Mayville Engineering (NYSE:MEC) Price Target Cut to $27.00 by Analysts at Citigroup

Mayville Engineering (NYSE:MEC) had its price target lowered by Citigroup from $38.00 to $27.00 in a research note released on Thursday,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other equities research analysts also recently weighed in on MEC. DA Davidson raised their price target on shares of Mayville Engineering from $32.00 to $36.00 and gave the company a “buy” rating in a research report on Wednesday, July 22nd. Northland Securities set a $40.00 price objective on Mayville Engineering in a report on Thursday, August 6th. Finally, Weiss Ratings restated a “sell (d+)” rating on shares of Mayville Engineering in a research note on Tuesday, October 6th. Three equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $34.33.

Mayville Engineering Stock Performance

MEC opened at $13.06 on Thursday. The stock has a fifty day simple moving average of $16.37 and a two-hundred day simple moving average of $22.53. The company has a current ratio of 1.70, a quick ratio of 0.96 and a debt-to-equity ratio of 0.39. Mayville Engineering has a 12-month low of $12.41 and a 12-month high of $38.76.

Mayville Engineering (NYSE:MEC) last announced its quarterly earnings data on Tuesday, November 3rd. The company reported $0.15 earnings per share for the quarter, topping analysts’ consensus estimates of $0.12 by $0.03. The business had revenue of $170.36 million for the quarter, compared to analysts’ expectations of $165.07 million. Mayville Engineering had a negative net margin of 2.32% and a negative return on equity of 5.34%. Equities research analysts expect that Mayville Engineering will post -0.22 EPS for the current fiscal year.

Institutional Investors Weigh In On Mayville Engineering

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MEC. CenterBook Partners LP boosted its stake in shares of Mayville Engineering by 1,000.3% in the third quarter. CenterBook Partners LP now owns 341,000 shares of the company’s stock worth $5,115,000 after acquiring an additional 310,008 shares during the period. State of Wyoming bought a new stake in shares of Mayville Engineering during the third quarter valued at approximately $83,000. State of Alaska Department of Revenue boosted its position in shares of Mayville Engineering by 33.4% during the third quarter. State of Alaska Department of Revenue now owns 5,207 shares of the company’s stock worth $77,000 after acquiring an additional 1,304 shares during the last quarter. Engineers Gate Manager LP bought a new position in shares of Mayville Engineering during the second quarter worth $213,000. Finally, Squarepoint Ops LLC grew its position in shares of Mayville Engineering by 115.9% during the second quarter. Squarepoint Ops LLC now owns 238,766 shares of the company’s stock valued at $8,944,000 after purchasing an additional 128,197 shares in the last quarter. 45.44% of the stock is owned by hedge funds and other institutional investors.

Mayville Engineering Company Profile

Mayville Engineering Company, Inc (NYSE:MEC) is a U.S.-based contract manufacturer that provides engineered metal components and assemblies to original equipment manufacturers. Headquartered in Mayville, Wisconsin, the company works with customers from product design and prototyping through production, finishing and assembly.

Its manufacturing capabilities include metal fabrication, precision machining, stamping, tube forming, laser cutting, robotic and manual welding, powder coating, painting and final assembly.