Mayville Engineering (NYSE:MEC) Upgraded at Northland Securities

Northland Securities upgraded shares of Mayville Engineering (NYSE:MEC) from a market perform rating to an outperform rating in a report issued on Thursday, Marketbeat Ratings reports. The firm currently has $25.00 price objective on the stock, up from their previous price objective of $20.00.

MEC has been the subject of several other reports. Zacks Research cut Mayville Engineering from a “hold” rating to a “strong sell” rating in a research note on Wednesday, January 21st. Weiss Ratings reiterated a “hold (c-)” rating on shares of Mayville Engineering in a research report on Thursday, January 22nd. Finally, Citigroup increased their price target on shares of Mayville Engineering from $21.00 to $24.00 and gave the stock a “buy” rating in a report on Monday, January 12th. Four equities research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, Mayville Engineering currently has an average rating of “Hold” and a consensus target price of $24.25.

Mayville Engineering Trading Up 1.6%

NYSE:MEC opened at $19.16 on Thursday. The company has a market capitalization of $389.33 million, a P/E ratio of -47.90 and a beta of 1.08. The company has a current ratio of 1.72, a quick ratio of 1.04 and a debt-to-equity ratio of 0.84. Mayville Engineering has a 12 month low of $11.72 and a 12 month high of $22.36. The firm has a fifty day simple moving average of $19.82 and a 200-day simple moving average of $17.07.

Mayville Engineering (NYSE:MEC) last released its earnings results on Tuesday, March 3rd. The company reported ($0.08) earnings per share (EPS) for the quarter, beating 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 firm had revenue of $134.27 million for the quarter, compared to the consensus estimate of $132.51 million. On average, equities research analysts anticipate that Mayville Engineering will post 0.31 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Steven L. Fisher sold 10,000 shares of the firm’s stock in a transaction dated Thursday, December 11th. The stock was sold at an average price of $19.11, for a total transaction of $191,100.00. Following the sale, the director directly owned 30,482 shares of the company’s stock, valued at $582,511.02. This trade represents a 24.70% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 7.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. EVR Research LP acquired a new position in shares of Mayville Engineering in the fourth quarter worth about $11,326,000. Ameriprise Financial Inc. grew its position in shares of Mayville Engineering by 894.2% during the 3rd quarter. Ameriprise Financial Inc. now owns 394,161 shares of the company’s stock valued at $5,424,000 after acquiring an additional 354,514 shares during the period. 22NW LP increased its stake in shares of Mayville Engineering by 157.2% in the 3rd quarter. 22NW LP now owns 399,890 shares of the company’s stock valued at $5,502,000 after purchasing an additional 244,440 shares in the last quarter. Congruence Capital LLC purchased a new position in shares of Mayville Engineering in the 4th quarter valued at about $3,896,000. Finally, Blair William & Co. IL raised its holdings in Mayville Engineering by 54.8% in the 4th quarter. Blair William & Co. IL now owns 583,759 shares of the company’s stock worth $10,928,000 after purchasing an additional 206,549 shares during the period. Hedge funds and other institutional investors own 45.44% of the company’s stock.

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.