Mayville Engineering Company, Inc. (NYSE:MEC) Receives Consensus Rating of "Buy" from Analysts

Key Points

• Mayville Engineering Company, Inc. (NYSE:MEC) has received a consensus rating of "Buy" from six research firms, with an average 12-month price target of $21.50.
• The stock has recently experienced a 17.8% increase in trading, reaching a price of $15.32 per share.
• CEO Jagadeesh A. Reddy purchased 7,500 shares of the company stock, signaling confidence as insiders overall own 7.20% of the company.

Mayville Engineering Company, Inc. (NYSE:MEC - Get Free Report) has been given an average rating of "Buy" by the six research firms that are presently covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $21.50.

Several equities analysts have weighed in on MEC shares. Northland Capmk raised Mayville Engineering from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, August 12th. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Mayville Engineering in a research report on Wednesday, October 8th. Craig Hallum set a $24.00 price objective on Mayville Engineering and gave the company a "buy" rating in a research note on Tuesday. Northland Securities upgraded Mayville Engineering from a "market perform" rating to an "outperform" rating and set a $18.00 price objective for the company in a research note on Tuesday, August 12th. Finally, Citigroup reiterated a "buy" rating and issued a $21.00 price objective (up previously from $17.00) on shares of Mayville Engineering in a research note on Monday, July 14th.

Mayville Engineering Trading Up 17.8%

NYSE MEC traded up $2.31 during trading on Tuesday, hitting $15.32. The stock had a trading volume of 563,144 shares, compared to its average volume of 117,046. The company has a market capitalization of $311.38 million, a PE ratio of 17.99 and a beta of 1.19. The company has a quick ratio of 0.86, a current ratio of 1.63 and a debt-to-equity ratio of 0.28. The firm has a 50 day moving average price of $14.01 and a 200 day moving average price of $14.56. Mayville Engineering has a twelve month low of $11.72 and a twelve month high of $23.02.

Insider Activity

In related news, CEO Jagadeesh A. Reddy acquired 7,500 shares of the firm's stock in a transaction dated Thursday, August 7th. The stock was acquired at an average price of $14.06 per share, for a total transaction of $105,450.00. Following the purchase, the chief executive officer owned 146,285 shares of the company's stock, valued at $2,056,767.10. This represents a 5.40% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last three months, insiders bought 9,400 shares of company stock valued at $131,942. Company insiders own 7.20% of the company's stock.

Hedge Funds Weigh In On Mayville Engineering

Several hedge funds and other institutional investors have recently made changes to their positions in MEC. Sheets Smith Wealth Management lifted its stake in Mayville Engineering by 1.8% during the second quarter. Sheets Smith Wealth Management now owns 38,585 shares of the company's stock worth $616,000 after purchasing an additional 680 shares during the last quarter. JPMorgan Chase & Co. lifted its stake 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 last quarter. Rhumbline Advisers lifted its stake in Mayville Engineering by 8.3% during the second quarter. Rhumbline Advisers now owns 19,969 shares of the company's stock worth $319,000 after purchasing an additional 1,526 shares during the last quarter. Janney Montgomery Scott LLC lifted its stake in Mayville Engineering by 4.7% during the first quarter. Janney Montgomery Scott LLC now owns 36,309 shares of the company's stock worth $488,000 after purchasing an additional 1,646 shares during the last quarter. Finally, Ancora Advisors LLC lifted its stake in Mayville Engineering by 0.6% during the first quarter. Ancora Advisors LLC now owns 309,580 shares of the company's stock worth $4,158,000 after purchasing an additional 1,791 shares during the last quarter. Hedge funds and other institutional investors own 45.44% of the company's stock.

About Mayville Engineering

Mayville Engineering Company, Inc, together with its subsidiaries, engages in the production, design, prototyping and tooling, fabrication, aluminum extrusion, coating, and assembling of aftermarket components in the United States. It also supplies engineered components to original equipment manufacturers.

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