Analysts Set Mayville Engineering Company, Inc. (NYSE:MEC) PT at $33.25

Shares of Mayville Engineering Company, Inc. (NYSE:MEC) have been assigned an average recommendation of “Moderate Buy” from the six research firms that are currently covering the company, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, one has given a hold recommendation and four have issued a buy recommendation on the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $33.25.

A number of brokerages have issued reports on MEC. Citigroup increased their price objective on shares of Mayville Engineering from $33.00 to $43.00 and gave the company a “buy” rating in a report on Monday, July 13th. Weiss Ratings reissued a “sell (d+)” rating on shares of Mayville Engineering in a report on Friday, July 10th. Northland Securities set a $30.00 target price on shares of Mayville Engineering in a research report on Thursday, May 7th. Finally, DA Davidson raised their target price on shares of Mayville Engineering from $32.00 to $36.00 and gave the company a “buy” rating in a research note on Wednesday.

Insiders Place Their Bets

In other news, EVP Ryan F. Raber sold 20,000 shares of Mayville Engineering stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $26.00, for a total value of $520,000.00. Following the sale, the executive vice president directly owned 86,970 shares of the company’s stock, valued at approximately $2,261,220. The trade was a 18.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Jagadeesh A. Reddy sold 15,688 shares of the business’s stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $35.05, for a total value of $549,864.40. Following the completion of the sale, the chief executive officer owned 124,105 shares in the company, valued at $4,349,880.25. This represents a 11.22% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 80,726 shares of company stock worth $2,311,768 in the last 90 days. 5.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Mayville Engineering

Institutional investors have recently added to or reduced their stakes in the company. Empowered Funds LLC raised its holdings in shares of Mayville Engineering by 9.8% during the 1st quarter. Empowered Funds LLC now owns 123,293 shares of the company’s stock worth $2,213,000 after acquiring an additional 11,035 shares in the last quarter. SummitTX Capital L.P. increased its position in Mayville Engineering by 23.7% in the first quarter. SummitTX Capital L.P. now owns 18,696 shares of the company’s stock worth $336,000 after purchasing an additional 3,578 shares during the last quarter. Granahan Investment Management LLC raised its stake in Mayville Engineering by 44.7% during the first quarter. Granahan Investment Management LLC now owns 387,470 shares of the company’s stock valued at $6,955,000 after purchasing an additional 119,708 shares in the last quarter. Sei Investments Co. lifted its position in Mayville Engineering by 47.0% during the first quarter. Sei Investments Co. now owns 122,878 shares of the company’s stock valued at $2,206,000 after purchasing an additional 39,309 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in Mayville Engineering by 5.6% during the first quarter. Dimensional Fund Advisors LP now owns 926,216 shares of the company’s stock valued at $16,625,000 after purchasing an additional 49,041 shares during the last quarter. Hedge funds and other institutional investors own 45.44% of the company’s stock.

Mayville Engineering Price Performance

Shares of Mayville Engineering stock opened at $30.15 on Thursday. The company has a market capitalization of $617.79 million, a price-to-earnings ratio of -37.69 and a beta of 1.22. The company has a quick ratio of 0.91, a current ratio of 1.64 and a debt-to-equity ratio of 0.91. The stock’s 50-day simple moving average is $31.92 and its 200-day simple moving average is $24.27. Mayville Engineering has a 52 week low of $12.10 and a 52 week high of $38.76.

Mayville Engineering (NYSE:MEC) last released its earnings results on Tuesday, May 5th. The company reported ($0.15) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.28) by $0.13. The firm had revenue of $144.78 million during the quarter, compared to analysts’ expectations of $139.18 million. Mayville Engineering had a negative return on equity of 5.77% and a negative net margin of 2.93%. As a group, analysts expect that Mayville Engineering will post -0.08 earnings per share for the current fiscal year.

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.