Mayville Engineering (NYSE:MEC) Receives "Hold (C-)" Rating from Weiss Ratings

Key Points

• Mayville Engineering's stock received a "Hold (C-)" rating from Weiss Ratings, while other brokers have rated it positively, with a consensus "Buy" rating and a target price of $20.67.
• The stock opened at $13.13 and has shown a 1-year price range between $11.72 and $23.02, with a market cap of $266.80 million.
• Insider trading activity includes CEO Jagadeesh A. Reddy purchasing 7,500 shares, increasing his ownership by 5.40%, amidst significant institutional investor interest, where hedge funds now own 45.44% of the company.

Mayville Engineering (NYSE:MEC - Get Free Report)'s stock had its "hold (c-)" rating reaffirmed by equities research analysts at Weiss Ratings in a research report issued on Wednesday,Weiss Ratings reports.

A number of other brokerages have also commented on MEC. Citigroup reaffirmed a "buy" rating and issued a $21.00 target price (up from $17.00) on shares of Mayville Engineering in a research report on Monday, July 14th. DA Davidson assumed coverage on Mayville Engineering in a research report on Tuesday, June 17th. They issued a "buy" rating and a $23.00 target price for the company. Northland Capmk raised Mayville Engineering from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, August 12th. Finally, Northland Securities raised Mayville Engineering from a "market perform" rating to an "outperform" rating and set a $18.00 target price for the company in a research report on Tuesday, August 12th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Mayville Engineering currently has a consensus rating of "Buy" and a consensus price target of $20.67.

Mayville Engineering Stock Performance

MEC stock opened at $13.13 on Wednesday. Mayville Engineering has a 1-year low of $11.72 and a 1-year high of $23.02. The firm has a market cap of $266.80 million, a PE ratio of 15.45 and a beta of 1.19. The stock has a 50-day moving average price of $14.38 and a 200-day moving average price of $14.57. The company has a current ratio of 1.63, a quick ratio of 0.86 and a debt-to-equity ratio of 0.28.

Insider Buying and Selling at Mayville Engineering

In other Mayville Engineering news, CEO Jagadeesh A. Reddy bought 7,500 shares of the business's stock in a transaction dated Thursday, August 7th. The shares were purchased at an average price of $14.06 per share, for a total transaction of $105,450.00. Following the purchase, the chief executive officer directly owned 146,285 shares of the company's stock, valued at approximately $2,056,767.10. This represents a 5.40% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last quarter, insiders purchased 9,400 shares of company stock valued at $131,942. 7.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Mayville Engineering

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Bridgeway Capital Management LLC boosted its stake in shares of Mayville Engineering by 4.6% in the 2nd quarter. Bridgeway Capital Management LLC now owns 222,654 shares of the company's stock worth $3,554,000 after buying an additional 9,779 shares during the last quarter. Ameriprise Financial Inc. boosted its stake in shares of Mayville Engineering by 8.1% in the 2nd quarter. Ameriprise Financial Inc. now owns 39,647 shares of the company's stock worth $633,000 after buying an additional 2,958 shares during the last quarter. Raymond James Financial Inc. boosted its stake in shares of Mayville Engineering by 58.5% in the 2nd quarter. Raymond James Financial Inc. now owns 24,447 shares of the company's stock worth $390,000 after buying an additional 9,026 shares during the last quarter. Sei Investments Co. boosted its stake in shares of Mayville Engineering by 5.2% in the 2nd quarter. Sei Investments Co. now owns 51,490 shares of the company's stock worth $822,000 after buying an additional 2,553 shares during the last quarter. Finally, 22NW LP purchased a new position in shares of Mayville Engineering in the 2nd quarter worth approximately $2,481,000. Hedge funds and other 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.

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