Citigroup Issues Pessimistic Forecast for Mayville Engineering (NYSE:MEC) Stock Price

Mayville Engineering (NYSE:MEC) had its price objective dropped by Citigroup from $22.00 to $18.00 in a research note issued on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. Citigroup’s price target would suggest a potential upside of 25.62% from the stock’s previous close.

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

Mayville Engineering Stock Performance

Shares of NYSE MEC opened at $14.33 on Thursday. The firm has a 50 day moving average of $15.39 and a 200 day moving average of $17.53. The company has a current ratio of 1.77, a quick ratio of 0.91 and a debt-to-equity ratio of 0.47. The firm has a market capitalization of $295.81 million, a price-to-earnings ratio of 24.29 and a beta of 0.92. Mayville Engineering has a 12-month low of $12.47 and a 12-month high of $23.02.

Hedge Funds Weigh In On Mayville Engineering

A number of hedge funds have recently modified their holdings of MEC. AlphaQuest LLC bought a new position in shares of Mayville Engineering in the fourth quarter worth approximately $38,000. R Squared Ltd bought a new position in shares of Mayville Engineering in the fourth quarter worth approximately $40,000. Aquatic Capital Management LLC bought a new position in shares of Mayville Engineering in the fourth quarter worth approximately $44,000. US Bancorp DE bought a new position in shares of Mayville Engineering in the third quarter worth approximately $60,000. Finally, Harvest Fund Management Co. Ltd bought a new position in shares of Mayville Engineering in the third quarter worth approximately $62,000. 45.44% of the stock is currently owned by institutional investors.

About Mayville Engineering

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.