Northland Capmk Upgrades Mayville Engineering (NYSE:MEC) to Strong-Buy

Key Points

• Mayville Engineering's stock rating was upgraded from "hold" to "strong-buy" by Northland Capital Markets, indicating increased confidence in the company's growth potential.
• Several other firms, including DA Davidson and Citigroup, have also given positive ratings and set target prices for Mayville Engineering's stock, ranging from $18.00 to $23.00.
• Insider trading activity shows CEO Jagadeesh A. Reddy purchased 7,500 shares, increasing their ownership stake, while a significant percentage of the stock (45.44%) is held by institutional investors.

Mayville Engineering (NYSE:MEC - Get Free Report) was upgraded by equities researchers at Northland Capmk from a "hold" rating to a "strong-buy" rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

A number of other equities analysts also recently commented on the stock. DA Davidson initiated coverage on shares of Mayville Engineering in a research note on Tuesday, June 17th. They issued a "buy" rating and a $23.00 price objective for the company. Citigroup reissued a "buy" rating and issued a $21.00 price objective (up previously from $17.00) on shares of Mayville Engineering in a research note on Monday, July 14th. Finally, Northland Securities raised shares of Mayville Engineering from a "market perform" rating to an "outperform" rating and set a $18.00 price objective for the company in a research note on Tuesday.

Mayville Engineering Trading Up 0.2%

NYSE MEC traded up $0.03 during trading on Tuesday, hitting $14.50. The stock had a trading volume of 78,926 shares, compared to its average volume of 166,853. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.86 and a current ratio of 1.63. The stock has a market capitalization of $294.64 million, a price-to-earnings ratio of 17.06 and a beta of 1.19. Mayville Engineering has a one year low of $11.72 and a one year high of $23.02. The stock has a 50 day simple moving average of $15.72 and a 200 day simple moving average of $14.79.

Insider Buying and Selling at Mayville Engineering

In related news, CEO Jagadeesh A. Reddy acquired 7,500 shares of the company's stock in a transaction dated Thursday, August 7th. The shares were purchased at an average cost of $14.06 per share, with a total value of $105,450.00. Following the completion of the acquisition, the chief executive officer directly owned 146,285 shares of the company's stock, valued at $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 the SEC website. Insiders have acquired 9,400 shares of company stock worth $131,942 over the last 90 days. 7.20% of the stock is owned by insiders.

Institutional Investors Weigh In On Mayville Engineering

A number of large investors have recently made changes to their positions in MEC. Wealth Enhancement Advisory Services LLC raised its position in shares of Mayville Engineering by 29.1% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 15,791 shares of the company's stock worth $212,000 after acquiring an additional 3,564 shares during the period. Janney Montgomery Scott LLC raised its position in shares of Mayville Engineering by 4.7% during the 1st quarter. Janney Montgomery Scott LLC now owns 36,309 shares of the company's stock worth $488,000 after purchasing an additional 1,646 shares during the last quarter. GAMMA Investing LLC raised its position in shares of Mayville Engineering by 9,690.3% during the 1st quarter. GAMMA Investing LLC now owns 3,035 shares of the company's stock worth $41,000 after purchasing an additional 3,004 shares during the last quarter. Jane Street Group LLC raised its position in shares of Mayville Engineering by 28.2% during the 4th quarter. Jane Street Group LLC now owns 18,248 shares of the company's stock worth $287,000 after purchasing an additional 4,013 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. acquired a new position in shares of Mayville Engineering during the 1st quarter worth about $152,000. 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.