Mayville Engineering (NYSE:MEC) Stock Gets Price Target Trim from Citigroup

Mayville Engineering (NYSE:MEC) had its price objective reduced by equities researchers at Citigroup from $38.00 to $27.00 in a note issued to investors on Thursday, Benzinga reports. The firm presently has a “buy” rating on the stock. Citigroup‘s target price suggests a potential upside of 106.67% from the stock’s previous close.

Other research analysts also recently issued reports about the stock. Northland Securities set a $40.00 target price on shares of Mayville Engineering in a research report on Thursday, August 6th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Mayville Engineering in a research report on Tuesday, October 6th. Finally, DA Davidson lifted their price target on shares of Mayville Engineering from $32.00 to $36.00 and gave the stock a “buy” rating in a research report on Wednesday, July 22nd. Three equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Mayville Engineering currently has an average rating of “Hold” and a consensus target price of $34.33.

Mayville Engineering Trading Down 18.4%

Shares of MEC stock traded down $2.95 on Thursday, reaching $13.06. 968,231 shares of the stock were exchanged, compared to its average volume of 414,277. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.70 and a quick ratio of 0.96. Mayville Engineering has a one year low of $12.41 and a one year high of $38.76. The stock has a market cap of $333.13 million, a PE ratio of -18.93 and a beta of 1.51. The stock has a 50 day moving average price of $16.53 and a 200 day moving average price of $22.56.

Mayville Engineering (NYSE:MEC) last posted its quarterly earnings results on Tuesday, November 3rd. The company reported $0.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.03. The business had revenue of $170.36 million for the quarter, compared to analysts’ expectations of $165.07 million. Mayville Engineering had a negative return on equity of 5.34% and a negative net margin of 2.32%. Equities research analysts forecast that Mayville Engineering will post -0.22 EPS for the current fiscal year.

Hedge Funds Weigh In On Mayville Engineering

Several institutional investors have recently modified their holdings of MEC. Legal & General Group Plc acquired a new position in Mayville Engineering during the second quarter valued at approximately $53,000. Parkside Financial Bank & Trust increased its stake in Mayville Engineering by 4,657.1% in the second quarter. Parkside Financial Bank & Trust now owns 1,665 shares of the company’s stock valued at $62,000 after purchasing an additional 1,630 shares in the last quarter. Persistent Asset Partners Ltd bought a new stake in Mayville Engineering in the second quarter valued at approximately $80,000. State of Alaska Department of Revenue raised its holdings in Mayville Engineering by 33.4% in the third quarter. State of Alaska Department of Revenue now owns 5,207 shares of the company’s stock worth $77,000 after purchasing an additional 1,304 shares during the period. Finally, State of Wyoming acquired a new stake in Mayville Engineering in the third quarter worth $83,000. 45.44% of the stock is currently owned by institutional investors and hedge funds.

About Mayville Engineering

Mayville Engineering Company, Inc (NYSE:MEC) is a U.S.-based contract manufacturer that provides engineered metal components and assemblies to original equipment manufacturers. Headquartered in Mayville, Wisconsin, the company works with customers from product design and prototyping through production, finishing and assembly.

Its manufacturing capabilities include metal fabrication, precision machining, stamping, tube forming, laser cutting, robotic and manual welding, powder coating, painting and final assembly.