Allspring Global Investments LLC recently announced the acquisition of new stake in Mayville Engineering Company Inc. (NYSE:MEC). The institutional investor has increased its shareholding in the Industrials company by 3.98% to 2.55 million shares with purchase of 97619.0 shares. This fresh investment now brings its stake to 12.63% valued currently at $32.26 million. In addition, Tocqueville Asset Management LP raised its holdings by 16750.0 to 0.68 million shares. And The Vanguard Group, Inc. has lifted its position by 5.46% or 19448.0 shares – to 0.38 million shares.
With over 0.25 million Mayville Engineering Company Inc. (MEC) shares trading Tuesday and a closing price of $14.83 on the day, the dollar volume was approximately $3.74 million. The shares have shown a positive half year performance of 116.18% and its price on 01/24/23 gained nearly 11.17%. Currently, there are 20.39M common shares owned by the public and among those 19.19M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 3 analysts who have offered their price forecasts for MEC have a consensus price objective of $17.33. The analysts have set the share’s price value over the next 12 months at a high of $19.00 and a low of $15.00. The average price target is 7.31% above its recent price level and an upside to the estimated low will see the stock gain 1.13% over that period. But an upside of 21.95% will see the stock hit the forecast high price target while median target price for the stock is $18.00.
Insiders at the company have transacted a total of 9 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 9 of these insider trades were purchases, accounting for 60,246 shares. Insider sales of the common stock occurred on 0 occasions, with total insider shares sold totaling 0 shares.
The top 3 mutual fund holders in Mayville Engineering Company Inc. are Allspring Special Small Cap Value, Aegis Value Fund, and Vanguard Total Stock Market Index. Allspring Special Small Cap Value owns 1.63 million shares of the company’s stock, all valued at over $20.62 million. Aegis Value Fund bought 0.12 million shares to see its total holdings expand to 0.31 million shares valued at over $3.98 million and representing 1.56% of the shares outstanding. Vanguard Total Stock Market Index now owns shares totaling to 1.25% of the shares outstanding.
Shares of Mayville Engineering Company Inc. (NYSE: MEC) opened at $13.21, down -$0.13 from a prior closing price of $13.34. However, the script later moved the day high at 14.86, up 11.17%. The company’s stock has a 5-day price change of 10.34% and 138.42% over the past three months. MEC shares are trading 17.14% year to date (YTD), with the 12-month market performance up to 29.07% higher. It has a 12-month low price of $5.95 and touched a high of $14.37 over the same period. MEC has an average intraday trading volume of 73.75K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 13.22%, 18.67%, and 67.24% respectively.
Institutional ownership of Mayville Engineering Company Inc. (NYSE: MEC) shares accounts for 69.50% of the company’s 20.39M shares outstanding. Mutual fund holders own 16.95%, while other institutional holders and individual stakeholders account for 53.91% and 15.61% respectively.
It has a market capitalization of $296.01M and a beta (3y monthly) value of 0.80. The stock’s trailing 12-month PE ratio is 110.67, while the earnings-per-share (ttm) stands at $0.13. Price movements for the stock have been influenced by the stock’s volatility, which stands at 5.28% over the week and 6.04% over the month.
Analysts forecast that Mayville Engineering Company Inc. (MEC) will achieve an EPS of $0.21 for the current quarter, $0.23 for the next quarter and $1.16 for 2023. The lowest estimate earnings-per-share for the quarter is $0.18 while analysts give the company a high EPS estimate of $0.23. Comparatively, EPS for the current quarter was $0.01 a year ago. Earnings per share for the fiscal year are expected to decrease by -2.50%, and 18.09% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 3 brokerage firm advisors rate Mayville Engineering Company Inc. (MEC) as a “Strong Buy” at a consensus score of 1.00. Specifically, 2 Wall Street analysts polled rate the stock as a buy, while 0 of the 3 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the MEC, a number of firms have released research notes about the stock. Robert W. Baird stated their Outperform rating for the stock in a research note on November 03, 2022, with the firm’s price target at $7-$15. Robert W. Baird coverage for the Mayville Engineering Company Inc. (MEC) stock in a research note released on January 21, 2022 offered a Neutral rating with a price target of $13. UBS on their part issued Neutral rating on June 03, 2019.