Mayville Engineering (NYSE:MEC) Earns Buy Rating from Analysts at DA Davidson

Stock analysts at DA Davidson initiated coverage on shares of Mayville Engineering (NYSE:MEC - Get Free Report) in a research report issued on Tuesday, MarketBeat.com reports. The brokerage set a "buy" rating and a $23.00 price target on the stock. DA Davidson's price target suggests a potential upside of 43.49% from the company's current price.

Separately, Citigroup cut their price objective on shares of Mayville Engineering from $18.00 to $16.00 and set a "buy" rating for the company in a report on Monday, April 14th.

Mayville Engineering Price Performance

Shares of MEC traded up $0.11 during trading hours on Tuesday, reaching $16.03. 157,733 shares of the stock traded hands, compared to its average volume of 115,756. The company has a market cap of $327.95 million, a P/E ratio of 14.84 and a beta of 1.18. The company has a current ratio of 1.67, a quick ratio of 0.91 and a debt-to-equity ratio of 0.31. The company's 50-day moving average price is $14.29 and its two-hundred day moving average price is $14.85. Mayville Engineering has a 52-week low of $11.72 and a 52-week high of $23.02.

Mayville Engineering (NYSE:MEC - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The company reported $0.04 EPS for the quarter, beating the consensus estimate of $0.01 by $0.03. The business had revenue of $135.58 million for the quarter, compared to the consensus estimate of $134.52 million. Mayville Engineering had a return on equity of 9.30% and a net margin of 4.09%. During the same period in the previous year, the business earned $0.22 earnings per share. On average, analysts anticipate that Mayville Engineering will post 0.31 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Strs Ohio bought a new stake in shares of Mayville Engineering in the first quarter worth about $450,000. Jane Street Group LLC grew its holdings in Mayville Engineering by 158.6% during the 1st quarter. Jane Street Group LLC now owns 47,194 shares of the company's stock valued at $634,000 after buying an additional 28,946 shares in the last quarter. Empowered Funds LLC grew its holdings in Mayville Engineering by 7.3% during the 1st quarter. Empowered Funds LLC now owns 98,207 shares of the company's stock valued at $1,319,000 after buying an additional 6,694 shares in the last quarter. Polar Asset Management Partners Inc. increased its stake in Mayville Engineering by 35.7% in the 1st quarter. Polar Asset Management Partners Inc. now owns 131,053 shares of the company's stock worth $1,760,000 after acquiring an additional 34,500 shares during the last quarter. Finally, Bridgeway Capital Management LLC raised its holdings in shares of Mayville Engineering by 3.8% during the 1st quarter. Bridgeway Capital Management LLC now owns 212,875 shares of the company's stock worth $2,859,000 after acquiring an additional 7,794 shares in the last quarter. Institutional investors own 45.44% of the company's stock.

Mayville Engineering Company Profile

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.