Mayville Engineering (NYSE:MEC) Upgraded by Northland Securities to “Outperform” Rating

Mayville Engineering (NYSE:MEC) was upgraded by stock analysts at Northland Securities from a “market perform” rating to an “outperform” rating in a note issued to investors on Thursday, Marketbeat Ratings reports. The firm currently has a $25.00 price target on the stock. Northland Securities’ price objective would indicate a potential upside of 30.28% from the stock’s previous close.

Several other analysts have also commented on MEC. Zacks Research lowered shares of Mayville Engineering from a “hold” rating to a “strong sell” rating in a research report on Wednesday, January 21st. Weiss Ratings reiterated a “hold (c-)” rating on shares of Mayville Engineering in a research note on Thursday, January 22nd. Finally, Citigroup increased their price objective on Mayville Engineering from $21.00 to $24.00 and gave the company a “buy” rating in a report on Monday, January 12th. Four analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $24.00.

Mayville Engineering Stock Performance

Mayville Engineering stock traded down $0.37 during mid-day trading on Thursday, reaching $19.19. 127,933 shares of the company’s stock were exchanged, compared to its average volume of 163,842. The business’s fifty day simple moving average is $19.83 and its 200 day simple moving average is $17.01. The company has a quick ratio of 1.04, a current ratio of 1.82 and a debt-to-equity ratio of 0.87. Mayville Engineering has a one year low of $11.72 and a one year high of $22.36. The firm has a market capitalization of $389.94 million, a PE ratio of -47.97 and a beta of 1.08.

Mayville Engineering (NYSE:MEC) last released its earnings results on Tuesday, March 3rd. The company reported ($0.08) EPS for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.08. The company had revenue of $134.27 million for the quarter, compared to analysts’ expectations of $132.51 million. Mayville Engineering had a negative return on equity of 2.31% and a negative net margin of 1.48%. On average, sell-side analysts expect that Mayville Engineering will post 0.31 earnings per share for the current year.

Insider Activity at Mayville Engineering

In other news, Director Steven L. Fisher sold 10,000 shares of the firm’s 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 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 the SEC website. 7.20% of the stock is owned by insiders.

Institutional Trading of Mayville Engineering

A number of institutional investors have recently added to or reduced their stakes in the stock. BNP Paribas Financial Markets boosted its stake in Mayville Engineering by 109.0% in the 3rd 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 during the period. Clearstead Advisors LLC increased its position in shares of Mayville Engineering by 194.9% during the fourth quarter. Clearstead Advisors LLC now owns 2,094 shares of the company’s stock valued at $39,000 after buying an additional 1,384 shares during the period. State of Alaska Department of Revenue purchased a new stake in shares of Mayville Engineering in the fourth quarter worth about $73,000. Picton Mahoney Asset Management bought a new position in shares of Mayville Engineering in the fourth quarter valued at approximately $109,000. Finally, AlphaQuest LLC boosted its position in shares of Mayville Engineering by 26.2% in the third quarter. AlphaQuest LLC now owns 8,342 shares of the company’s stock valued at $115,000 after acquiring an additional 1,733 shares during the period. 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.