta of 1.26. The stock’s 50-day moving average price is $25.71 and its 200-day moving average price is $25.01.

Mayville Engineering (NYSE:MEC) last posted its quarterly earnings data on Tuesday, August 4th. The company reported $0.07 EPS for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.12. The company had revenue of $162.98 million during 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, sell-side analysts predict that Mayville Engineering will post -0.22 EPS for the current year.

Insiders Place Their Bets

In other news, SVP Sean Leuba sold 12,855 shares of the stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $25.44, for a total value of $327,031.20. Following the completion of the sale, the senior vice president directly owned 6,633 shares of the company’s stock, valued at $168,743.52. This represents a 65.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 5.60% of the company’s stock.

Institutional Investors Weigh In On Mayville Engineering

A number of large investors have recently bought and sold shares of the business. BNP Paribas Financial Markets lifted its holdings in 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 purchasing an additional 1,435 shares during the last quarter. Clearstead Advisors LLC grew its holdings 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 during the last quarter. Legal & General Group Plc bought a new position in shares of Mayville Engineering in the second quarter valued at approximately $53,000. Parkside Financial Bank & Trust raised its position in shares of Mayville Engineering by 4,657.1% in the second 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 during the period. Finally, Persistent Asset Partners Ltd acquired a new stake in shares of Mayville Engineering in the second quarter worth $80,000. 45.44% of the stock is currently owned by institutional investors.

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.