Mayville Engineering (NYSE:MEC) Price Target Raised to $25.00

Mayville Engineering (NYSE:MEC) had its price target hoisted by Citigroup from $24.00 to $25.00 in a report issued on Thursday morning,Benzinga reports. They currently have a buy rating on the stock.

Other equities analysts also recently issued research reports about the stock. Zacks Research downgraded shares of Mayville Engineering from a “hold” rating to a “strong sell” rating in a research note on Wednesday, January 21st. Northland Securities upgraded Mayville Engineering from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $20.00 to $25.00 in a report on Thursday. Finally, Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Mayville Engineering in a research report on Thursday, January 22nd. Four research analysts have rated the stock with a Buy rating and two have given a Sell rating to the stock. According to MarketBeat, Mayville Engineering has an average rating of “Hold” and a consensus target price of $24.25.

Mayville Engineering Stock Performance

Mayville Engineering stock opened at $19.16 on Thursday. The business has a 50 day moving average of $19.82 and a 200-day moving average of $17.07. The company has a market capitalization of $389.33 million, a P/E ratio of -47.90 and a beta of 1.08. Mayville Engineering has a 1 year low of $11.72 and a 1 year high of $22.36. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.72 and a quick ratio of 1.04.

Mayville Engineering (NYSE:MEC) last posted its earnings results on Tuesday, March 3rd. The company reported ($0.08) EPS for the quarter, topping the consensus estimate of ($0.16) by $0.08. Mayville Engineering had a negative net margin of 1.48% and a negative return on equity of 2.33%. The business had revenue of $134.27 million for the quarter, compared to the consensus estimate of $132.51 million. On average, equities research analysts predict that Mayville Engineering will post 0.31 earnings per share for the current year.

Insider Transactions at Mayville Engineering

In other Mayville Engineering news, Director Steven L. Fisher sold 10,000 shares of the firm’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 transaction of $191,100.00. Following the completion of the transaction, the director owned 30,482 shares in the company, valued at approximately $582,511.02. This trade represents a 24.70% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 7.20% of the company’s stock.

Institutional Investors Weigh In On Mayville Engineering

Large investors have recently modified their holdings of the company. Empowered Funds LLC raised its stake in Mayville Engineering by 7.3% during the first quarter. Empowered Funds LLC now owns 98,207 shares of the company’s stock worth $1,319,000 after buying an additional 6,694 shares during the last quarter. Jane Street Group LLC boosted its position in Mayville Engineering by 158.6% during the first quarter. Jane Street Group LLC now owns 47,194 shares of the company’s stock valued at $634,000 after acquiring an additional 28,946 shares during the last quarter. First Eagle Investment Management LLC grew its holdings in Mayville Engineering by 0.6% during the 2nd quarter. First Eagle Investment Management LLC now owns 354,075 shares of the company’s stock worth $5,651,000 after acquiring an additional 2,200 shares during the period. Geode Capital Management LLC grew its holdings in Mayville Engineering by 9.5% during the 2nd quarter. Geode Capital Management LLC now owns 318,321 shares of the company’s stock worth $5,081,000 after acquiring an additional 27,552 shares during the period. Finally, Bailard Inc. bought a new position in shares of Mayville Engineering in the 2nd quarter worth about $284,000. 45.44% of the stock is currently owned by institutional investors and hedge funds.

Mayville Engineering Company Profile

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.