Mayville Engineering (NYSE:MEC) Lowered to "Market Perform" Rating by Northland Securities

Northland Securities cut shares of Mayville Engineering (NYSE:MEC - Free Report) from an outperform rating to a market perform rating in a research note published on Thursday, Marketbeat Ratings reports. The firm currently has $20.00 price objective on the stock, down from their prior price objective of $30.00.

Mayville Engineering Trading Down 6.1 %

NYSE MEC traded down $1.07 on Thursday, hitting $16.46. The company's stock had a trading volume of 463,463 shares, compared to its average volume of 92,834. 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. The company's 50-day moving average is $20.02 and its 200 day moving average is $17.93. The firm has a market cap of $339.41 million, a PE ratio of 33.71 and a beta of 0.97.

Mayville Engineering (NYSE:MEC - Get Free Report) last announced its quarterly 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 business had revenue of $135.39 million during the quarter, compared to analyst estimates of $157.22 million. During the same quarter last year, the company posted $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 news, EVP Ryan F. Raber sold 21,508 shares of the 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 completion of the sale, the executive vice president now directly owns 97,053 shares in the company, valued at $1,858,564.95. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CEO Jagadeesh A. Reddy purchased 5,903 shares of Mayville Engineering stock in a transaction on Thursday, November 7th. The stock was acquired at an average cost of $16.72 per share, for a total transaction of $98,698.16. Following the completion of the acquisition, the chief executive officer now owns 89,052 shares of the company's stock, valued at $1,488,949.44. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Ryan F. Raber sold 21,508 shares of the firm's stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $19.15, for a total transaction of $411,878.20. Following the completion of the sale, the executive vice president now owns 97,053 shares of the company's stock, valued at $1,858,564.95. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 6.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Mayville Engineering

A number of large investors have recently bought and sold shares of the stock. Empowered Funds LLC grew its holdings in Mayville Engineering by 5.4% in the third quarter. Empowered Funds LLC now owns 87,017 shares of the company's stock worth $1,834,000 after purchasing an additional 4,422 shares during the period. Cornercap Investment Counsel Inc. acquired a new position in shares of Mayville Engineering during the third quarter valued at about $278,000. Principal Financial Group Inc. acquired a new position in shares of Mayville Engineering during the third quarter valued at about $276,000. Harbor Capital Advisors Inc. grew 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 valued at $1,668,000 after buying an additional 43,858 shares during the last quarter. Finally, US Bancorp DE acquired a new position in shares of Mayville Engineering during the third quarter valued at about $60,000. 45.44% of the stock is currently owned by institutional investors and hedge funds.

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.