Mayville Engineering (NYSE:MEC) Hits New 12-Month High - Here's What Happened

Key Points

• Mayville Engineering shares hit a new 52-week high, reaching as much as $34.70 intraday before settling near $33.38, reflecting strong recent momentum in the stock.
• Analyst sentiment has improved, with Citigroup and DA Davidson both raising price targets and assigning buy ratings; the consensus view is now Moderate Buy with an average target of $29.75.
• The company recently beat quarterly expectations, reporting a smaller-than-expected loss and higher revenue, even as insiders sold shares and the stock still trades below key near-term moving averages.

Mayville Engineering Company, Inc. (NYSE:MEC - Get Free Report) shares reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $34.70 and last traded at $33.3750, with a volume of 1075 shares changing hands. The stock had previously closed at $33.25.

Analyst Ratings Changes

A number of research firms have recently weighed in on MEC. Citigroup lifted their target price on Mayville Engineering from $25.00 to $33.00 and gave the stock a "buy" rating in a report on Friday, May 8th. DA Davidson raised their price target on shares of Mayville Engineering from $23.00 to $32.00 and gave the stock a "buy" rating in a research report on Monday, May 11th. Weiss Ratings cut 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 report on Friday, March 6th. Finally, Northland Securities set a $30.00 target price on shares of Mayville Engineering in a research report on Thursday, May 7th. Four equities research 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. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $29.75.

Mayville Engineering Stock Down 0.8%

The company has a market cap of $675.89 million, a P/E ratio of -41.52 and a beta of 1.29. The stock has a 50-day moving average of $23.27 and a 200 day moving average of $20.32. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.64 and a quick ratio of 0.91.

Mayville Engineering (NYSE:MEC - Get Free Report) last announced its quarterly earnings data on Tuesday, May 5th. The company reported ($0.15) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.28) by $0.13. The firm had revenue of $144.78 million for the quarter, compared to the consensus estimate of $139.18 million. Mayville Engineering had a negative net margin of 2.93% and a negative return on equity of 5.77%. Research analysts anticipate that Mayville Engineering Company, Inc. will post -0.14 earnings per share for the current year.

Insider Activity at Mayville Engineering

In other Mayville Engineering news, SVP Craig D. Nichols sold 4,000 shares of the business's stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $23.24, for a total transaction of $92,960.00. Following the completion of the transaction, the senior vice president directly owned 146 shares in the company, valued at $3,393.04. The trade was a 96.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Ryan F. Raber sold 20,000 shares of Mayville Engineering stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $26.00, for a total value of $520,000.00. Following the completion of the transaction, the executive vice president owned 86,970 shares in the company, valued at approximately $2,261,220. The trade was a 18.70% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 63,738 shares of company stock valued at $1,716,390 over the last three months. 5.60% of the stock is owned by insiders.

Institutional Investors Weigh In On Mayville Engineering

A number of hedge funds have recently made changes to their positions in MEC. 22NW LP grew its stake in shares of Mayville Engineering by 157.2% during the third quarter. 22NW LP now owns 399,890 shares of the company's stock worth $5,502,000 after buying an additional 244,440 shares during the last quarter. Roubaix Capital LLC lifted its stake in shares of Mayville Engineering by 110.3% in the 3rd quarter. Roubaix Capital LLC now owns 212,688 shares of the company's stock valued at $2,927,000 after acquiring an additional 111,550 shares during the last quarter. Royce & Associates LP lifted its stake in shares of Mayville Engineering by 10.2% in the 4th quarter. Royce & Associates LP now owns 624,307 shares of the company's stock valued at $11,687,000 after acquiring an additional 57,590 shares during the last quarter. UBS Group AG boosted its holdings in shares of Mayville Engineering by 38.6% during the 4th quarter. UBS Group AG now owns 146,552 shares of the company's stock valued at $2,743,000 after acquiring an additional 40,798 shares in the last quarter. Finally, CenterBook Partners LP grew its position in Mayville Engineering by 86.8% during the 3rd quarter. CenterBook Partners LP now owns 177,659 shares of the company's stock worth $2,445,000 after acquiring an additional 82,573 shares during the last quarter. 45.44% of the stock is currently owned by institutional investors and hedge funds.

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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