Raymond James Financial Inc. Acquires New Shares in Mayville Engineering Company, Inc. (NYSE:MEC)

Raymond James Financial Inc. bought a new stake in Mayville Engineering Company, Inc. (NYSE:MEC - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 17,121 shares of the company's stock, valued at approximately $269,000. Raymond James Financial Inc. owned about 0.08% of Mayville Engineering at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in MEC. AlphaQuest LLC purchased a new stake in shares of Mayville Engineering during the 4th quarter valued at $38,000. R Squared Ltd purchased a new stake in Mayville Engineering during the fourth quarter worth about $40,000. Integrated Quantitative Investments LLC bought a new stake in Mayville Engineering in the fourth quarter worth about $177,000. Principal Financial Group Inc. boosted its stake in Mayville Engineering by 10.8% in the fourth quarter. Principal Financial Group Inc. now owns 14,529 shares of the company's stock valued at $228,000 after acquiring an additional 1,417 shares during the last quarter. Finally, Ritholtz Wealth Management boosted its stake in Mayville Engineering by 8.3% in the fourth quarter. Ritholtz Wealth Management now owns 25,305 shares of the company's stock valued at $398,000 after acquiring an additional 1,945 shares during the last quarter. 45.44% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Separately, Citigroup decreased their price target on shares of Mayville Engineering from $18.00 to $16.00 and set a "buy" rating for the company in a research note on Monday, April 14th.

Mayville Engineering Stock Performance

Shares of NYSE MEC traded down $0.15 during trading on Wednesday, reaching $15.29. 111,793 shares of the stock traded hands, compared to its average volume of 112,740. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.77 and a quick ratio of 0.91. The stock has a market capitalization of $312.85 million, a P/E ratio of 25.92 and a beta of 1.15. Mayville Engineering Company, Inc. has a 52-week low of $11.72 and a 52-week high of $23.02. The company has a 50-day moving average of $13.34 and a 200-day moving average of $15.31.

Mayville Engineering (NYSE:MEC - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The company reported $0.04 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.01 by $0.03. The business had revenue of $135.58 million for the quarter, compared to analysts' expectations of $134.52 million. Mayville Engineering had a return on equity of 5.20% and a net margin of 2.01%. During the same period in the previous year, the business posted $0.22 EPS. Analysts forecast that Mayville Engineering Company, Inc. will post 0.31 EPS for the current fiscal year.

Mayville Engineering 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.