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

Key Points

• Mayville Engineering (NYSE:MEC) hit a new 52-week high, trading as high as $37.02 after closing at $35.29 the prior session, as the stock rose about 4.7% on the day.
• Recent analyst action has been mostly positive, with Citigroup and DA Davidson both raising price targets and reiterating Buy ratings. Overall, MarketBeat shows a Moderate Buy consensus and an average target price of $29.75.
• The company reported better-than-expected quarterly results, posting a smaller loss than analysts expected and revenue above consensus. However, insiders have also been selling shares recently, including large sales by the SVP and EVP.

Shares of Mayville Engineering Company, Inc. (NYSE:MEC - Get Free Report) hit a new 52-week high during trading on Friday . The company traded as high as $37.02 and last traded at $36.96, with a volume of 1159812 shares trading hands. The stock had previously closed at $35.29.

Analyst Ratings Changes

Several research firms recently commented on MEC. Citigroup boosted their price target on Mayville Engineering from $25.00 to $33.00 and gave the stock a "buy" rating in a research report on Friday, May 8th. DA Davidson boosted their target price 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 lowered 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 report on Friday, March 6th. Finally, Northland Securities set a $30.00 price target on shares of Mayville Engineering in a research note on Thursday, May 7th. Four research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, Mayville Engineering has an average rating of "Moderate Buy" and an average target price of $29.75.

Mayville Engineering Trading Up 4.7%

The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.91 and a current ratio of 1.64. The business has a fifty day simple moving average of $27.70 and a 200 day simple moving average of $22.15. The company has a market cap of $757.46 million, a P/E ratio of -46.20 and a beta of 1.29.

Mayville Engineering (NYSE:MEC - Get Free Report) last issued its quarterly earnings results on Tuesday, May 5th. The company reported ($0.15) earnings per share for the quarter, beating analysts' consensus estimates of ($0.28) by $0.13. Mayville Engineering had a negative return on equity of 5.77% and a negative net margin of 2.93%.The business had revenue of $144.78 million during the quarter, compared to the consensus estimate of $139.18 million. Analysts anticipate that Mayville Engineering Company, Inc. will post -0.08 earnings per share for the current fiscal year.

Insider Transactions at Mayville Engineering

In other news, SVP Craig D. Nichols sold 4,000 shares of Mayville Engineering stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $23.24, for a total value of $92,960.00. Following the completion of the transaction, the senior vice president directly owned 146 shares of the company's stock, valued at approximately $3,393.04. The trade was a 96.48% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Ryan F. Raber sold 20,000 shares of the stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $26.00, for a total value of $520,000.00. Following the sale, the executive vice president owned 86,970 shares in the company, valued at $2,261,220. The trade was a 18.70% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 80,726 shares of company stock worth $2,311,768. 5.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Mayville Engineering

Several hedge funds and other institutional investors have recently modified their holdings of MEC. Empowered Funds LLC increased its holdings in shares of Mayville Engineering by 7.3% in the 1st quarter. Empowered Funds LLC now owns 98,207 shares of the company's stock worth $1,319,000 after acquiring an additional 6,694 shares during the period. Jane Street Group LLC grew its position in Mayville Engineering by 158.6% in the 1st quarter. Jane Street Group LLC now owns 47,194 shares of the company's stock worth $634,000 after purchasing an additional 28,946 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Mayville Engineering by 9.5% in the second quarter. Geode Capital Management LLC now owns 318,321 shares of the company's stock valued at $5,081,000 after purchasing an additional 27,552 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Mayville Engineering by 20.7% in the second quarter. JPMorgan Chase & Co. now owns 7,936 shares of the company's stock valued at $127,000 after purchasing an additional 1,359 shares during the period. Finally, Rhumbline Advisers raised its holdings in shares of Mayville Engineering by 8.3% during the second quarter. Rhumbline Advisers now owns 19,969 shares of the company's stock valued at $319,000 after buying an additional 1,526 shares during the last quarter. Institutional investors and hedge funds 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.

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