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

Mayville Engineering (NYSE:MEC) was downgraded by equities researchers at Northland Capmk from a “strong-buy” rating to a “hold” rating in a research note issued on Thursday,Zacks.com reports.

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

Mayville Engineering Trading Down 6.2 %

Shares of NYSE:MEC opened at $16.44 on Thursday. Mayville Engineering has a 52-week low of $10.75 and a 52-week high of $23.02. The company has a market capitalization of $338.99 million, a P/E ratio of 31.62 and a beta of 0.97. The company has a 50-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 issued its earnings results 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 firm had revenue of $135.39 million during the quarter, compared to analyst estimates of $157.22 million. During the same quarter last year, the business posted $0.21 earnings per share. Sell-side analysts forecast that Mayville Engineering will post 0.68 earnings per share for the current year.

Insider Activity

In other news, EVP Ryan F. Raber sold 21,508 shares of Mayville Engineering stock in a transaction that occurred on Friday, August 23rd. The shares were 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 directly 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Mayville Engineering news, 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 owns 97,053 shares of the company’s stock, valued at approximately $1,858,564.95. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Jagadeesh A. Reddy bought 5,903 shares of the firm’s stock in a transaction on Thursday, November 7th. The shares were bought at an average cost of $16.72 per share, for a total transaction of $98,698.16. Following the purchase, the chief executive officer now owns 89,052 shares of the company’s stock, valued at approximately $1,488,949.44. The trade was a 0.00 % increase in their position. The disclosure for this purchase can be found here. 6.40% of the stock is owned by company insiders.

Institutional Trading of Mayville Engineering

A number of hedge funds and other institutional investors have recently modified their holdings of MEC. First Eagle Investment Management LLC lifted its holdings in shares of Mayville Engineering by 404.2% during the second quarter. First Eagle Investment Management LLC now owns 250,785 shares of the company’s stock worth $4,178,000 after purchasing an additional 201,047 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Mayville Engineering by 17.6% during the second quarter. Dimensional Fund Advisors LP now owns 517,323 shares of the company’s stock worth $8,618,000 after purchasing an additional 77,486 shares during the period. Russell Investments Group Ltd. lifted its holdings in shares of Mayville Engineering by 65.6% during the first quarter. Russell Investments Group Ltd. now owns 153,710 shares of the company’s stock worth $2,203,000 after purchasing an additional 60,896 shares during the period. Marshall Wace LLP acquired a new position in shares of Mayville Engineering during the second quarter worth $978,000. Finally, Harbor Capital Advisors Inc. lifted its holdings in shares of Mayville Engineering by 124.4% during the third quarter. Harbor Capital Advisors Inc. now owns 79,122 shares of the company’s stock worth $1,668,000 after purchasing an additional 43,858 shares during the period. 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.