Mayville Engineering Company, Inc. (NYSE:MEC) Receives Consensus Rating of “Moderate Buy” from Analysts

Mayville Engineering Company, Inc. (NYSE:MEC) has received an average recommendation of “Moderate Buy” from the six brokerages that are currently covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and four have given a buy recommendation to the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $29.75.

MEC has been the topic of several recent research reports. Zacks Research upgraded Mayville Engineering from a “strong sell” rating to a “hold” rating in a research report on Friday, March 6th. DA Davidson upped 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. Weiss Ratings lowered Mayville Engineering from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Thursday, March 5th. Northland Securities set a $30.00 price objective on Mayville Engineering in a research report on Thursday, May 7th. Finally, Citigroup upped 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.

Mayville Engineering Price Performance

Shares of NYSE:MEC opened at $32.31 on Wednesday. Mayville Engineering has a twelve month low of $12.10 and a twelve month high of $32.50. The company’s 50 day moving average is $22.06 and its 200 day moving average is $19.86. The company has a current ratio of 1.64, a quick ratio of 0.91 and a debt-to-equity ratio of 0.91. The company has a market cap of $662.09 million, a PE ratio of -40.39 and a beta of 1.29.

Mayville Engineering (NYSE:MEC) last released its quarterly earnings data on Tuesday, May 5th. The company reported ($0.15) EPS for the quarter, topping the consensus estimate 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 analyst estimates of $139.18 million. On average, sell-side analysts forecast that Mayville Engineering will post -0.23 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Jagadeesh A. Reddy sold 21,796 shares of the stock in a transaction that occurred on Thursday, May 7th. The stock was sold at an average price of $25.93, for a total transaction of $565,170.28. Following the transaction, the chief executive officer owned 158,387 shares in the company, valued at $4,106,974.91. This trade represents a 12.10% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Ryan F. Raber sold 20,000 shares of the stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $26.00, for a total value of $520,000.00. Following the transaction, the executive vice president owned 86,970 shares in the company, valued at $2,261,220. This trade represents a 18.70% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 72,936 shares of company stock worth $1,892,555. Corporate insiders own 5.60% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in MEC. Empowered Funds LLC lifted 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 valued at $1,319,000 after buying an additional 6,694 shares in the last quarter. 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 buying an additional 28,946 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Mayville Engineering by 9.5% during the 2nd quarter. Geode Capital Management LLC now owns 318,321 shares of the company’s stock valued at $5,081,000 after buying an additional 27,552 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in Mayville Engineering by 20.7% in the 2nd quarter. JPMorgan Chase & Co. now owns 7,936 shares of the company’s stock valued at $127,000 after purchasing an additional 1,359 shares in the last quarter. Finally, Rhumbline Advisers lifted its holdings in Mayville Engineering by 8.3% in the 2nd quarter. Rhumbline Advisers now owns 19,969 shares of the company’s stock valued at $319,000 after purchasing an additional 1,526 shares in the last quarter. Hedge funds and other institutional investors own 45.44% of the company’s stock.

About Mayville Engineering

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.