Mayville Engineering (NYSE:MEC) Stock Rating Lowered by Northland Securities

Mayville Engineering (NYSE:MEC) was downgraded by equities research analysts at Northland Securities from an “outperform” rating to a “market perform” rating in a report released on Thursday, FinViz reports. They currently have a $20.00 price objective on the stock, down from their previous price objective of $30.00. Northland Securities’ target price would suggest a potential upside of 14.09% from the stock’s previous close.

Mayville Engineering Stock Performance

Mayville Engineering stock opened at $17.53 on Thursday. The company has a current ratio of 1.71, a quick ratio of 0.97 and a debt-to-equity ratio of 0.51. The firm has a 50-day moving average of $20.02 and a 200-day moving average of $17.93. The firm has a market cap of $361.47 million, a P/E ratio of 33.71 and a beta of 0.97. Mayville Engineering has a 1-year low of $10.75 and a 1-year high of $23.02.

Mayville Engineering (NYSE:MEC) last posted its earnings results on Tuesday, November 5th. The company reported $0.14 earnings per share for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.05). Mayville Engineering had a return on equity of 5.81% and a net margin of 1.69%. The firm had revenue of $135.39 million for the quarter, compared to analysts’ expectations of $157.22 million. During the same quarter in the prior year, the company posted $0.21 earnings per share. Sell-side analysts expect that Mayville Engineering will post 0.68 EPS for the current year.

Insiders Place Their Bets

In other Mayville Engineering news, EVP Ryan F. Raber sold 21,508 shares of the firm’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $19.15, for a total value of $411,878.20. Following the completion of the sale, the executive vice president now directly owns 97,053 shares in the company, valued at $1,858,564.95. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 6.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Mayville Engineering

Several large investors have recently made changes to their positions in MEC. First Eagle Investment Management LLC lifted its holdings in shares of Mayville Engineering by 404.2% during the second quarter. First Eagle Investment Management LLC now owns 250,785 shares of the company’s stock valued at $4,178,000 after purchasing an additional 201,047 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Mayville Engineering by 17.6% during the second quarter. Dimensional Fund Advisors LP now owns 517,323 shares of the company’s stock valued at $8,618,000 after acquiring an additional 77,486 shares in the last quarter. Russell Investments Group Ltd. increased its position in shares of Mayville Engineering by 65.6% during the first quarter. Russell Investments Group Ltd. now owns 153,710 shares of the company’s stock valued at $2,203,000 after acquiring an additional 60,896 shares in the last quarter. Marshall Wace LLP bought a new stake in shares of Mayville Engineering during the second quarter valued at approximately $978,000. Finally, Harbor Capital Advisors Inc. increased its position in shares of Mayville Engineering by 124.4% during the third quarter. Harbor Capital Advisors Inc. now owns 79,122 shares of the company’s stock valued at $1,668,000 after acquiring an additional 43,858 shares in the last quarter. 45.44% of the stock is currently owned by hedge funds and other 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.