Mayville Engineering (NYSE:MEC) Reaches New 52-Week High – Should You Buy?

Mayville Engineering Company, Inc. (NYSE:MEC) hit a new 52-week high on Friday . The stock traded as high as $37.02 and last traded at $36.96, with a volume of 1159812 shares. The stock had previously closed at $35.29.

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. Northland Securities set a $30.00 price objective on shares of Mayville Engineering in a research note on Thursday, May 7th. DA Davidson raised their target price on shares of Mayville Engineering from $23.00 to $32.00 and gave the stock a “buy” rating in a research note on Monday, May 11th. Zacks Research raised shares of Mayville Engineering from a “strong sell” rating to a “hold” rating in a report on Friday, March 6th. Citigroup boosted their price target on shares of Mayville Engineering from $25.00 to $33.00 and gave the stock a “buy” rating in a research note on Friday, May 8th. Finally, Weiss Ratings cut shares of Mayville Engineering from a “hold (c-)” rating to a “sell (d+)” rating in a report on Thursday, March 5th. Four research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $29.75.

Mayville Engineering Price Performance

The stock has a fifty day moving average of $28.03 and a two-hundred day moving average of $22.25. The stock has a market cap of $757.31 million, a price-to-earnings ratio of -46.20 and a beta of 1.29. The company has a quick ratio of 0.91, a current ratio of 1.64 and a debt-to-equity ratio of 0.91.

Mayville Engineering (NYSE:MEC) last released its earnings results on Tuesday, May 5th. The company reported ($0.15) EPS for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.13. Mayville Engineering had a negative return on equity of 5.77% and a negative net margin of 2.93%.The company had revenue of $144.78 million during the quarter, compared to the consensus estimate of $139.18 million. On average, equities research analysts anticipate that Mayville Engineering Company, Inc. will post -0.08 earnings per share for the current year.

Insider Buying and Selling

In other Mayville Engineering news, CEO Jagadeesh A. Reddy sold 15,688 shares of the company’s stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $35.05, for a total transaction of $549,864.40. Following the transaction, the chief executive officer directly owned 124,105 shares in the company, valued at approximately $4,349,880.25. This represents a 11.22% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Craig D. Nichols sold 4,000 shares of the company’s stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $23.24, for a total transaction of $92,960.00. Following the transaction, the senior vice president owned 146 shares in the company, valued at $3,393.04. The trade was a 96.48% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 80,726 shares of company stock valued at $2,311,768. Corporate insiders own 5.60% of the company’s stock.

Institutional Investors Weigh In On Mayville Engineering

Several institutional investors have recently modified their holdings of MEC. BNP Paribas Financial Markets increased its stake 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 purchasing an additional 1,435 shares in the last quarter. Clearstead Advisors LLC boosted its position in Mayville Engineering by 194.9% during the fourth quarter. Clearstead Advisors LLC now owns 2,094 shares of the company’s stock worth $39,000 after purchasing an additional 1,384 shares in the last quarter. State of Alaska Department of Revenue purchased a new stake in Mayville Engineering during the fourth quarter worth $73,000. Picton Mahoney Asset Management acquired a new stake in Mayville Engineering in the fourth quarter valued at $109,000. Finally, JPMorgan Chase & Co. grew its holdings in Mayville Engineering by 20.7% in the second quarter. JPMorgan Chase & Co. now owns 7,936 shares of the company’s stock valued at $127,000 after purchasing an additional 1,359 shares during the last quarter. Hedge funds and other institutional investors own 45.44% of the company’s stock.

Mayville Engineering Company Profile

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.