Mayville Engineering (NYSE:MEC) Cut to Strong Sell at Zacks Research

Zacks Research lowered shares of Mayville Engineering (NYSE:MEC) from a hold rating to a strong sell rating in a research note issued to investors on Wednesday,Zacks.com reports.

Several other research analysts have also weighed in on MEC. Weiss Ratings restated a “hold (c-)” rating on shares of Mayville Engineering in a research note on Wednesday, October 8th. Citigroup boosted their price objective on Mayville Engineering from $21.00 to $24.00 and gave the stock a “buy” rating in a report on Monday, January 12th. Craig Hallum set a $24.00 price objective on Mayville Engineering and gave the company a “buy” rating in a report on Tuesday, October 21st. Finally, Northland Securities cut shares of Mayville Engineering from an “outperform” rating to a “market perform” rating and set a $20.00 target price for the company. in a research report on Monday, January 5th. Three research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Mayville Engineering presently has a consensus rating of “Hold” and a consensus price target of $22.75.

Mayville Engineering Trading Down 1.8%

Shares of NYSE:MEC opened at $18.35 on Wednesday. The company’s 50-day moving average price is $17.82 and its two-hundred day moving average price is $16.01. Mayville Engineering has a one year low of $11.72 and a one year high of $19.82. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.82 and a quick ratio of 1.04. The stock has a market capitalization of $372.83 million, a PE ratio of 31.64 and a beta of 1.08.

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

Insider Transactions at Mayville Engineering

In other news, 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 value of $191,100.00. Following the completion of the transaction, the director directly owned 30,482 shares in the company, valued at approximately $582,511.02. This represents a 24.70% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Ryan F. Raber sold 15,000 shares of the firm’s stock in a transaction on Tuesday, November 25th. The shares were sold at an average price of $16.68, for a total value of $250,200.00. Following the sale, the executive vice president directly owned 91,018 shares in the company, valued at approximately $1,518,180.24. This trade represents 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

Large investors have recently bought and sold shares of the company. Empowered Funds LLC grew its holdings in shares of 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 purchasing an additional 6,694 shares during the last quarter. Jane Street Group LLC boosted its position in Mayville Engineering by 158.6% during the 1st quarter. Jane Street Group LLC now owns 47,194 shares of the company’s stock worth $634,000 after buying an additional 28,946 shares during the period. Blair William & Co. IL grew its holdings in Mayville Engineering by 304.8% during the 2nd quarter. Blair William & Co. IL now owns 373,448 shares of the company’s stock worth $5,960,000 after acquiring an additional 281,198 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 last quarter. Finally, Geode Capital Management LLC increased its position in Mayville Engineering by 9.5% in the 2nd quarter. Geode Capital Management LLC now owns 318,321 shares of the company’s stock valued at $5,081,000 after acquiring an additional 27,552 shares during the period. 45.44% of the stock is currently owned by 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.