Analysts Set Mayville Engineering Company, Inc. (NYSE:MEC) Price Target at $33.25

Mayville Engineering Company, Inc. (NYSE:MEC) has been given an average recommendation of “Moderate Buy” by the six analysts that are currently covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, one has given a hold recommendation and four have given a buy recommendation to the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $33.25.

A number of research analysts have recently commented on MEC shares. Northland Securities set a $30.00 price target on shares of Mayville Engineering in a research report on Thursday, May 7th. Weiss Ratings reissued a “sell (d+)” rating on shares of Mayville Engineering in a research note on Friday, July 10th. DA Davidson boosted their target price on Mayville Engineering from $32.00 to $36.00 and gave the stock a “buy” rating in a research report on Wednesday, July 22nd. Finally, Citigroup boosted their target price on Mayville Engineering from $33.00 to $43.00 and gave the stock a “buy” rating in a research report on Monday, July 13th.

Mayville Engineering Price Performance

Shares of NYSE MEC opened at $25.24 on Thursday. The stock has a fifty day simple moving average of $32.13 and a two-hundred day simple moving average of $24.51. Mayville Engineering has a 1-year low of $12.10 and a 1-year high of $38.76. The firm has a market cap of $517.09 million, a price-to-earnings ratio of -31.54 and a beta of 1.22. The company has a current ratio of 1.64, a quick ratio of 0.91 and a debt-to-equity ratio of 0.91.

Mayville Engineering (NYSE:MEC) last posted its earnings results on Tuesday, May 5th. The company reported ($0.15) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.28) by $0.13. Mayville Engineering had a negative net margin of 2.93% and a negative return on equity of 5.77%. The business had revenue of $144.78 million for the quarter, compared to analyst estimates of $139.18 million. Analysts anticipate that Mayville Engineering will post -0.08 earnings per share for the current year.

Insider Activity

In other news, EVP Ryan F. Raber sold 20,000 shares of the business’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $26.00, for a total transaction of $520,000.00. Following the completion of the transaction, the executive vice president owned 86,970 shares of the company’s stock, valued at approximately $2,261,220. The trade was a 18.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Craig D. Nichols sold 4,000 shares of Mayville Engineering stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $23.24, for a total value of $92,960.00. Following the sale, the senior vice president directly owned 146 shares of the company’s stock, valued at approximately $3,393.04. This trade represents a 96.48% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 80,726 shares of company stock worth $2,311,768. 5.60% of the stock is currently owned by insiders.

Institutional Trading of Mayville Engineering

Hedge funds have recently bought and sold shares of the company. BNP Paribas Financial Markets grew its position 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 last quarter. Clearstead Advisors LLC lifted its holdings in shares of Mayville Engineering by 194.9% in the 4th quarter. Clearstead Advisors LLC now owns 2,094 shares of the company’s stock worth $39,000 after acquiring an additional 1,384 shares during the last quarter. State of Alaska Department of Revenue bought a new stake in shares of Mayville Engineering in the 4th quarter worth approximately $73,000. Picton Mahoney Asset Management purchased a new stake in shares of Mayville Engineering in the 4th quarter valued at $109,000. Finally, JPMorgan Chase & Co. boosted its stake in shares of 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. Institutional investors own 45.44% of the company’s stock.

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.