Mayville Engineering (NYSE:MEC) Given New $18.00 Price Target at Citigroup

Mayville Engineering (NYSE:MEC) had its price objective decreased by research analysts at Citigroup from $22.00 to $18.00 in a research note issued on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. Citigroup’s price objective would suggest a potential upside of 31.54% from the stock’s previous close.

MEC has been the topic of a number of other research reports. Northland Capmk cut shares of Mayville Engineering from a “strong-buy” rating to a “hold” rating in a research report on Thursday, November 7th. Northland Securities cut Mayville Engineering from an “outperform” rating to a “market perform” rating and dropped their price objective for the stock from $30.00 to $20.00 in a report on Thursday, November 7th.

Mayville Engineering Trading Down 0.6 %

Shares of NYSE:MEC traded down $0.09 during trading on Thursday, reaching $13.68. 11,577 shares of the company traded hands, compared to its average volume of 78,887. The company has a current ratio of 1.77, a quick ratio of 0.91 and a debt-to-equity ratio of 0.47. Mayville Engineering has a 52-week low of $12.47 and a 52-week high of $23.02. The business’s fifty day moving average is $15.45 and its 200-day moving average is $17.58. The firm has a market capitalization of $282.49 million, a price-to-earnings ratio of 23.19 and a beta of 0.92.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Barclays PLC increased its stake in shares of Mayville Engineering by 1.8% in the 4th quarter. Barclays PLC now owns 38,143 shares of the company’s stock worth $600,000 after acquiring an additional 657 shares in the last quarter. O Shaughnessy Asset Management LLC lifted its holdings in shares of Mayville Engineering by 2.3% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 41,363 shares of the company’s stock valued at $650,000 after purchasing an additional 943 shares during the last quarter. Sheets Smith Wealth Management boosted its position in shares of Mayville Engineering by 3.2% in the 4th quarter. Sheets Smith Wealth Management now owns 36,525 shares of the company’s stock worth $574,000 after purchasing an additional 1,130 shares in the last quarter. Principal Financial Group Inc. boosted its position in shares of Mayville Engineering by 10.8% in the 4th quarter. Principal Financial Group Inc. now owns 14,529 shares of the company’s stock worth $228,000 after purchasing an additional 1,417 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in Mayville Engineering by 5.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 34,252 shares of the company’s stock valued at $722,000 after buying an additional 1,760 shares in the last quarter. 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.