Mayville Engineering (NYSE:MEC) Downgraded by Northland Capmk to Hold

Northland Capmk lowered shares of Mayville Engineering (NYSE:MEC) from a strong-buy rating to a hold rating in a research note released on Thursday morning,Zacks.com reports.

Separately, Northland Securities downgraded shares of Mayville Engineering from an “outperform” rating to a “market perform” rating and cut their price target for the stock from $30.00 to $20.00 in a report on Thursday.

Mayville Engineering Trading Up 3.4 %

NYSE MEC traded up $0.56 on Thursday, hitting $17.02. The company’s stock had a trading volume of 174,573 shares, compared to its average volume of 93,214. The firm has a market cap of $350.95 million, a PE ratio of 31.62 and a beta of 0.97. The company’s 50-day moving average is $19.96 and its 200 day moving average is $17.92. The company has a quick ratio of 0.97, a current ratio of 1.71 and a debt-to-equity ratio of 0.51. Mayville Engineering has a 1-year low of $10.75 and a 1-year high of $23.02.

Mayville Engineering (NYSE:MEC) last posted its quarterly earnings data 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 for the quarter, compared to analyst estimates of $157.22 million. During the same quarter last year, the company earned $0.21 earnings per share. As a group, analysts predict that Mayville Engineering will post 0.68 earnings per share for the current fiscal year.

Insider Transactions at Mayville Engineering

In other Mayville Engineering news, CEO Jagadeesh A. Reddy acquired 5,903 shares of the company’s stock in a transaction on Thursday, November 7th. The stock was acquired at an average cost of $16.72 per share, with a total value of $98,698.16. Following the purchase, 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 position. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, EVP Ryan F. Raber sold 21,508 shares of the business’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 completion of the sale, the executive vice president now owns 97,053 shares in the company, valued at approximately $1,858,564.95. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Jagadeesh A. Reddy purchased 5,903 shares of the company’s stock in a transaction dated Thursday, November 7th. The shares were purchased at an average cost of $16.72 per share, for a total transaction of $98,698.16. Following the transaction, the chief executive officer now directly owns 89,052 shares in the company, valued at approximately $1,488,949.44. This represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders own 6.40% of the company’s stock.

Institutional Trading of Mayville Engineering

A number of institutional investors have recently modified their holdings of MEC. Tocqueville Asset Management L.P. increased its stake in Mayville Engineering by 0.5% during the 1st quarter. Tocqueville Asset Management L.P. now owns 643,400 shares of the company’s stock valued at $9,220,000 after purchasing an additional 3,000 shares in the last quarter. Vanguard Group Inc. increased its position in shares of 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 acquiring an additional 39,460 shares during the period. Dimensional Fund Advisors LP raised its stake in 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 last quarter. First Eagle Investment Management LLC lifted its position in Mayville Engineering by 404.2% during 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 Mayville Engineering by 0.4% during 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. 45.44% of the stock is currently owned by 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.