Zacks Investment Research upgraded shares of Mayville Engineering (NYSE:MEC) from a hold rating to a buy rating in a research report released on Tuesday, Zacks.com reports. They currently have $21.00 target price on the stock.
According to Zacks, “Mayville Engineering Company Inc. provides prototyping and tooling, production fabrication, coating, assembly and aftermarket services. It serves heavy and medium duty commercial vehicle, construction, powersports, agriculture, military and other end markets. The company also provides engineering and development services. It offers conventional and CNC stamping, shearing, fiber laser cutting, forming, drilling, tapping, grinding, tube bending, machining, welding, assembly and logistic services. Mayville Engineering Company Inc. is based in Wisconsin, United States. “
Mayville Engineering stock opened at $19.34 on Tuesday. The firm has a market capitalization of $394.40 million, a P/E ratio of -84.09 and a beta of 0.57. The stock has a fifty day simple moving average of $16.96. The company has a current ratio of 1.75, a quick ratio of 1.00 and a debt-to-equity ratio of 0.23. Mayville Engineering has a 12 month low of $6.49 and a 12 month high of $20.04.
In other news, CEO Robert D. Kamphuis purchased 10,000 shares of Mayville Engineering stock in a transaction dated Thursday, May 6th. The stock was bought at an average price of $16.32 per share, with a total value of $163,200.00. Following the completion of the acquisition, the chief executive officer now owns 311,742 shares in the company, valued at approximately $5,087,629.44. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 6.30% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in MEC. Bailard Inc. acquired a new position in shares of Mayville Engineering during the fourth quarter valued at $178,000. BlackRock Inc. raised its stake in shares of Mayville Engineering by 10.3% during the fourth quarter. BlackRock Inc. now owns 452,579 shares of the company’s stock valued at $6,075,000 after purchasing an additional 42,254 shares in the last quarter. Wells Fargo & Company MN raised its stake in shares of Mayville Engineering by 6.7% during the fourth quarter. Wells Fargo & Company MN now owns 1,710,399 shares of the company’s stock valued at $22,954,000 after purchasing an additional 106,871 shares in the last quarter. Panagora Asset Management Inc. raised its stake in shares of Mayville Engineering by 2,993.2% during the fourth quarter. Panagora Asset Management Inc. now owns 16,363 shares of the company’s stock valued at $220,000 after purchasing an additional 15,834 shares in the last quarter. Finally, Brandywine Global Investment Management LLC raised its stake in shares of Mayville Engineering by 17.9% during the fourth quarter. Brandywine Global Investment Management LLC now owns 15,902 shares of the company’s stock valued at $213,000 after purchasing an additional 2,410 shares in the last quarter. 36.41% of the stock is owned by institutional investors.
Mayville Engineering Company Profile
Mayville Engineering Company, Inc, together with its subsidiaries, operates as a contract manufacturer that serves the heavy and medium duty commercial vehicle, construction and access equipment, powersports, agriculture, military, and other end markets in the United States. The company provides a range of prototyping and tooling, production fabrication, coating, assembly and aftermarket components.
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