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

Citigroup restated their buy rating on shares of Mayville Engineering (NYSE:MEC - Free Report) in a research note released on Monday morning, Marketbeat Ratings reports. Citigroup currently has a $21.00 price objective on the stock, up from their prior price objective of $17.00.

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

Mayville Engineering Stock Up 0.7%

MEC traded up $0.11 during trading on Monday, hitting $15.85. 77,059 shares of the company's stock were exchanged, compared to its average volume of 114,547. 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 business's 50 day moving average is $15.69 and its two-hundred day moving average is $14.81. Mayville Engineering has a fifty-two week low of $11.72 and a fifty-two week high of $23.02. The stock has a market cap of $324.19 million, a P/E ratio of 14.67 and a beta of 1.15.

Mayville Engineering (NYSE:MEC - Get Free Report) last posted its earnings results on Tuesday, May 6th. The company reported $0.04 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $135.58 million during the quarter, compared to analyst estimates of $134.52 million. During the same quarter in the prior year, the business posted $0.22 EPS. As a group, equities analysts expect that Mayville Engineering will post 0.31 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Mayville Engineering

Institutional investors have recently added to or reduced their stakes in the business. AlphaQuest LLC purchased a new stake in Mayville Engineering during the fourth quarter valued at about $38,000. GAMMA Investing LLC lifted its holdings in Mayville Engineering by 9,690.3% during the first quarter. GAMMA Investing LLC now owns 3,035 shares of the company's stock valued at $41,000 after purchasing an additional 3,004 shares during the last quarter. Aquatic Capital Management LLC purchased a new stake in shares of Mayville Engineering in the fourth quarter worth about $44,000. Oppenheimer Asset Management Inc. purchased a new stake in shares of Mayville Engineering in the first quarter worth about $152,000. Finally, CHICAGO TRUST Co NA purchased a new stake in shares of Mayville Engineering in the second quarter worth about $165,000. 45.44% of the stock is owned by hedge funds and other institutional investors.

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.