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

Key Points

• Mayville Engineering currently has a consensus analyst rating of “Moderate Buy”, with four buy ratings, one hold, and one sell. The average 1-year price target is $27.50.
• The stock has been moving higher, opening at $27.08 and trading near its 52-week high of $27.20. Citigroup recently raised its price target to $33, while other firms issued mixed updates.
• The company beat quarterly expectations, reporting EPS of -$0.15 versus the expected -$0.28 and revenue of $144.78 million versus estimates of $139.18 million. An insider also sold shares recently, while institutional investors continued adding to positions.

Shares of Mayville Engineering Company, Inc. (NYSE:MEC - Get Free Report) have been assigned an average recommendation of "Moderate Buy" from the six brokerages that are currently covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and four have given a buy recommendation to the company. The average 1 year price target among analysts that have covered the stock in the last year is $27.50.

Several research analysts have commented on MEC shares. Citigroup lifted their price objective on shares of Mayville Engineering from $25.00 to $33.00 and gave the stock a "buy" rating in a research note on Friday. Weiss Ratings lowered shares of Mayville Engineering from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Thursday, March 5th. Zacks Research raised shares of Mayville Engineering from a "strong sell" rating to a "hold" rating in a research note on Friday, March 6th. Northland Securities set a $30.00 price objective on shares of Mayville Engineering in a research note on Thursday. Finally, DA Davidson lifted their price objective on shares of Mayville Engineering from $21.00 to $23.00 and gave the stock a "buy" rating in a research note on Monday, March 9th.

Insider Buying and Selling

In related news, insider Sean P. Leuba sold 6,698 shares of the firm's stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $18.81, for a total value of $125,989.38. Following the transaction, the insider owned 11,841 shares of the company's stock, valued at $222,729.21. This trade represents a 36.13% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 5.60% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP increased its stake in Mayville Engineering by 5.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 926,216 shares of the company's stock worth $16,625,000 after buying an additional 49,041 shares during the period. Roubaix Capital LLC increased its stake in Mayville Engineering by 44.0% in the 1st quarter. Roubaix Capital LLC now owns 210,657 shares of the company's stock worth $3,781,000 after buying an additional 64,360 shares during the period. North Star Investment Management Corp. purchased a new stake in Mayville Engineering in the first quarter worth about $538,000. Invesco Ltd. lifted its stake in Mayville Engineering by 6.4% in the fourth quarter. Invesco Ltd. now owns 27,870 shares of the company's stock worth $522,000 after acquiring an additional 1,679 shares during the period. Finally, XTX Topco Ltd purchased a new stake in Mayville Engineering in the fourth quarter worth about $399,000. Hedge funds and other institutional investors own 45.44% of the company's stock.

Mayville Engineering Trading Up 4.2%

Shares of MEC opened at $27.08 on Friday. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.64 and a quick ratio of 0.92. Mayville Engineering has a 1 year low of $12.10 and a 1 year high of $27.20. The company has a 50 day simple moving average of $19.68 and a two-hundred day simple moving average of $18.74. The firm has a market cap of $554.79 million, a P/E ratio of -33.84 and a beta of 1.24.

Mayville Engineering (NYSE:MEC - Get Free Report) last announced its quarterly earnings results on Tuesday, May 5th. The company reported ($0.15) earnings per share for the quarter, topping the consensus estimate of ($0.28) by $0.13. Mayville Engineering had a negative net margin of 2.93% and a negative return on equity of 5.77%. The company had revenue of $144.78 million for the quarter, compared to analysts' expectations of $139.18 million. On average, equities analysts expect that Mayville Engineering will post -0.28 earnings per share for the current fiscal year.

Mayville Engineering Company Profile

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.

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