Mayville Engineering (NYSE:MEC) Downgraded to “Hold” Rating by Northland Capmk

Northland Capmk cut shares of Mayville Engineering (NYSE:MEC) from a strong-buy rating to a hold rating in a research note issued to investors on Monday,Zacks.com reports.

MEC has been the topic of several other reports. Northland Securities cut shares of Mayville Engineering from an “outperform” rating to a “market perform” rating and set a $20.00 price target on the stock. in a research report on Monday. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Mayville Engineering in a research note on Wednesday, October 8th. Finally, Craig Hallum set a $24.00 target price on shares of Mayville Engineering and gave the company a “buy” rating in a research note on Tuesday, October 21st. Three research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Mayville Engineering currently has a consensus rating of “Moderate Buy” and a consensus target price of $22.00.

Mayville Engineering Price Performance

NYSE MEC opened at $17.92 on Monday. Mayville Engineering has a 12 month low of $11.72 and a 12 month high of $19.77. The firm has a market capitalization of $364.06 million, a PE ratio of 30.89 and a beta of 1.08. The company’s 50 day simple moving average is $17.36 and its 200 day simple moving average is $15.78. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.82 and a quick ratio of 1.04.

Mayville Engineering (NYSE:MEC) last issued its quarterly 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. Mayville Engineering had a return on equity of 5.88% and a net margin of 2.29%.The firm had revenue of $144.31 million during the quarter, compared to analyst estimates of $141.36 million. As a group, equities research analysts forecast that Mayville Engineering will post 0.31 EPS for the current fiscal year.

Insider Activity

In other Mayville Engineering news, Director Steven L. Fisher sold 10,000 shares of the business’s stock in a transaction on Thursday, December 11th. The shares were 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. The trade was a 24.70% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Ryan F. Raber sold 15,000 shares of the 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 completion of the sale, the executive vice president owned 91,018 shares of the company’s stock, valued at $1,518,180.24. The trade was a 14.15% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 7.20% of the company’s stock.

Hedge Funds Weigh In On Mayville Engineering

Several institutional investors and hedge funds have recently bought and sold shares of the business. BNP Paribas Financial Markets lifted its position in shares of Mayville Engineering by 109.0% in the third quarter. BNP Paribas Financial Markets now owns 2,751 shares of the company’s stock worth $38,000 after purchasing an additional 1,435 shares in the last quarter. AlphaQuest LLC lifted its position in Mayville Engineering by 26.2% in the 3rd quarter. AlphaQuest LLC now owns 8,342 shares of the company’s stock worth $115,000 after buying an additional 1,733 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Mayville Engineering by 20.7% during the 2nd quarter. JPMorgan Chase & Co. now owns 7,936 shares of the company’s stock valued at $127,000 after buying an additional 1,359 shares during the period. CHICAGO TRUST Co NA purchased a new stake in shares of Mayville Engineering during the second quarter worth $165,000. Finally, Public Employees Retirement System of Ohio grew its stake in Mayville Engineering by 54.0% in the third quarter. Public Employees Retirement System of Ohio now owns 16,689 shares of the company’s stock valued at $230,000 after purchasing an additional 5,855 shares in the last quarter. Hedge funds and other 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.