Mayville Engineering (NYSE:MEC) Now Covered by Analysts at Craig Hallum

Equities researchers at Craig Hallum started coverage on shares of Mayville Engineering (NYSE:MEC) in a research report issued to clients and investors on Tuesday, Marketbeat reports. The firm set a “buy” rating on the stock.

A number of other research firms have also commented on MEC. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Mayville Engineering in a report on Wednesday, October 8th. Northland Securities raised Mayville Engineering from a “market perform” rating to an “outperform” rating and set a $18.00 price objective for the company in a research note on Tuesday, August 12th. Northland Capmk raised Mayville Engineering from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 12th. Finally, Citigroup reissued a “buy” rating and set a $21.00 price objective (up previously from $17.00) on shares of Mayville Engineering in a research note on Monday, July 14th. Two research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, Mayville Engineering has an average rating of “Buy” and an average price target of $21.50.

Mayville Engineering Stock Up 4.9%

Shares of Mayville Engineering stock opened at $16.49 on Tuesday. Mayville Engineering has a one year low of $11.72 and a one year high of $23.02. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.63 and a quick ratio of 0.86. The stock’s 50-day moving average is $14.08 and its 200 day moving average is $14.58. The firm has a market cap of $335.06 million, a price-to-earnings ratio of 19.40 and a beta of 1.19.

Insider Activity at Mayville Engineering

In related news, CEO Jagadeesh A. Reddy acquired 7,500 shares of the firm’s stock in a transaction dated Thursday, August 7th. The shares were purchased at an average price of $14.06 per share, for a total transaction of $105,450.00. Following the completion of the acquisition, the chief executive officer owned 146,285 shares in the company, valued at approximately $2,056,767.10. This represents a 5.40% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Insiders bought a total of 9,400 shares of company stock valued at $131,942 in the last quarter. 7.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. GAMMA Investing LLC increased its holdings in shares of Mayville Engineering by 9,690.3% in the first quarter. GAMMA Investing LLC now owns 3,035 shares of the company’s stock worth $41,000 after buying an additional 3,004 shares during the period. AlphaQuest LLC increased its holdings in Mayville Engineering by 222.8% during the 1st quarter. AlphaQuest LLC now owns 7,879 shares of the company’s stock valued at $106,000 after purchasing an additional 5,438 shares during the period. JPMorgan Chase & Co. increased its holdings in Mayville Engineering by 20.7% during the 2nd quarter. JPMorgan Chase & Co. now owns 7,936 shares of the company’s stock valued at $127,000 after purchasing an additional 1,359 shares during the period. Oppenheimer Asset Management Inc. purchased a new position in Mayville Engineering during the 1st quarter valued at about $152,000. Finally, CHICAGO TRUST Co NA purchased a new position in Mayville Engineering during the 2nd quarter valued at about $165,000. Hedge funds and other institutional investors 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.