Mayville Engineering (NYSE:MEC) Reaches New 52-Week High – Should You Buy?

Shares of Mayville Engineering Company, Inc. (NYSE:MEC) reached a new 52-week high during mid-day trading on Monday . The company traded as high as $36.50 and last traded at $35.6440, with a volume of 546956 shares. The stock had previously closed at $35.48.

Wall Street Analysts Forecast Growth

MEC has been the topic of a number of research reports. Weiss Ratings downgraded Mayville Engineering from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Thursday, March 5th. Northland Securities set a $30.00 price target on Mayville Engineering in a research note on Thursday, May 7th. Citigroup raised their price target on Mayville Engineering from $25.00 to $33.00 and gave the stock a “buy” rating in a research note on Friday, May 8th. Zacks Research upgraded Mayville Engineering from a “strong sell” rating to a “hold” rating in a research note on Friday, March 6th. Finally, DA Davidson raised their price target on Mayville Engineering from $23.00 to $32.00 and gave the stock a “buy” rating in a research note on Monday, May 11th. Four equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Mayville Engineering currently has an average rating of “Moderate Buy” and a consensus target price of $29.75.

Mayville Engineering Stock Up 1.4%

The company has a market capitalization of $722.09 million, a PE ratio of -44.05 and a beta of 1.29. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.64 and a quick ratio of 0.91. The company has a 50-day moving average of $25.61 and a two-hundred day moving average of $21.26.

Mayville Engineering (NYSE:MEC) last released its earnings results on Tuesday, May 5th. The company reported ($0.15) earnings per share for the quarter, beating the consensus estimate of ($0.28) by $0.13. The company had revenue of $144.78 million for the quarter, compared to the consensus estimate of $139.18 million. Mayville Engineering had a negative return on equity of 5.77% and a negative net margin of 2.93%. Sell-side analysts anticipate that Mayville Engineering Company, Inc. will post -0.14 earnings per share for the current fiscal year.

Insider Activity at Mayville Engineering

In related news, EVP Ryan F. Raber sold 20,000 shares of Mayville Engineering stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $26.00, for a total transaction of $520,000.00. Following the transaction, the executive vice president directly owned 86,970 shares in the company, valued at approximately $2,261,220. The trade was a 18.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Craig D. Nichols sold 4,000 shares of Mayville Engineering stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $23.24, for a total value of $92,960.00. Following the transaction, the senior vice president owned 146 shares in the company, valued at $3,393.04. This trade represents a 96.48% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 80,726 shares of company stock worth $2,311,768. Corporate insiders own 5.60% of the company’s stock.

Institutional Investors Weigh In On Mayville Engineering

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Raymond James Financial Inc. raised its holdings in Mayville Engineering by 3.0% during the third quarter. Raymond James Financial Inc. now owns 25,187 shares of the company’s stock valued at $347,000 after acquiring an additional 740 shares during the period. Wealth Enhancement Advisory Services LLC raised its holdings in Mayville Engineering by 6.2% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 13,792 shares of the company’s stock valued at $245,000 after acquiring an additional 800 shares during the period. JPMorgan Chase & Co. raised its holdings in Mayville Engineering by 20.7% during the second quarter. JPMorgan Chase & Co. now owns 7,936 shares of the company’s stock valued at $127,000 after acquiring an additional 1,359 shares during the period. Clearstead Advisors LLC raised 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 acquiring an additional 1,384 shares during the period. Finally, BNP Paribas Financial Markets raised its holdings in Mayville Engineering by 109.0% during the third quarter. BNP Paribas Financial Markets now owns 2,751 shares of the company’s stock valued at $38,000 after acquiring an additional 1,435 shares during the period. 45.44% of the stock is 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.