Citigroup Forecasts Strong Price Appreciation for Mayville Engineering (NYSE:MEC) Stock

Mayville Engineering (NYSE:MEC) had its target price hoisted by Citigroup from $24.00 to $25.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Citigroup’s price target suggests a potential upside of 30.48% from the stock’s current price.

A number of other research analysts also recently issued reports on the stock. Zacks Research downgraded shares of Mayville Engineering from a “hold” rating to a “strong sell” rating in a research report on Wednesday, January 21st. Northland Securities raised shares of Mayville Engineering from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $20.00 to $25.00 in a research note on Thursday. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of Mayville Engineering in a report on Thursday, January 22nd. Four equities research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the stock. According to MarketBeat.com, Mayville Engineering presently has an average rating of “Hold” and a consensus price target of $24.25.

Mayville Engineering Price Performance

Shares of MEC opened at $19.16 on Thursday. The business has a 50-day moving average of $19.82 and a 200-day moving average of $17.06. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.72 and a quick ratio of 1.04. The company has a market capitalization of $389.33 million, a price-to-earnings ratio of -47.90 and a beta of 1.08. Mayville Engineering has a 1 year low of $11.72 and a 1 year high of $22.36.

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

Insiders Place Their Bets

In other Mayville Engineering news, Director Steven L. Fisher sold 10,000 shares of Mayville Engineering stock in a transaction that occurred on Thursday, December 11th. The stock was sold at an average price of $19.11, for a total value of $191,100.00. Following the completion of the sale, the director directly owned 30,482 shares in the company, valued at approximately $582,511.02. The trade was a 24.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 7.20% of the company’s stock.

Hedge Funds Weigh In On Mayville Engineering

A number of institutional investors and hedge funds have recently modified their holdings of MEC. Empowered Funds LLC grew its position in shares of Mayville Engineering by 7.3% during the 1st quarter. Empowered Funds LLC now owns 98,207 shares of the company’s stock worth $1,319,000 after buying an additional 6,694 shares during the period. Jane Street Group LLC lifted its position in shares of Mayville Engineering by 158.6% during the 1st quarter. Jane Street Group LLC now owns 47,194 shares of the company’s stock valued at $634,000 after acquiring an additional 28,946 shares during the period. First Eagle Investment Management LLC lifted its position in shares of Mayville Engineering by 0.6% during the 2nd quarter. First Eagle Investment Management LLC now owns 354,075 shares of the company’s stock valued at $5,651,000 after acquiring an additional 2,200 shares during the period. Geode Capital Management LLC boosted its stake in Mayville Engineering by 9.5% during the second quarter. Geode Capital Management LLC now owns 318,321 shares of the company’s stock worth $5,081,000 after acquiring an additional 27,552 shares in the last quarter. Finally, Bailard Inc. bought a new position in Mayville Engineering during the second quarter worth $284,000. 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.