Analysts Set Mayville Engineering Company, Inc. (NYSE:MEC) Price Target at $21.50

Shares of Mayville Engineering Company, Inc. (NYSE:MEC) have been given an average recommendation of “Moderate Buy” by the six brokerages that are presently covering the company, Marketbeat.com reports. Three equities research analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average 1 year price target among brokerages that have issued ratings on the stock in the last year is $22.00.

A number of equities analysts have weighed in on MEC shares. Craig Hallum set a $24.00 target price on shares of Mayville Engineering and gave the company a “buy” rating in a research note on Tuesday, October 21st. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Mayville Engineering in a research report on Wednesday, October 8th. Northland Securities cut Mayville Engineering from an “outperform” rating to a “market perform” rating and set a $20.00 price objective for the company. in a research note on Monday. Finally, Northland Capmk cut Mayville Engineering from a “strong-buy” rating to a “hold” rating in a research note on Monday.

Mayville Engineering Stock Performance

Shares of Mayville Engineering stock opened at $18.23 on Friday. Mayville Engineering has a 12 month low of $11.72 and a 12 month high of $19.77. The firm has a market capitalization of $370.51 million, a P/E ratio of 31.44 and a beta of 1.08. The company has a current ratio of 1.82, a quick ratio of 1.04 and a debt-to-equity ratio of 0.87. The business has a fifty day simple moving average of $17.42 and a two-hundred day simple moving average of $15.83.

Mayville Engineering (NYSE:MEC) last issued its quarterly earnings results on Tuesday, November 4th. The company reported $0.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.05 by $0.05. Mayville Engineering had a net margin of 2.29% and a return on equity of 5.88%. The company had revenue of $144.31 million during the quarter, compared to analyst estimates of $141.36 million. On average, equities analysts forecast that Mayville Engineering will post 0.31 earnings per share for the current fiscal year.

Insider Transactions at Mayville Engineering

In other news, Director Steven L. Fisher sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, December 11th. The shares were sold at an average price of $19.11, for a total value of $191,100.00. Following the transaction, the director owned 30,482 shares in the company, valued at approximately $582,511.02. This represents a 24.70% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Ryan F. Raber sold 15,000 shares of the stock in a transaction that occurred on Tuesday, November 25th. The shares were sold at an average price of $16.68, for a total transaction of $250,200.00. Following the sale, the executive vice president owned 91,018 shares in the company, valued at approximately $1,518,180.24. The trade was a 14.15% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 7.20% of the company’s stock.

Hedge Funds Weigh In On Mayville Engineering

Hedge funds have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP boosted its stake in Mayville Engineering by 4.1% during the 3rd quarter. Dimensional Fund Advisors LP now owns 847,123 shares of the company’s stock valued at $11,656,000 after purchasing an additional 33,089 shares during the last quarter. Royce & Associates LP lifted its holdings in shares of Mayville Engineering by 1.4% during the third quarter. Royce & Associates LP now owns 566,717 shares of the company’s stock valued at $7,798,000 after purchasing an additional 7,868 shares in the last quarter. 22NW LP lifted its holdings in shares of Mayville Engineering by 157.2% during the third quarter. 22NW LP now owns 399,890 shares of the company’s stock valued at $5,502,000 after purchasing an additional 244,440 shares in the last quarter. Ameriprise Financial Inc. boosted its position in shares of Mayville Engineering by 894.2% during the third quarter. Ameriprise Financial Inc. now owns 394,161 shares of the company’s stock valued at $5,424,000 after buying an additional 354,514 shares during the last quarter. Finally, Blair William & Co. IL increased its holdings in Mayville Engineering by 1.0% in the 3rd quarter. Blair William & Co. IL now owns 377,210 shares of the company’s stock worth $5,190,000 after buying an additional 3,762 shares in the last quarter. 45.44% of the stock is currently owned by hedge funds and other institutional investors.

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.