Citigroup Cuts Mayville Engineering (NYSE:MEC) Price Target to $18.00

Mayville Engineering (NYSE:MEC) had its price target lowered by investment analysts at Citigroup from $22.00 to $18.00 in a report issued on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. Citigroup’s price objective would suggest a potential upside of 31.54% from the stock’s current price.

Other research analysts have also recently issued reports about the stock. Northland Securities cut shares of Mayville Engineering from an “outperform” rating to a “market perform” rating and decreased their price objective for the company from $30.00 to $20.00 in a report on Thursday, November 7th. Northland Capmk lowered shares of Mayville Engineering from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 7th.

Mayville Engineering Stock Performance

Shares of NYSE:MEC traded down $0.09 during midday trading on Thursday, reaching $13.68. 11,577 shares of the company’s stock traded hands, compared to its average volume of 78,887. Mayville Engineering has a one year low of $12.47 and a one year high of $23.02. The stock has a 50 day moving average of $15.45 and a 200 day moving average of $17.58. The company has a market cap of $282.49 million, a price-to-earnings ratio of 23.19 and a beta of 0.92. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.91 and a current ratio of 1.77.

Institutional Trading of Mayville Engineering

Several large investors have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP increased its stake in shares of Mayville Engineering by 13.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 704,659 shares of the company’s stock worth $11,077,000 after purchasing an additional 85,086 shares in the last quarter. Royce & Associates LP increased its position in Mayville Engineering by 4.2% in the fourth quarter. Royce & Associates LP now owns 584,297 shares of the company’s stock worth $9,185,000 after buying an additional 23,749 shares in the last quarter. Granahan Investment Management LLC raised its stake in shares of Mayville Engineering by 71.2% in the fourth quarter. Granahan Investment Management LLC now owns 578,967 shares of the company’s stock worth $9,101,000 after buying an additional 240,752 shares during the period. Nokomis Capital L.L.C. lifted its position in shares of Mayville Engineering by 270.0% during the 4th quarter. Nokomis Capital L.L.C. now owns 449,792 shares of the company’s stock valued at $7,071,000 after buying an additional 328,223 shares in the last quarter. Finally, First Eagle Investment Management LLC grew its stake in shares of Mayville Engineering by 10.8% during the 4th quarter. First Eagle Investment Management LLC now owns 332,375 shares of the company’s stock valued at $5,225,000 after acquiring an additional 32,500 shares during the period. 45.44% of the stock is currently owned by institutional investors.

About Mayville Engineering

Mayville Engineering Company, Inc, together with its subsidiaries, engages in the production, design, prototyping and tooling, fabrication, aluminum extrusion, coating, and assembling of aftermarket components in the United States. It also supplies engineered components to original equipment manufacturers.