Mayville Engineering (NYSE:MEC) Rating Lowered to “Market Perform” at Northland Securities

Mayville Engineering (NYSE:MEC) was downgraded by Northland Securities from an “outperform” rating to a “market perform” rating in a research note issued on Thursday, MarketBeat reports. They currently have a $20.00 target price on the stock, down from their prior target price of $30.00. Northland Securities’ price objective indicates a potential upside of 16.62% from the company’s previous close.

Mayville Engineering Stock Up 4.2 %

MEC opened at $17.15 on Thursday. The company has a quick ratio of 0.97, a current ratio of 1.71 and a debt-to-equity ratio of 0.51. The firm has a 50 day moving average price of $19.91 and a 200-day moving average price of $17.94. Mayville Engineering has a twelve month low of $10.75 and a twelve month high of $23.02. The stock has a market capitalization of $353.63 million, a price-to-earnings ratio of 29.07 and a beta of 0.97.

Mayville Engineering (NYSE:MEC) last announced its earnings results on Tuesday, November 5th. The company reported $0.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.19 by ($0.05). The business had revenue of $135.39 million for the quarter, compared to the consensus estimate of $157.22 million. Mayville Engineering had a net margin of 2.01% and a return on equity of 5.22%. During the same quarter last year, the firm posted $0.21 earnings per share. Equities research analysts forecast that Mayville Engineering will post 0.68 earnings per share for the current year.

Insider Activity at Mayville Engineering

In related news, EVP Ryan F. Raber sold 21,508 shares of the company’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $19.15, for a total transaction of $411,878.20. Following the sale, the executive vice president now owns 97,053 shares of the company’s stock, valued at $1,858,564.95. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, CEO Jagadeesh A. Reddy purchased 5,903 shares of the business’s stock in a transaction dated Thursday, November 7th. The shares were purchased at an average cost of $16.72 per share, for a total transaction of $98,698.16. Following the completion of the acquisition, the chief executive officer now owns 89,052 shares in the company, valued at approximately $1,488,949.44. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Ryan F. Raber sold 21,508 shares of the company’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $19.15, for a total transaction of $411,878.20. Following the completion of the transaction, the executive vice president now owns 97,053 shares in the company, valued at approximately $1,858,564.95. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 6.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Tocqueville Asset Management L.P. grew its holdings in shares of Mayville Engineering by 0.5% in the first quarter. Tocqueville Asset Management L.P. now owns 643,400 shares of the company’s stock worth $9,220,000 after purchasing an additional 3,000 shares during the last quarter. Vanguard Group Inc. grew its holdings in Mayville Engineering by 7.9% during the 1st quarter. Vanguard Group Inc. now owns 538,175 shares of the company’s stock worth $7,712,000 after acquiring an additional 39,460 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in Mayville Engineering by 17.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 517,323 shares of the company’s stock worth $8,618,000 after acquiring an additional 77,486 shares in the last quarter. First Eagle Investment Management LLC grew its holdings in Mayville Engineering by 404.2% during the 2nd quarter. First Eagle Investment Management LLC now owns 250,785 shares of the company’s stock worth $4,178,000 after acquiring an additional 201,047 shares in the last quarter. Finally, Ancora Advisors LLC grew its holdings in Mayville Engineering by 0.4% during the 1st quarter. Ancora Advisors LLC now owns 248,280 shares of the company’s stock worth $3,558,000 after acquiring an additional 1,100 shares in the last quarter. 45.44% of the stock is currently owned by institutional investors.

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.