Mayville Engineering (NYSE:MEC) Cut to Market Perform at Northland Securities

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

Mayville Engineering Stock Performance

Shares of MEC stock opened at $17.53 on Thursday. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.71 and a quick ratio of 0.97. Mayville Engineering has a fifty-two week low of $10.75 and a fifty-two week high of $23.02. The stock’s 50-day moving average is $20.02 and its two-hundred day moving average is $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 (NYSE:MEC) last issued its earnings results on Tuesday, November 5th. The company reported $0.14 earnings per share for the quarter, missing the consensus estimate 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 during the quarter, compared to analyst estimates of $157.22 million. During the same period in the previous year, the company earned $0.21 earnings per share. Analysts predict that Mayville Engineering will post 0.68 earnings per share for the current fiscal year.

Insider Activity

In other Mayville Engineering news, EVP Ryan F. Raber sold 21,508 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $19.15, for a total value 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 trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 6.40% of the stock is currently owned by insiders.

Institutional Trading of Mayville Engineering

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Tocqueville Asset Management L.P. grew its holdings in Mayville Engineering by 0.5% in the 1st quarter. Tocqueville Asset Management L.P. now owns 643,400 shares of the company’s stock valued at $9,220,000 after buying an additional 3,000 shares during the last quarter. Vanguard Group Inc. grew its holdings in Mayville Engineering by 7.9% in the 1st quarter. Vanguard Group Inc. now owns 538,175 shares of the company’s stock valued at $7,712,000 after buying an additional 39,460 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Mayville Engineering by 17.6% in 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 during the period. First Eagle Investment Management LLC lifted its position in shares of Mayville Engineering by 404.2% in 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 during the period. Finally, Ancora Advisors LLC lifted its position in shares of Mayville Engineering by 0.4% in 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 during the period. Institutional investors and hedge funds own 45.44% of the company’s stock.

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.