Brokerages Set Mayville Engineering Company, Inc. (NYSE:MEC) Price Target at $24.25

Shares of Mayville Engineering Company, Inc. (NYSE:MEC) have earned a consensus recommendation of “Moderate Buy” from the six analysts that are covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, one has given a hold recommendation and four have issued a buy recommendation on the company. The average 12-month price target among analysts that have covered the stock in the last year is $24.25.

Several equities analysts have commented on the company. DA Davidson upped their price target on Mayville Engineering from $21.00 to $23.00 and gave the company a “buy” rating in a report on Monday, March 9th. Zacks Research raised Mayville Engineering from a “strong sell” rating to a “hold” rating in a report on Friday, March 6th. Weiss Ratings lowered Mayville Engineering from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Thursday, March 5th. Northland Securities raised Mayville Engineering from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $20.00 to $25.00 in a research report on Thursday, March 5th. Finally, Citigroup lifted their price target on shares of Mayville Engineering from $24.00 to $25.00 and gave the stock a “buy” rating in a research note on Thursday, March 5th.

Insider Activity at Mayville Engineering

In other news, insider Sean P. Leuba sold 6,698 shares of Mayville Engineering stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $18.81, for a total transaction of $125,989.38. Following the sale, the insider directly owned 11,841 shares in the company, valued at approximately $222,729.21. The trade was a 36.13% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 5.60% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BNP Paribas Financial Markets boosted its holdings in Mayville Engineering by 109.0% during the third quarter. BNP Paribas Financial Markets now owns 2,751 shares of the company’s stock valued at $38,000 after purchasing an additional 1,435 shares in the last quarter. Clearstead Advisors LLC raised its holdings 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 buying an additional 1,384 shares in the last quarter. State of Alaska Department of Revenue bought a new position in shares of Mayville Engineering during the 4th quarter worth approximately $73,000. Picton Mahoney Asset Management bought a new position in shares of Mayville Engineering during the 4th quarter worth approximately $109,000. Finally, AlphaQuest LLC boosted its stake in Mayville Engineering by 26.2% in the 3rd quarter. AlphaQuest LLC now owns 8,342 shares of the company’s stock valued at $115,000 after buying an additional 1,733 shares in the last quarter. Institutional investors own 45.44% of the company’s stock.

Mayville Engineering Stock Performance

NYSE MEC opened at $18.01 on Friday. The company’s fifty day moving average is $19.52 and its two-hundred day moving average is $17.36. Mayville Engineering has a 52-week low of $11.72 and a 52-week high of $22.36. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.72 and a quick ratio of 0.92. The firm has a market capitalization of $365.95 million, a price-to-earnings ratio of -45.03 and a beta of 1.08.

Mayville Engineering (NYSE:MEC) last announced its quarterly earnings data on Tuesday, March 3rd. The company reported ($0.08) EPS for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.08. Mayville Engineering had a negative net margin of 1.48% and a negative return on equity of 2.33%. The business had revenue of $134.27 million during the quarter, compared to analyst estimates of $132.51 million. Equities research analysts forecast that Mayville Engineering will post 0.31 EPS for the current 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.