MEC FY2028 EPS Estimate Increased by Northland Securities

Key Points

• Northland Securities raised its FY2028 EPS estimate for Mayville Engineering to $1.10 from $1.07, while analysts maintain an overall “Moderate Buy” consensus and a $35.75 target price.
• Mayville Engineering beat quarterly expectations, reporting $0.07 EPS versus a $0.05 loss estimate and revenue of $162.98 million, above the $150.59 million consensus.
• MEC shares opened at $22.54, down 1.5%, while insiders sold 71,785 shares worth roughly $2.07 million over the past quarter; institutional investors own 45.44% of the stock.

Mayville Engineering Company, Inc. (NYSE:MEC - Free Report) - Investment analysts at Northland Securities increased their FY2028 EPS estimates for shares of Mayville Engineering in a research report issued on Thursday, August 6th. Northland Securities analyst T. Jackson now anticipates that the company will earn $1.10 per share for the year, up from their prior estimate of $1.07. The consensus estimate for Mayville Engineering's current full-year earnings is ($0.08) per share.

MEC has been the subject of a number of other reports. Weiss Ratings reaffirmed a "sell (d+)" rating on shares of Mayville Engineering in a report on Friday, July 10th. DA Davidson boosted their price objective on Mayville Engineering from $32.00 to $36.00 and gave the company a "buy" rating in a research note on Wednesday, July 22nd. Finally, Citigroup increased their price objective on Mayville Engineering from $33.00 to $43.00 and gave the stock a "buy" rating in a report on Monday, July 13th. Four equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $35.75.

Mayville Engineering Trading Down 1.5%

Shares of MEC stock opened at $22.54 on Wednesday. The stock has a market capitalization of $574.77 million, a price-to-earnings ratio of -26.83 and a beta of 1.27. The company's fifty day simple moving average is $31.77 and its two-hundred day simple moving average is $24.92. Mayville Engineering has a 1 year low of $12.25 and a 1 year high of $38.76. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.70 and a quick ratio of 0.96.

Mayville Engineering (NYSE:MEC - Get Free Report) last released its quarterly earnings data on Tuesday, August 4th. The company reported $0.07 EPS for the quarter, topping the consensus estimate of ($0.05) by $0.12. Mayville Engineering had a negative net margin of 2.95% and a negative return on equity of 6.63%. The company had revenue of $162.98 million during the quarter, compared to the consensus estimate of $150.59 million.

Hedge Funds Weigh In On Mayville Engineering

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MEC. BNP Paribas Financial Markets raised its holdings in shares of Mayville Engineering by 109.0% in the 3rd quarter. BNP Paribas Financial Markets now owns 2,751 shares of the company's stock valued at $38,000 after acquiring an additional 1,435 shares in the last quarter. Clearstead Advisors LLC increased its position in shares of Mayville Engineering by 194.9% in the fourth quarter. Clearstead Advisors LLC now owns 2,094 shares of the company's stock worth $39,000 after purchasing an additional 1,384 shares during the last quarter. State of Alaska Department of Revenue purchased a new stake in Mayville Engineering in the fourth quarter valued at approximately $73,000. Persistent Asset Partners Ltd bought a new stake in Mayville Engineering during the second quarter valued at approximately $80,000. Finally, Picton Mahoney Asset Management bought a new position in shares of Mayville Engineering in the 4th quarter worth $109,000. 45.44% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, EVP Ryan F. Raber sold 20,000 shares of the company's stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $26.00, for a total transaction of $520,000.00. Following the sale, the executive vice president owned 86,970 shares of the company's stock, valued at approximately $2,261,220. This represents a 18.70% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Jagadeesh A. Reddy sold 15,688 shares of the stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $35.05, for a total transaction of $549,864.40. Following the completion of the sale, the chief executive officer owned 124,105 shares in the company, valued at $4,349,880.25. This represents a 11.22% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 71,785 shares of company stock worth $2,073,629. Insiders own 5.60% of the company's stock.

About Mayville Engineering

Mayville Engineering Company, Inc NYSE: MEC is a U.S.-based industrial manufacturer specializing in engineered metal castings and precision machining services. Headquartered in Mayville, Wisconsin, the company leverages over a century of casting experience to design, produce and finish complex metal components for a broad range of heavy-duty applications.

The company operates two principal business segments: iron castings and steel castings. Its iron segment utilizes green sand and lost-foam molding processes to produce gray and ductile iron components, while the steel segment employs electric-arc furnace technology to manufacture high-strength steel castings.

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