Mayville Engineering (NYSE:MEC) Trading Up 4.7% – Should You Buy?

Shares of Mayville Engineering Company, Inc. (NYSE:MEC) were up 4.7% during mid-day trading on Monday . The stock traded as high as $25.09 and last traded at $24.4980. Approximately 4,229 shares were traded during trading, a decline of 99% from the average daily volume of 368,478 shares. The stock had previously closed at $23.40.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on MEC shares. Citigroup increased their price target on Mayville Engineering from $33.00 to $43.00 and gave the stock a “buy” rating in a report on Monday, July 13th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Mayville Engineering in a research report on Friday, July 10th. DA Davidson increased their target price on shares of Mayville Engineering from $32.00 to $36.00 and gave the stock a “buy” rating in a research note on Wednesday, July 22nd. Finally, Northland Securities set a $40.00 price target on shares of Mayville Engineering in a research report on Thursday, August 6th. Four investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Mayville Engineering presently has an average rating of “Moderate Buy” and a consensus price target of $35.75.

Mayville Engineering Trading Down 1.0%

The company’s 50 day simple moving average is $31.21 and its 200 day simple moving average is $25.03. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.70 and a quick ratio of 0.96. The firm has a market cap of $608.00 million, a price-to-earnings ratio of -28.36 and a beta of 1.27.

Mayville Engineering (NYSE:MEC) last announced its quarterly earnings data on Tuesday, August 4th. The company reported $0.07 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.12. The business had revenue of $162.98 million for the quarter, compared to analysts’ expectations of $150.59 million. Mayville Engineering had a negative return on equity of 6.63% and a negative net margin of 2.95%. As a group, research analysts expect that Mayville Engineering Company, Inc. will post -0.22 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, EVP Ryan F. Raber sold 20,000 shares of the company’s stock in a transaction that occurred 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 sale, the executive vice president directly owned 86,970 shares in the company, valued at approximately $2,261,220. This represents a 18.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Jagadeesh A. Reddy sold 15,688 shares of the company’s stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $35.05, for a total transaction of $549,864.40. Following the sale, the chief executive officer owned 124,105 shares in the company, valued at $4,349,880.25. The trade was a 11.22% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 71,785 shares of company stock worth $2,073,629 over the last 90 days. 5.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Royce & Associates LP boosted its position in shares of Mayville Engineering by 10.2% during the 4th quarter. Royce & Associates LP now owns 624,307 shares of the company’s stock worth $11,687,000 after acquiring an additional 57,590 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Mayville Engineering by 5.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 926,216 shares of the company’s stock worth $16,625,000 after acquiring an additional 49,041 shares in the last quarter. UBS Group AG lifted its stake in Mayville Engineering by 38.6% during the fourth quarter. UBS Group AG now owns 146,552 shares of the company’s stock worth $2,743,000 after purchasing an additional 40,798 shares during the last quarter. Congruence Capital LLC purchased a new position in Mayville Engineering in the fourth quarter valued at approximately $3,896,000. Finally, North Star Investment Management Corp. acquired a new position in shares of Mayville Engineering in the 1st quarter valued at $538,000. Institutional investors and hedge funds 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.