Mayville Engineering Company, Inc. (NYSE:MEC) Receives Average Rating of "Moderate Buy" from Brokerages

Key Points

• Analysts maintain a “Moderate Buy” consensus on Mayville Engineering, with four buys, one hold and one sell among six brokerages. The average 12-month price target is $35.75, including recent targets ranging from $36 to $43.
• MEC’s latest quarterly results exceeded expectations, reporting EPS of $0.07 versus the $0.05 loss analysts expected and revenue of $162.98 million versus a $150.59 million estimate. However, the company continues to post negative net margins and return on equity.
• The stock opened at $16.32, well below its 50-day and 200-day moving averages, while institutional investors own 45.44% of shares. A senior vice president also sold 12,855 shares at an average price of $25.44.

Mayville Engineering Company, Inc. (NYSE:MEC - Get Free Report) has received an average recommendation of "Moderate Buy" from the six brokerages that are currently covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and four have given a buy recommendation to the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $35.75.

A number of equities research analysts have recently issued reports on the company. Northland Securities set a $40.00 price objective on Mayville Engineering in a research note on Thursday, August 6th. Weiss Ratings restated a "sell (d+)" rating on shares of Mayville Engineering in a research report on Friday, July 10th. DA Davidson boosted their target price on shares of Mayville Engineering from $32.00 to $36.00 and gave the company a "buy" rating in a research report on Wednesday, July 22nd. Finally, Citigroup increased their price target on Mayville Engineering from $33.00 to $43.00 and gave the stock a "buy" rating in a research report on Monday, July 13th.

Mayville Engineering Stock Down 0.7%

Mayville Engineering stock opened at $16.32 on Tuesday. The company's 50 day simple moving average is $20.59 and its 200 day simple moving average is $24.71. The firm has a market capitalization of $416.16 million, a price-to-earnings ratio of -19.43 and a beta of 1.44. Mayville Engineering has a fifty-two week low of $12.25 and a fifty-two week high of $38.76. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.70 and a quick ratio of 0.96.

Mayville Engineering (NYSE:MEC - Get Free Report) last issued its quarterly earnings data on Tuesday, August 4th. The company reported $0.07 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.12. The business had revenue of $162.98 million during the quarter, compared to analyst estimates of $150.59 million. Mayville Engineering had a negative return on equity of 6.63% and a negative net margin of 2.95%. As a group, sell-side analysts anticipate that Mayville Engineering will post -0.22 EPS for the current year.

Insider Activity

In other news, SVP Sean Leuba sold 12,855 shares of the business's stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $25.44, for a total transaction of $327,031.20. Following the sale, the senior vice president directly owned 6,633 shares in the company, valued at approximately $168,743.52. The trade was a 65.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 5.60% of the company's stock.

Hedge Funds Weigh In On Mayville Engineering

Large investors have recently modified their holdings of the business. Engineers Gate Manager LP bought a new position in Mayville Engineering during the second quarter worth $213,000. Squarepoint Ops LLC lifted its stake in shares of Mayville Engineering by 115.9% in the 2nd quarter. Squarepoint Ops LLC now owns 238,766 shares of the company's stock valued at $8,944,000 after purchasing an additional 128,197 shares during the period. Parkside Financial Bank & Trust lifted its stake in shares of Mayville Engineering by 4,657.1% in the 2nd quarter. Parkside Financial Bank & Trust now owns 1,665 shares of the company's stock valued at $62,000 after purchasing an additional 1,630 shares during the period. Wellington Management Group LLP bought a new stake in shares of Mayville Engineering during the 2nd quarter valued at about $17,890,000. Finally, Empowered Funds LLC bought a new stake in shares of Mayville Engineering during the 2nd quarter valued at about $4,367,000. Institutional investors own 45.44% of the company's stock.

Mayville Engineering Company Profile

Mayville Engineering Company, Inc NYSE: MEC is a manufacturing services provider headquartered in Mayville, Wisconsin. The company develops and produces engineered metal components, assemblies and related products for original equipment manufacturers (OEMs).

MEC offers a range of vertically integrated services, including product and process engineering, tooling and fixture design, metal stamping, fabrication, machining, tube bending, robotic and manual welding, powder coating, and final assembly.

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