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

Mayville Engineering Company, Inc. (NYSE:MEC) has received a consensus rating of “Moderate Buy” from the six brokerages that are covering the company, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $24.25.

Several research firms have weighed in on MEC. Zacks Research upgraded shares of Mayville Engineering from a “strong sell” rating to a “hold” rating in a research report on Friday, March 6th. DA Davidson raised their target price on Mayville Engineering from $21.00 to $23.00 and gave the stock a “buy” rating in a research report on Monday, March 9th. Citigroup lifted their price target on Mayville Engineering from $24.00 to $25.00 and gave the company a “buy” rating in a report on Thursday, March 5th. Weiss Ratings lowered Mayville Engineering from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Thursday, March 5th. Finally, Northland Securities raised Mayville Engineering from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $20.00 to $25.00 in a research note on Thursday, March 5th.

Insider Buying and Selling at Mayville Engineering

In other news, insider Sean P. Leuba sold 6,698 shares of the company’s stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $18.81, for a total value of $125,989.38. Following the transaction, the insider owned 11,841 shares in the company, valued at $222,729.21. This represents a 36.13% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 5.60% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in MEC. Invesco Ltd. grew its holdings in shares of Mayville Engineering by 6.4% during the 4th quarter. Invesco Ltd. now owns 27,870 shares of the company’s stock valued at $522,000 after acquiring an additional 1,679 shares in the last quarter. XTX Topco Ltd purchased a new stake in shares of Mayville Engineering during the fourth quarter worth $399,000. SummitTX Capital L.P. purchased a new stake in shares of Mayville Engineering during the fourth quarter worth $283,000. Millennium Management LLC acquired a new stake in Mayville Engineering during the fourth quarter valued at $2,868,000. Finally, EVR Research LP acquired a new stake in Mayville Engineering during the fourth quarter valued at $11,326,000. Institutional investors and hedge funds own 45.44% of the company’s stock.

Mayville Engineering Stock Performance

Shares of MEC opened at $17.27 on Friday. Mayville Engineering has a one year low of $11.72 and a one year high of $22.36. The company has a 50-day moving average of $19.66 and a two-hundred day moving average of $17.26. The stock has a market cap of $350.82 million, a price-to-earnings ratio of -43.16 and a beta of 1.08. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.72 and a quick ratio of 0.92.

Mayville Engineering (NYSE:MEC) last released its quarterly earnings results on Tuesday, March 3rd. The company reported ($0.08) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.08. The business had revenue of $134.27 million for the quarter, compared to analyst estimates of $132.51 million. Mayville Engineering had a negative net margin of 1.48% and a negative return on equity of 2.33%. On average, equities research analysts expect that Mayville Engineering will post 0.31 earnings per share for the current year.

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.