Mayville Engineering (NYSE:MEC) Downgraded by Northland Securities to “Market Perform”

Northland Securities cut shares of Mayville Engineering (NYSE:MEC) from an outperform rating to a market perform rating in a research note released on Thursday, MarketBeat Ratings reports. They currently have $20.00 price target on the stock, down from their previous price target of $30.00.

Mayville Engineering Price Performance

MEC stock traded up $0.69 during trading on Thursday, hitting $17.15. 348,917 shares of the company’s stock traded hands, compared to its average volume of 94,018. Mayville Engineering has a 52 week low of $10.75 and a 52 week high of $23.02. The stock has a market capitalization of $353.63 million, a price-to-earnings ratio of 31.62 and a beta of 0.97. The business has a fifty day simple moving average of $19.96 and a 200 day simple moving average of $17.92. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.97 and a current ratio of 1.71.

Mayville Engineering (NYSE:MEC) last posted its quarterly earnings data 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). Mayville Engineering had a net margin of 1.69% and a return on equity of 5.81%. The company had revenue of $135.39 million during the quarter, compared to the consensus estimate of $157.22 million. During the same period in the previous year, the business earned $0.21 earnings per share. As a group, research analysts expect that Mayville Engineering will post 0.68 EPS for the current fiscal year.

Insider Transactions at Mayville Engineering

In other Mayville Engineering news, CEO Jagadeesh A. Reddy bought 5,903 shares of the company’s stock in a transaction on Thursday, November 7th. The stock was acquired at an average price of $16.72 per share, for a total transaction of $98,698.16. Following the completion of the transaction, the chief executive officer now directly owns 89,052 shares of the company’s stock, valued at approximately $1,488,949.44. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Mayville Engineering news, CEO Jagadeesh A. Reddy bought 5,903 shares of Mayville Engineering stock in a transaction on Thursday, November 7th. The shares were acquired at an average price of $16.72 per share, for a total transaction of $98,698.16. Following the completion of the purchase, the chief executive officer now directly 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 acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Ryan F. Raber sold 21,508 shares of the business’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 directly 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 disclosure for this sale can be found here. Company insiders own 6.40% of the company’s stock.

Hedge Funds Weigh In On Mayville Engineering

Institutional investors have recently modified their holdings of the stock. Tocqueville Asset Management L.P. increased its stake in shares of Mayville Engineering by 0.5% during the first 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 period. 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 increased its position in Mayville Engineering by 17.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 517,323 shares of the company’s stock valued at $8,618,000 after purchasing an additional 77,486 shares during the period. First Eagle Investment Management LLC raised its holdings 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 valued at $4,178,000 after purchasing an additional 201,047 shares in the last quarter. 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 purchasing an additional 1,100 shares during the period. 45.44% of the stock is 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.