Citigroup Reaffirms Buy Rating for Mayville Engineering (NYSE:MEC)

Citigroup reiterated their buy rating on shares of Mayville Engineering (NYSE:MEC - Free Report) in a report released on Monday, MarketBeat.com reports. The firm currently has a $21.00 price target on the stock, up from their previous price target of $17.00.

Separately, DA Davidson initiated coverage on shares of Mayville Engineering in a research note on Tuesday, June 17th. They set a "buy" rating and a $23.00 price target on the stock.

Mayville Engineering Trading Down 2.4%

Shares of Mayville Engineering stock traded down $0.38 during mid-day trading on Monday, hitting $15.72. The stock had a trading volume of 100,833 shares, compared to its average volume of 114,697. The company has a quick ratio of 0.91, a current ratio of 1.67 and a debt-to-equity ratio of 0.31. The firm has a market cap of $321.65 million, a P/E ratio of 14.56 and a beta of 1.15. The firm has a 50-day moving average of $15.69 and a two-hundred day moving average of $14.81. Mayville Engineering has a 12-month low of $11.72 and a 12-month high of $23.02.

Mayville Engineering (NYSE:MEC - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The company reported $0.04 EPS for the quarter, beating the consensus estimate of $0.01 by $0.03. Mayville Engineering had a net margin of 4.09% and a return on equity of 9.30%. The company had revenue of $135.58 million during the quarter, compared to analysts' expectations of $134.52 million. During the same quarter last year, the company posted $0.22 EPS. Sell-side analysts forecast that Mayville Engineering will post 0.31 earnings per share for the current year.

Institutional Trading of Mayville Engineering

Several institutional investors and hedge funds have recently modified their holdings of MEC. Nokomis Capital L.L.C. lifted its holdings in shares of Mayville Engineering by 270.0% in the fourth quarter. Nokomis Capital L.L.C. now owns 449,792 shares of the company's stock valued at $7,071,000 after purchasing an additional 328,223 shares in the last quarter. Granahan Investment Management LLC lifted its holdings in shares of Mayville Engineering by 71.2% in the fourth quarter. Granahan Investment Management LLC now owns 578,967 shares of the company's stock valued at $9,101,000 after purchasing an additional 240,752 shares in the last quarter. CenterBook Partners LP purchased a new stake in shares of Mayville Engineering in the first quarter valued at about $1,324,000. Polar Asset Management Partners Inc. purchased a new stake in shares of Mayville Engineering in the fourth quarter valued at about $1,518,000. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Mayville Engineering by 13.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 704,659 shares of the company's stock valued at $11,077,000 after purchasing an additional 85,086 shares in 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.