JB Capital Partners LP Makes New $9.38 Million Investment in Mayville Engineering Company, Inc. $MEC

JB Capital Partners LP acquired a new stake in shares of Mayville Engineering Company, Inc. (NYSE:MEC - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 250,512 shares of the company's stock, valued at approximately $9,384,180. Mayville Engineering makes up 0.0% of JB Capital Partners LP's investment portfolio, making the stock its 15th biggest holding. JB Capital Partners LP owned 0.98% of Mayville Engineering at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. BlackRock Inc. acquired a new stake in shares of Mayville Engineering during the second quarter worth $44,332,000. EVR Research LP purchased a new position in shares of Mayville Engineering during the 4th quarter worth approximately $11,326,000. Ameriprise Financial Inc. grew its holdings in shares of Mayville Engineering by 894.2% during the 3rd quarter. Ameriprise Financial Inc. now owns 394,161 shares of the company's stock worth $5,424,000 after purchasing an additional 354,514 shares during the period. Congruence Capital LLC bought a new stake in shares of Mayville Engineering in the 4th quarter worth about $3,896,000. Finally, Blair William & Co. IL raised its stake in Mayville Engineering by 54.8% during the 4th quarter. Blair William & Co. IL now owns 583,759 shares of the company's stock valued at $10,928,000 after acquiring an additional 206,549 shares in the last quarter. 45.44% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Mayville Engineering news, CEO Jagadeesh A. Reddy sold 15,688 shares of Mayville Engineering stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $35.05, for a total value of $549,864.40. Following the completion of the transaction, the chief executive officer directly owned 124,105 shares of the company's stock, valued at $4,349,880.25. The trade was a 11.22% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Sean P. Leuba sold 12,855 shares of the business's stock in a transaction dated Thursday, August 6th. The shares were 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 of the company's stock, valued at $168,743.52. The trade was a 65.96% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 47,785 shares of company stock valued at $1,460,669. Corporate insiders own 5.60% of the company's stock.

Mayville Engineering Stock Performance

Shares of NYSE MEC traded down $0.93 during mid-day trading on Friday, hitting $19.41. 147,144 shares of the company were exchanged, compared to its average volume of 377,947. The company has a quick ratio of 0.96, a current ratio of 1.70 and a debt-to-equity ratio of 0.39. The stock has a 50 day simple moving average of $28.92 and a 200-day simple moving average of $25.16. Mayville Engineering Company, Inc. has a 1-year low of $12.25 and a 1-year high of $38.76. The firm has a market cap of $494.95 million, a price-to-earnings ratio of -23.11 and a beta of 1.27.

Mayville Engineering (NYSE:MEC - Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The company reported $0.07 earnings per share for the quarter, topping analysts' consensus estimates of ($0.05) by $0.12. The business had revenue of $162.98 million during the quarter, compared to the consensus estimate of $150.59 million. Mayville Engineering had a negative net margin of 2.95% and a negative return on equity of 6.63%. On average, sell-side analysts forecast that Mayville Engineering Company, Inc. will post -0.22 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

MEC has been the subject of several recent research reports. 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 stock a "buy" rating in a report on Monday, July 13th. Weiss Ratings reissued a "sell (d+)" rating on shares of Mayville Engineering in a research note on Friday, July 10th. Finally, DA Davidson raised their price target on Mayville Engineering from $32.00 to $36.00 and gave the company a "buy" rating in a report 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 currently has a consensus rating of "Moderate Buy" and an average target price of $35.75.

Mayville Engineering Company 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.