Citigroup Issues Positive Forecast for Mayville Engineering (NYSE:MEC) Stock Price

Mayville Engineering (NYSE:MEC) had its price objective boosted by equities research analysts at Citigroup from $25.00 to $33.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Citigroup’s target price points to a potential upside of 22.79% from the stock’s previous close.

Several other analysts also recently issued reports on MEC. Zacks Research raised Mayville Engineering from a “strong sell” rating to a “hold” rating in a research note on Friday, March 6th. DA Davidson raised their price objective on Mayville Engineering from $21.00 to $23.00 and gave the company a “buy” rating in a report on Monday, March 9th. Weiss Ratings cut Mayville Engineering from a “hold (c-)” rating to a “sell (d+)” rating in a report on Thursday, March 5th. Finally, Northland Securities set a $30.00 price objective on Mayville Engineering in a report on Thursday. Four investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $27.50.

Mayville Engineering Stock Up 3.4%

Shares of MEC traded up $0.89 during midday trading on Friday, hitting $26.88. The stock had a trading volume of 237,849 shares, compared to its average volume of 164,510. The company has a 50 day simple moving average of $19.68 and a two-hundred day simple moving average of $18.74. Mayville Engineering has a twelve month low of $12.10 and a twelve month high of $27.12. The firm has a market cap of $546.07 million, a price-to-earnings ratio of -33.38 and a beta of 1.24. 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, May 5th. The company reported ($0.15) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.28) by $0.13. Mayville Engineering had a negative return on equity of 5.70% and a negative net margin of 2.93%.The firm had revenue of $144.78 million for the quarter, compared to the consensus estimate of $139.18 million. On average, analysts anticipate that Mayville Engineering will post -0.28 EPS for the current year.

Insider Buying and Selling at Mayville Engineering

In related news, insider Sean P. Leuba sold 6,698 shares of Mayville Engineering stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $18.81, for a total transaction of $125,989.38. Following the completion of the transaction, the insider owned 11,841 shares in the company, valued at approximately $222,729.21. This trade represents a 36.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 5.60% of the stock is owned by insiders.

Hedge Funds Weigh In On Mayville Engineering

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Raymond James Financial Inc. grew 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 worth $347,000 after purchasing an additional 740 shares during the period. Wealth Enhancement Advisory Services LLC grew 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 worth $245,000 after purchasing an additional 800 shares during the period. JPMorgan Chase & Co. grew 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 worth $127,000 after purchasing an additional 1,359 shares during the period. Clearstead Advisors LLC grew 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 worth $39,000 after purchasing an additional 1,384 shares during the period. Finally, BNP Paribas Financial Markets grew 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 worth $38,000 after purchasing an additional 1,435 shares during the period. 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.