Mayville Engineering (NYSE:MEC) Given New $19.00 Price Target at DA Davidson

Key Points

• DA Davidson cut its price target on Mayville Engineering from $36 to $19 but maintained a Buy rating; the new target implies 31.85% upside from the prior close.
• Analyst views are mixed: three rate the stock Buy, one Hold and one Sell. MarketBeat reports a consensus Hold rating and an average price target of $28.67.
• Mayville Engineering beat quarterly estimates, reporting EPS of $0.15 versus $0.12 expected and revenue of $170.36 million versus $165.07 million expected.

Mayville Engineering (NYSE:MEC - Get Free Report) had its price objective decreased by DA Davidson from $36.00 to $19.00 in a note issued to investors on Monday, Benzinga reports. The brokerage currently has a "buy" rating on the stock. DA Davidson's price target suggests a potential upside of 31.85% from the company's previous close.

Several other brokerages also recently issued reports on MEC. Weiss Ratings restated a "sell (d+)" rating on shares of Mayville Engineering in a report on Tuesday, October 6th. Northland Securities set a $40.00 price objective on Mayville Engineering in a report on Thursday, August 6th. Finally, Citigroup decreased their price objective on Mayville Engineering from $38.00 to $27.00 and set a "buy" rating for the company in a research report on Thursday. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, Mayville Engineering currently has a consensus rating of "Hold" and a consensus target price of $28.67.

Mayville Engineering Trading Up 9.8%

Shares of MEC stock traded up $1.29 on Monday, reaching $14.41. The company had a trading volume of 268,037 shares, compared to its average volume of 414,973. The company has a current ratio of 1.74, a quick ratio of 0.96 and a debt-to-equity ratio of 0.40. The stock has a market cap of $367.45 million, a PE ratio of -20.79 and a beta of 1.51. The company has a 50-day moving average of $16.23 and a 200-day moving average of $22.51. Mayville Engineering has a 12 month low of $12.41 and a 12 month high of $38.76.

Mayville Engineering (NYSE:MEC - Get Free Report) last announced its quarterly earnings results on Tuesday, November 3rd. The company reported $0.15 earnings per share for the quarter, topping analysts' consensus estimates of $0.12 by $0.03. Mayville Engineering had a negative net margin of 2.32% and a negative return on equity of 5.05%. The company had revenue of $170.36 million for the quarter, compared to analysts' expectations of $165.07 million. On average, equities analysts forecast that Mayville Engineering will post -0.22 earnings per share for the current year.

Hedge Funds Weigh In On Mayville Engineering

A number of large investors have recently bought and sold shares of MEC. Legal & General Group Plc acquired a new position in shares of Mayville Engineering during the 2nd quarter worth approximately $53,000. Parkside Financial Bank & Trust raised its stake in shares of Mayville Engineering by 4,657.1% during the 2nd quarter. Parkside Financial Bank & Trust now owns 1,665 shares of the company's stock worth $62,000 after purchasing an additional 1,630 shares in the last quarter. Persistent Asset Partners Ltd bought a new stake in shares of Mayville Engineering during the 2nd quarter worth approximately $80,000. State of Alaska Department of Revenue boosted its holdings in shares of Mayville Engineering by 33.4% in the 3rd quarter. State of Alaska Department of Revenue now owns 5,207 shares of the company's stock valued at $77,000 after buying an additional 1,304 shares during the last quarter. Finally, State of Wyoming acquired a new stake in shares of Mayville Engineering in the 3rd quarter valued at approximately $83,000. Institutional investors and hedge funds own 45.44% of the company's stock.

Mayville Engineering Company Profile

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.

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