Mayville Engineering (NYSE:MEC) Lifted to “Strong-Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Mayville Engineering (NYSE:MEC) from a hold rating to a strong-buy rating in a report issued on Wednesday, Zacks.com reports. The brokerage currently has $14.00 target price on the stock.

According to Zacks, “Mayville Engineering Company Inc. provides prototyping and tooling, production fabrication, coating, assembly and aftermarket services. It serves heavy and medium duty commercial vehicle, construction, powersports, agriculture, military and other end markets. The company also provides engineering and development services. It offers conventional and CNC stamping, shearing, fiber laser cutting, forming, drilling, tapping, grinding, tube bending, machining, welding, assembly and logistic services. Mayville Engineering Company Inc. is based in Wisconsin, United States. “

MEC stock traded down $0.10 on Wednesday, hitting $11.85. 121,094 shares of the company were exchanged, compared to its average volume of 51,201. Mayville Engineering has a twelve month low of $11.16 and a twelve month high of $17.40. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.80 and a current ratio of 1.37. The company has a fifty day simple moving average of $12.93.

Mayville Engineering (NYSE:MEC) last issued its quarterly earnings results on Tuesday, August 6th. The company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.31 by $0.15. The company had revenue of $145.13 million for the quarter, compared to analyst estimates of $144.43 million. As a group, equities analysts forecast that Mayville Engineering will post 1.21 EPS for the current fiscal year.

In other Mayville Engineering news, Director Steven L. Fisher acquired 7,500 shares of the company’s stock in a transaction dated Tuesday, August 13th. The stock was bought at an average price of $12.02 per share, with a total value of $90,150.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Robert D. Kamphuis acquired 15,000 shares of the company’s stock in a transaction dated Thursday, August 8th. The stock was acquired at an average cost of $12.09 per share, with a total value of $181,350.00. The disclosure for this purchase can be found here.

Several institutional investors have recently added to or reduced their stakes in MEC. Wells Fargo & Company MN acquired a new stake in shares of Mayville Engineering in the second quarter worth $12,978,000. Jennison Associates LLC acquired a new stake in shares of Mayville Engineering in the second quarter worth $8,024,000. Invesco Ltd. acquired a new stake in shares of Mayville Engineering in the second quarter worth $7,902,000. BlackRock Inc. acquired a new stake in shares of Mayville Engineering in the second quarter worth $4,161,000. Finally, Vanguard Group Inc. acquired a new stake in shares of Mayville Engineering in the second quarter worth $2,570,000. 28.77% of the stock is owned by institutional investors.

Mayville Engineering Company Profile

Mayville Engineering Company, Inc operates as a contract manufacturer that serves the heavy and medium duty commercial vehicle, construction, powersports, agriculture, military, and other end markets in the United States. The company provides a range of prototyping and tooling, production fabrication, coating, assembly and aftermarket components.

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Analyst Recommendations for Mayville Engineering (NYSE:MEC)

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