Mayville Engineering Company, Inc. (NYSE:MEC) Receives $21.50 Average Price Target from Brokerages

Mayville Engineering Company, Inc. (NYSE:MEC) has been assigned an average recommendation of “Buy” from the six analysts that are covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating on the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $21.50.

Several equities analysts have recently issued reports on MEC shares. Northland Securities upgraded shares of Mayville Engineering from a “market perform” rating to an “outperform” rating and set a $18.00 price objective on the stock in a report on Tuesday, August 12th. Citigroup restated a “buy” rating and set a $21.00 price objective (up previously from $17.00) on shares of Mayville Engineering in a report on Monday, July 14th. Craig Hallum set a $24.00 price objective on shares of Mayville Engineering and gave the company a “buy” rating in a report on Tuesday, October 21st. Northland Capmk upgraded shares of Mayville Engineering from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 12th. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of Mayville Engineering in a report on Wednesday, October 8th.

Insider Activity

In related news, CEO Jagadeesh A. Reddy acquired 7,500 shares of the business’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 directly owned 146,285 shares in the company, valued at $2,056,767.10. The trade was a 5.40% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have bought a total of 9,400 shares of company stock worth $131,942 in the last 90 days. Corporate insiders own 7.20% of the company’s stock.

Hedge Funds Weigh In On Mayville Engineering

Several hedge funds and other institutional investors have recently bought and sold shares of MEC. GAMMA Investing LLC increased its holdings in Mayville Engineering by 9,690.3% in the 1st 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. Wealth Enhancement Advisory Services LLC increased its holdings in Mayville Engineering by 29.1% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 15,791 shares of the company’s stock worth $212,000 after buying an additional 3,564 shares during the period. Janney Montgomery Scott LLC increased its holdings in Mayville Engineering by 4.7% in the 1st quarter. Janney Montgomery Scott LLC now owns 36,309 shares of the company’s stock worth $488,000 after buying an additional 1,646 shares during the period. Oppenheimer Asset Management Inc. acquired a new position in Mayville Engineering in the 1st quarter worth approximately $152,000. Finally, Sheets Smith Wealth Management increased its holdings in Mayville Engineering by 3.8% in the 1st quarter. Sheets Smith Wealth Management now owns 37,905 shares of the company’s stock worth $509,000 after buying an additional 1,380 shares during the period. Institutional investors and hedge funds own 45.44% of the company’s stock.

Mayville Engineering Stock Performance

MEC stock opened at $16.54 on Tuesday. The firm has a market cap of $336.11 million, a price-to-earnings ratio of 19.46 and a beta of 1.19. The firm has a 50-day simple moving average of $14.20 and a two-hundred day simple moving average of $14.69. 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 quick ratio of 0.86 and a current ratio of 1.63.

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.