Mayville Engineering Company, Inc. (NYSE:MEC) Receives $29.75 Consensus Target Price from Brokerages

Shares of Mayville Engineering Company, Inc. (NYSE:MEC) have been assigned an average rating of “Moderate Buy” from the six analysts that are currently covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and four have assigned a buy recommendation to the company. The average 12 month target price among analysts that have covered the stock in the last year is $29.75.

Several equities analysts have weighed in on MEC shares. Northland Securities set a $30.00 price target on Mayville Engineering in a report on Thursday, May 7th. Citigroup upped their price objective on Mayville Engineering from $25.00 to $33.00 and gave the stock a “buy” rating in a report on Friday, May 8th. Finally, DA Davidson increased their target price on Mayville Engineering from $23.00 to $32.00 and gave the company a “buy” rating in a research report on Monday, May 11th.

Insider Activity at Mayville Engineering

In related 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 completion of the transaction, the executive vice president owned 86,970 shares in the company, valued at approximately $2,261,220. This trade represents a 18.70% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Craig D. Nichols sold 4,000 shares of the business’s stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $23.24, for a total value of $92,960.00. Following the sale, the senior vice president directly owned 146 shares in the company, valued at $3,393.04. The trade was a 96.48% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 80,726 shares of company stock valued at $2,311,768 over the last 90 days. 5.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Mayville Engineering

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Dimensional Fund Advisors LP lifted its position in Mayville Engineering by 5.6% in the first quarter. Dimensional Fund Advisors LP now owns 926,216 shares of the company’s stock worth $16,625,000 after buying an additional 49,041 shares during the last quarter. Royce & Associates LP increased its position in Mayville Engineering by 10.2% during the fourth quarter. Royce & Associates LP now owns 624,307 shares of the company’s stock valued at $11,687,000 after acquiring an additional 57,590 shares during the last quarter. EVR Research LP bought a new position in Mayville Engineering during the fourth quarter valued at $11,326,000. Blair William & Co. IL raised its stake in shares of Mayville Engineering by 54.8% in the fourth quarter. Blair William & Co. IL now owns 583,759 shares of the company’s stock valued at $10,928,000 after acquiring an additional 206,549 shares during the period. Finally, 22NW LP raised its stake in shares of Mayville Engineering by 3.6% in the fourth quarter. 22NW LP now owns 414,280 shares of the company’s stock valued at $7,755,000 after acquiring an additional 14,390 shares during the period. Hedge funds and other institutional investors own 45.44% of the company’s stock.

Mayville Engineering Stock Up 0.1%

Shares of MEC stock opened at $33.60 on Friday. The stock has a market cap of $688.42 million, a P/E ratio of -42.00 and a beta of 1.22. Mayville Engineering has a 52 week low of $12.10 and a 52 week high of $38.76. 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 company’s fifty day simple moving average is $29.50 and its two-hundred day simple moving average is $22.85.

Mayville Engineering (NYSE:MEC) last issued its quarterly earnings data on Tuesday, May 5th. The company reported ($0.15) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.13. Mayville Engineering had a negative return on equity of 5.77% and a negative net margin of 2.93%.The firm had revenue of $144.78 million during the quarter, compared to analyst estimates of $139.18 million. Analysts predict that Mayville Engineering will post -0.08 EPS 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.