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

Mayville Engineering Company, Inc. (NYSE:MEC) has been given a consensus recommendation of “Moderate Buy” by the six analysts that are covering the company, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and four have issued a buy recommendation on the company. The average 1-year price target among analysts that have covered the stock in the last year is $24.25.

A number of brokerages have issued reports on MEC. DA Davidson upped their target price on Mayville Engineering from $21.00 to $23.00 and gave the company a “buy” rating in a research report on Monday, March 9th. Northland Securities upgraded shares of Mayville Engineering from a “market perform” rating to an “outperform” rating and lifted their price target for the stock from $20.00 to $25.00 in a research note on Thursday, March 5th. Citigroup upped their price target on shares of Mayville Engineering from $24.00 to $25.00 and gave the company a “buy” rating in a report on Thursday, March 5th. Weiss Ratings downgraded shares of Mayville Engineering from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Thursday, March 5th. Finally, Zacks Research raised shares of Mayville Engineering from a “strong sell” rating to a “hold” rating in a report on Friday, March 6th.

Mayville Engineering Stock Down 3.7%

Shares of Mayville Engineering stock opened at $16.66 on Friday. Mayville Engineering has a 1-year low of $11.72 and a 1-year high of $22.36. The company has a market capitalization of $338.45 million, a PE ratio of -41.64 and a beta of 1.08. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.72 and a quick ratio of 0.92. The business has a 50-day moving average of $19.62 and a 200-day moving average of $17.31.

Mayville Engineering (NYSE:MEC) last released its quarterly 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 return on equity of 2.33% and a negative net margin of 1.48%.The business had revenue of $134.27 million for the quarter, compared to analysts’ expectations of $132.51 million. As a group, equities analysts forecast that Mayville Engineering will post 0.31 EPS for the current fiscal year.

Insider Activity at Mayville Engineering

In related news, insider Sean P. Leuba sold 6,698 shares of Mayville Engineering stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $18.81, for a total value of $125,989.38. Following the completion of the transaction, the insider directly owned 11,841 shares in the company, valued at approximately $222,729.21. This trade represents a 36.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 5.60% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the company. Empowered Funds LLC increased its holdings in shares of Mayville Engineering by 7.3% in the 1st quarter. Empowered Funds LLC now owns 98,207 shares of the company’s stock valued at $1,319,000 after acquiring an additional 6,694 shares during the last quarter. Jane Street Group LLC lifted its stake in Mayville Engineering by 158.6% during the first quarter. Jane Street Group LLC now owns 47,194 shares of the company’s stock worth $634,000 after purchasing an additional 28,946 shares during the last quarter. Geode Capital Management LLC lifted its stake in Mayville Engineering by 9.5% during the second quarter. Geode Capital Management LLC now owns 318,321 shares of the company’s stock worth $5,081,000 after purchasing an additional 27,552 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in Mayville Engineering by 20.7% in the second quarter. JPMorgan Chase & Co. now owns 7,936 shares of the company’s stock worth $127,000 after purchasing an additional 1,359 shares during the period. Finally, Rhumbline Advisers boosted its holdings in Mayville Engineering by 8.3% in the second quarter. Rhumbline Advisers now owns 19,969 shares of the company’s stock worth $319,000 after purchasing an additional 1,526 shares during the period. 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.