Mayville Engineering (NYSE:MEC) Upgraded at Northland Securities

Mayville Engineering (NYSE:MEC) was upgraded by equities research analysts at Northland Securities from a “market perform” rating to an “outperform” rating in a research note issued on Thursday, MarketBeat Ratings reports. The brokerage presently has a $25.00 target price on the stock. Northland Securities’ price target suggests a potential upside of 30.28% from the stock’s previous close.

MEC has been the topic of a number of other research reports. Weiss Ratings reissued a “hold (c-)” rating on shares of Mayville Engineering in a research report on Thursday, January 22nd. Zacks Research downgraded Mayville Engineering from a “hold” rating to a “strong sell” rating in a research note on Wednesday, January 21st. Finally, Citigroup increased their price target on Mayville Engineering from $21.00 to $24.00 and gave the stock a “buy” rating in a report on Monday, January 12th. Four equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $24.00.

Mayville Engineering Trading Down 1.9%

Shares of MEC stock traded down $0.37 during trading hours on Thursday, hitting $19.19. 127,933 shares of the company were exchanged, compared to its average volume of 163,842. The company has a 50 day simple moving average of $19.83 and a two-hundred day simple moving average of $17.01. The firm has a market cap of $389.94 million, a P/E ratio of -47.97 and a beta of 1.08. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.04 and a current ratio of 1.82. Mayville Engineering has a fifty-two week low of $11.72 and a fifty-two week high of $22.36.

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

Insider Buying and Selling

In other news, Director Steven L. Fisher sold 10,000 shares of the stock in a transaction that occurred 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 sale, the director directly owned 30,482 shares of the company’s stock, valued at $582,511.02. This represents a 24.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 7.20% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. BNP Paribas Financial Markets raised its position in Mayville Engineering by 109.0% in the 3rd quarter. BNP Paribas Financial Markets now owns 2,751 shares of the company’s stock valued at $38,000 after buying an additional 1,435 shares during the last quarter. Clearstead Advisors LLC grew its stake in shares of Mayville Engineering by 194.9% in the 4th quarter. Clearstead Advisors LLC now owns 2,094 shares of the company’s stock worth $39,000 after acquiring an additional 1,384 shares in the last quarter. State of Alaska Department of Revenue purchased a new stake in shares of Mayville Engineering in the fourth quarter valued at about $73,000. Picton Mahoney Asset Management bought a new position in shares of Mayville Engineering during the fourth quarter valued at about $109,000. Finally, AlphaQuest LLC lifted its position in shares of Mayville Engineering by 26.2% during the third quarter. AlphaQuest LLC now owns 8,342 shares of the company’s stock valued at $115,000 after purchasing an additional 1,733 shares in the last quarter. 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.