Mayville Engineering (NYSE:MEC) Downgraded to Hold Rating by Northland Capmk

Mayville Engineering (NYSE:MEC) was downgraded by equities researchers at Northland Capmk from a “strong-buy” rating to a “hold” rating in a research note issued on Monday,Zacks.com reports.

MEC has been the subject of several other reports. Northland Securities downgraded shares of Mayville Engineering from an “outperform” rating to a “market perform” rating and set a $20.00 price objective for the company. in a report on Monday. Craig Hallum set a $24.00 price target on Mayville Engineering and gave the company a “buy” rating in a research report on Tuesday, October 21st. Finally, Weiss Ratings reiterated a “hold (c-)” rating on shares of Mayville Engineering in a research note on Wednesday, October 8th. Three investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $22.00.

Mayville Engineering Price Performance

Mayville Engineering stock opened at $17.92 on Monday. 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’s 50 day simple moving average is $17.36 and its 200 day simple moving average is $15.78. Mayville Engineering has a 12 month low of $11.72 and a 12 month high of $19.77. The company has a market cap of $364.06 million, a price-to-earnings ratio of 30.89 and a beta of 1.08.

Mayville Engineering (NYSE:MEC) last issued its quarterly earnings results on Tuesday, November 4th. The company reported $0.10 EPS for the quarter, beating analysts’ consensus estimates of $0.05 by $0.05. Mayville Engineering had a return on equity of 5.88% and a net margin of 2.29%.The firm had revenue of $144.31 million for the quarter, compared to analysts’ expectations of $141.36 million. Sell-side analysts forecast that Mayville Engineering will post 0.31 EPS for the current year.

Insider Activity

In other Mayville Engineering news, EVP Ryan F. Raber sold 15,000 shares of Mayville Engineering 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 completion of the sale, the executive vice president directly owned 91,018 shares in the company, valued at $1,518,180.24. The trade was a 14.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Steven L. Fisher sold 10,000 shares of the stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $19.11, for a total transaction of $191,100.00. Following the completion of the transaction, the director directly owned 30,482 shares in the company, valued at $582,511.02. The trade was a 24.70% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 7.20% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Empowered Funds LLC raised its position in Mayville Engineering by 7.3% during the first quarter. Empowered Funds LLC now owns 98,207 shares of the company’s stock valued at $1,319,000 after purchasing an additional 6,694 shares in the last quarter. Jane Street Group LLC raised its holdings in shares of Mayville Engineering by 158.6% during the 1st quarter. Jane Street Group LLC now owns 47,194 shares of the company’s stock valued at $634,000 after buying an additional 28,946 shares in the last quarter. Strs Ohio bought a new stake in Mayville Engineering in the 1st quarter worth approximately $450,000. CHICAGO TRUST Co NA purchased a new stake in Mayville Engineering in the second quarter worth approximately $165,000. Finally, Sheets Smith Wealth Management grew its position in Mayville Engineering by 1.8% during the second quarter. Sheets Smith Wealth Management now owns 38,585 shares of the company’s stock valued at $616,000 after acquiring an additional 680 shares during the last quarter. 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.