Citigroup Issues Positive Forecast for Mayville Engineering (NYSE:MEC) Stock Price

Key Points

• Citigroup raised its price target on Mayville Engineering to $33 from $25 and kept a buy rating, implying about 22.8% upside from the prior close.
• The stock traded up 3.4% to $26.88, near its 52-week high of $27.12, after recently posting stronger-than-expected quarterly results.
• Mayville Engineering beat earnings and revenue estimates in its latest quarter, reporting EPS of -$0.15 versus the expected -$0.28 and revenue of $144.78 million versus $139.18 million expected.

Mayville Engineering (NYSE:MEC - Get Free Report) had its price objective boosted by equities research analysts at Citigroup from $25.00 to $33.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Citigroup's target price points to a potential upside of 22.79% from the stock's previous close.

Several other analysts also recently issued reports on MEC. Zacks Research raised Mayville Engineering from a "strong sell" rating to a "hold" rating in a research note on Friday, March 6th. DA Davidson raised their price objective on Mayville Engineering from $21.00 to $23.00 and gave the company a "buy" rating in a report on Monday, March 9th. Weiss Ratings cut Mayville Engineering from a "hold (c-)" rating to a "sell (d+)" rating in a report on Thursday, March 5th. Finally, Northland Securities set a $30.00 price objective on Mayville Engineering in a report on Thursday. Four investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $27.50.

Mayville Engineering Stock Up 3.4%

Shares of MEC traded up $0.89 during midday trading on Friday, hitting $26.88. The stock had a trading volume of 237,849 shares, compared to its average volume of 164,510. The company has a 50 day simple moving average of $19.68 and a two-hundred day simple moving average of $18.74. Mayville Engineering has a twelve month low of $12.10 and a twelve month high of $27.12. The firm has a market cap of $546.07 million, a price-to-earnings ratio of -33.38 and a beta of 1.24. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.72 and a quick ratio of 0.92.

Mayville Engineering (NYSE:MEC - Get Free Report) last released its quarterly earnings results on Tuesday, May 5th. The company reported ($0.15) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.28) by $0.13. Mayville Engineering had a negative return on equity of 5.70% and a negative net margin of 2.93%.The firm had revenue of $144.78 million for the quarter, compared to the consensus estimate of $139.18 million. On average, analysts anticipate that Mayville Engineering will post -0.28 EPS for the current year.

Insider Buying and Selling at Mayville Engineering

In related news, insider Sean P. Leuba sold 6,698 shares of Mayville Engineering stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $18.81, for a total transaction of $125,989.38. Following the completion of the transaction, the insider owned 11,841 shares in the company, valued at approximately $222,729.21. This trade represents a 36.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 5.60% of the stock is owned by insiders.

Hedge Funds Weigh In On Mayville Engineering

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Raymond James Financial Inc. grew its holdings in Mayville Engineering by 3.0% during the third quarter. Raymond James Financial Inc. now owns 25,187 shares of the company's stock worth $347,000 after purchasing an additional 740 shares during the period. Wealth Enhancement Advisory Services LLC grew its holdings in Mayville Engineering by 6.2% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 13,792 shares of the company's stock worth $245,000 after purchasing an additional 800 shares during the period. JPMorgan Chase & Co. grew its holdings in Mayville Engineering by 20.7% during the second quarter. JPMorgan Chase & Co. now owns 7,936 shares of the company's stock worth $127,000 after purchasing an additional 1,359 shares during the period. Clearstead Advisors LLC grew its holdings 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 during the period. Finally, BNP Paribas Financial Markets grew 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 worth $38,000 after purchasing an additional 1,435 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 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.