Mayville Engineering (NYSE:MEC) Hits New 52-Week High – Should You Buy?

Shares of Mayville Engineering Company, Inc. (NYSE:MEC) hit a new 52-week high during trading on Monday . The company traded as high as $34.70 and last traded at $33.3750, with a volume of 1075 shares trading hands. The stock had previously closed at $33.25.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on MEC shares. Citigroup upped their price target on Mayville Engineering from $25.00 to $33.00 and gave the company a “buy” rating in a research report on Friday, May 8th. DA Davidson upped their price target on shares of Mayville Engineering from $23.00 to $32.00 and gave the company a “buy” rating in a research report on Monday, May 11th. Northland Securities set a $30.00 price objective on shares of Mayville Engineering in a research report on Thursday, May 7th. Zacks Research raised Mayville Engineering from a “strong sell” rating to a “hold” rating in a research report on Friday, March 6th. Finally, Weiss Ratings lowered shares of Mayville Engineering from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Thursday, March 5th. Four equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Mayville Engineering has an average rating of “Moderate Buy” and an average price target of $29.75.

Mayville Engineering Stock Performance

The stock has a market capitalization of $675.89 million, a P/E ratio of -41.52 and a beta of 1.29. The company has a 50 day simple moving average of $23.27 and a 200-day simple moving average of $20.32. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.64 and a quick ratio of 0.91.

Mayville Engineering (NYSE:MEC) last posted its earnings results on Tuesday, May 5th. The company reported ($0.15) earnings per share 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 the consensus estimate of $139.18 million. Mayville Engineering had a negative net margin of 2.93% and a negative return on equity of 5.77%. On average, equities analysts forecast that Mayville Engineering Company, Inc. will post -0.14 EPS for the current year.

Insider Activity

In related news, EVP Ryan F. Raber sold 20,000 shares of the stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $26.00, for a total transaction of $520,000.00. Following the transaction, the executive vice president owned 86,970 shares of the company’s stock, valued at approximately $2,261,220. This trade represents a 18.70% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Craig D. Nichols sold 4,000 shares of the firm’s stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $23.24, for a total value of $92,960.00. Following the transaction, the senior vice president directly owned 146 shares in the company, valued at $3,393.04. This trade represents a 96.48% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 63,738 shares of company stock worth $1,716,390. 5.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in MEC. Empowered Funds LLC boosted its position in Mayville Engineering by 9.8% during the 1st quarter. Empowered Funds LLC now owns 123,293 shares of the company’s stock valued at $2,213,000 after buying an additional 11,035 shares during the period. SummitTX Capital L.P. boosted its holdings in shares of Mayville Engineering by 23.7% during 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 period. Granahan Investment Management LLC grew its position in shares of Mayville Engineering by 44.7% in the 1st quarter. Granahan Investment Management LLC now owns 387,470 shares of the company’s stock worth $6,955,000 after buying an additional 119,708 shares during the last quarter. Sei Investments Co. increased its stake in shares of 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 buying an additional 39,309 shares during the period. Finally, Dimensional Fund Advisors LP raised its holdings in shares of 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 acquiring an additional 49,041 shares in the last quarter. 45.44% of the stock is owned by hedge funds and other 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.