Brokerages Set Mayville Engineering Company, Inc. (NYSE:MEC) Target Price at $24.25

Mayville Engineering Company, Inc. (NYSE:MEC) has been assigned an average rating of “Moderate Buy” from the six ratings firms that are presently covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company. The average twelve-month price target among brokers that have covered the stock in the last year is $24.25.

MEC has been the subject of a number of recent analyst reports. Weiss Ratings cut Mayville Engineering from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Thursday, March 5th. DA Davidson raised their price objective on Mayville Engineering from $21.00 to $23.00 and gave the stock a “buy” rating in a research report on Monday, March 9th. Northland Securities raised Mayville Engineering from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $20.00 to $25.00 in a research report on Thursday, March 5th. Citigroup raised their price objective on Mayville Engineering from $24.00 to $25.00 and gave the stock a “buy” rating in a research report on Thursday, March 5th. Finally, Zacks Research raised Mayville Engineering from a “strong sell” rating to a “hold” rating in a research report on Friday, March 6th.

Insider Buying and Selling at Mayville Engineering

In other news, insider Sean P. Leuba sold 2,500 shares of the firm’s stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $20.07, for a total value of $50,175.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 5.60% of the stock is owned by insiders.

Institutional Trading of Mayville Engineering

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Invesco Ltd. lifted its position in Mayville Engineering by 6.4% during the 4th quarter. Invesco Ltd. now owns 27,870 shares of the company’s stock worth $522,000 after acquiring an additional 1,679 shares during the period. XTX Topco Ltd acquired a new stake in Mayville Engineering during the 4th quarter worth about $399,000. SummitTX Capital L.P. acquired a new stake in Mayville Engineering during the 4th quarter worth about $283,000. Millennium Management LLC acquired a new stake in Mayville Engineering during the 4th quarter worth about $2,868,000. Finally, EVR Research LP acquired a new stake in Mayville Engineering during the 4th quarter worth about $11,326,000. Institutional investors and hedge funds own 45.44% of the company’s stock.

Mayville Engineering Stock Up 0.4%

Shares of NYSE MEC opened at $21.11 on Tuesday. The company has a current ratio of 1.72, a quick ratio of 0.92 and a debt-to-equity ratio of 0.84. The stock has a market capitalization of $429.00 million, a PE ratio of -52.78 and a beta of 1.14. The stock’s fifty day simple moving average is $19.52 and its two-hundred day simple moving average is $18.03. Mayville Engineering has a 12-month low of $11.72 and a 12-month high of $22.36.

Mayville Engineering (NYSE:MEC) last posted its quarterly earnings data on Tuesday, March 3rd. The company reported ($0.08) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.08. The firm had revenue of $134.27 million during the quarter, compared to analysts’ expectations of $132.51 million. Mayville Engineering had a negative return on equity of 2.33% and a negative net margin of 1.48%. As a group, analysts expect that Mayville Engineering will post -0.28 EPS for the current fiscal year.

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.