Mayville Engineering (NYSE:MEC) Stock Gets Price Target Trim from Citigroup

Mayville Engineering (NYSE:MEC) had its target price dropped by analysts at Citigroup from $38.00 to $27.00 in a note issued to investors on Thursday, Benzinga reports. The firm presently has a “buy” rating on the stock. Citigroup‘s price objective suggests a potential upside of 106.67% from the stock’s current price.

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

Mayville Engineering Trading Down 18.4%

NYSE:MEC traded down $2.95 on Thursday, reaching $13.06. The company’s stock had a trading volume of 968,231 shares, compared to its average volume of 414,277. Mayville Engineering has a 1-year low of $12.41 and a 1-year high of $38.76. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.96 and a current ratio of 1.70. The firm has a market cap of $333.13 million, a PE ratio of -18.93 and a beta of 1.51. The business’s 50-day moving average price is $16.53 and its two-hundred day moving average price is $22.56.

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

Hedge Funds Weigh In On Mayville Engineering

A number of large investors have recently added to or reduced their stakes in the company. CenterBook Partners LP raised its stake in shares of Mayville Engineering by 1,000.3% in the 3rd quarter. CenterBook Partners LP now owns 341,000 shares of the company’s stock valued at $5,115,000 after purchasing an additional 310,008 shares during the period. State of Wyoming bought a new stake in shares of Mayville Engineering in the third quarter valued at about $83,000. State of Alaska Department of Revenue lifted its holdings in shares of Mayville Engineering by 33.4% in the third quarter. State of Alaska Department of Revenue now owns 5,207 shares of the company’s stock valued at $77,000 after purchasing an additional 1,304 shares in the last quarter. Engineers Gate Manager LP acquired a new position in shares of Mayville Engineering during the second quarter worth about $213,000. Finally, Squarepoint Ops LLC boosted 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 worth $8,944,000 after buying an additional 128,197 shares during the period. Institutional investors own 45.44% of the company’s stock.

About Mayville Engineering

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.