1,183,443 Shares in Mayville Engineering Company, Inc. $MEC Bought by BlackRock Inc.

Key Points

• BlackRock acquired 1.18 million shares of Mayville Engineering in the second quarter, valued at approximately $44.3 million, giving it a 5.78% stake. Institutional investors collectively own 45.44% of the company.
• Mayville Engineering reported quarterly revenue of $162.98 million and adjusted earnings of $0.07 per share, exceeding analyst expectations, though analysts expect a full-year loss of $0.22 per share.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $35.75, while company insiders sold nearly 29,843 shares worth about $922,000 over the last quarter.

BlackRock Inc. acquired a new position in Mayville Engineering Company, Inc. (NYSE:MEC - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 1,183,443 shares of the company's stock, valued at approximately $44,332,000. BlackRock Inc. owned 5.78% of Mayville Engineering as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in MEC. BNP Paribas Financial Markets increased its stake in shares of Mayville Engineering by 109.0% in the third quarter. BNP Paribas Financial Markets now owns 2,751 shares of the company's stock worth $38,000 after purchasing an additional 1,435 shares in the last quarter. Clearstead Advisors LLC raised its holdings in Mayville Engineering by 194.9% during the fourth quarter. Clearstead Advisors LLC now owns 2,094 shares of the company's stock valued at $39,000 after acquiring an additional 1,384 shares during the period. Persistent Asset Partners Ltd purchased a new position in shares of Mayville Engineering in the second quarter valued at about $80,000. Picton Mahoney Asset Management purchased a new stake in shares of Mayville Engineering during the fourth quarter worth about $109,000. Finally, JPMorgan Chase & Co. grew its position in shares of Mayville Engineering by 20.7% during the second quarter. JPMorgan Chase & Co. now owns 7,936 shares of the company's stock worth $127,000 after purchasing an additional 1,359 shares in the last quarter. 45.44% of the stock is owned by hedge funds and other institutional investors.

Mayville Engineering Stock Up 0.1%

Shares of Mayville Engineering stock opened at $19.33 on Tuesday. The stock has a market cap of $492.91 million, a price-to-earnings ratio of -23.01 and a beta of 1.27. The firm's 50-day moving average is $28.29 and its two-hundred day moving average is $25.13. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.70 and a quick ratio of 0.96. Mayville Engineering Company, Inc. has a 1 year low of $12.25 and a 1 year high of $38.76.

Mayville Engineering (NYSE:MEC - Get Free Report) last announced its earnings results on Tuesday, August 4th. The company reported $0.07 earnings per share for the quarter, beating the consensus estimate of ($0.05) by $0.12. Mayville Engineering had a negative net margin of 2.95% and a negative return on equity of 6.63%. The company had revenue of $162.98 million during the quarter, compared to the consensus estimate of $150.59 million. As a group, research analysts expect that Mayville Engineering Company, Inc. will post -0.22 earnings per share for the current fiscal year.

Insider Activity at Mayville Engineering

In other Mayville Engineering news, CEO Jagadeesh A. Reddy sold 15,688 shares of the company's stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $35.05, for a total transaction of $549,864.40. Following the completion of the transaction, the chief executive officer directly owned 124,105 shares in the company, valued at approximately $4,349,880.25. This represents a 11.22% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Sean P. Leuba sold 12,855 shares of Mayville Engineering stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $25.44, for a total value of $327,031.20. Following the completion of the sale, the senior vice president directly owned 6,633 shares in the company, valued at $168,743.52. This represents a 65.96% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 29,843 shares of company stock valued at $922,409. 5.60% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of analysts have issued reports on the stock. Weiss Ratings reiterated a "sell (d+)" rating on shares of Mayville Engineering in a report on Friday, July 10th. Northland Securities set a $40.00 price target on Mayville Engineering in a report on Thursday, August 6th. Citigroup increased their target price on Mayville Engineering from $33.00 to $43.00 and gave the company a "buy" rating in a research report on Monday, July 13th. Finally, DA Davidson upped their price target on shares of Mayville Engineering from $32.00 to $36.00 and gave the company a "buy" rating in a research note on Wednesday, July 22nd. Four equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $35.75.

Mayville Engineering Profile

Mayville Engineering Company, Inc NYSE: MEC is a U.S.-based industrial manufacturer specializing in engineered metal castings and precision machining services. Headquartered in Mayville, Wisconsin, the company leverages over a century of casting experience to design, produce and finish complex metal components for a broad range of heavy-duty applications.

The company operates two principal business segments: iron castings and steel castings. Its iron segment utilizes green sand and lost-foam molding processes to produce gray and ductile iron components, while the steel segment employs electric-arc furnace technology to manufacture high-strength steel castings.

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