Mayville Engineering (NYSE:MEC) Upgraded by Northland Securities to Outperform Rating

Key Points

• Mayville Engineering has been upgraded by Northland Securities from a "market perform" rating to an "outperform" rating, with a price target of $18.00, suggesting a potential upside of 32.98% from its previous close.
• CEO Jagadeesh A. Reddy purchased 7,500 shares of Mayville Engineering stock at an average price of $14.06, increasing his ownership to approximately $2.06 million.
• Institutional investors have significantly increased their stakes in Mayville Engineering, with LPL Financial boosting its holdings by 58.7% in the last quarter.

Northland Securities upgraded shares of Mayville Engineering (NYSE:MEC - Free Report) from a market perform rating to an outperform rating in a research report report published on Tuesday morning, Marketbeat reports. The brokerage currently has $18.00 target price on the stock.

Several other equities analysts also recently commented on MEC. DA Davidson started coverage on Mayville Engineering in a research report on Tuesday, June 17th. They issued a "buy" rating and a $23.00 price objective on the stock. Citigroup reiterated a "buy" rating and issued a $21.00 price target (up previously from $17.00) on shares of Mayville Engineering in a report on Monday, July 14th.

Mayville Engineering Stock Up 0.2%

Shares of Mayville Engineering stock traded up $0.03 on Tuesday, reaching $14.50. The company's stock had a trading volume of 78,926 shares, compared to its average volume of 166,853. The company has a quick ratio of 0.86, a current ratio of 1.63 and a debt-to-equity ratio of 0.28. Mayville Engineering has a 52 week low of $11.72 and a 52 week high of $23.02. The company has a market capitalization of $294.64 million, a price-to-earnings ratio of 17.06 and a beta of 1.19. The firm's fifty day simple moving average is $15.72 and its two-hundred day simple moving average is $14.79.

Insider Transactions at Mayville Engineering

In related news, CEO Jagadeesh A. Reddy acquired 7,500 shares of Mayville Engineering stock in a transaction on Thursday, August 7th. The stock was acquired at an average price of $14.06 per share, for a total transaction of $105,450.00. Following the purchase, the chief executive officer owned 146,285 shares of the company's stock, valued at approximately $2,056,767.10. This represents a 5.40% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In the last ninety days, insiders acquired 9,400 shares of company stock valued at $131,942. Company insiders own 7.20% of the company's stock.

Hedge Funds Weigh In On Mayville Engineering

A number of institutional investors have recently modified their holdings of MEC. GAMMA Investing LLC increased its stake in shares of Mayville Engineering by 9,690.3% in the 1st 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 in the last quarter. Aquatic Capital Management LLC acquired a new position in shares of Mayville Engineering during the 4th quarter worth approximately $44,000. AlphaQuest LLC lifted its holdings in Mayville Engineering by 222.8% in the first quarter. AlphaQuest LLC now owns 7,879 shares of the company's stock valued at $106,000 after acquiring an additional 5,438 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in Mayville Engineering by 20.7% in the second quarter. JPMorgan Chase & Co. now owns 7,936 shares of the company's stock valued at $127,000 after acquiring an additional 1,359 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. acquired a new position in Mayville Engineering in the first quarter valued at approximately $152,000. 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.