30,000 Shares in Mayville Engineering Company, Inc. $MEC Bought by North Star Investment Management Corp.

Key Points

• North Star Investment Management opened a new position in Mayville Engineering, buying 30,000 shares worth about $538,000 in the first quarter.
• Mayville Engineering reported a narrower-than-expected quarterly loss, with EPS of ($0.15) versus estimates of ($0.28), and revenue of $144.78 million topped analyst forecasts.
• Despite recent insider selling by the EVP and CEO, Wall Street sentiment remains generally positive, with a Moderate Buy consensus and an average price target of $29.75.

North Star Investment Management Corp. bought a new stake in shares of Mayville Engineering Company, Inc. (NYSE:MEC - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund bought 30,000 shares of the company's stock, valued at approximately $538,000. North Star Investment Management Corp. owned about 0.15% of Mayville Engineering at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of MEC. EVR Research LP acquired a new stake in Mayville Engineering during the fourth quarter worth about $11,326,000. Ameriprise Financial Inc. raised its position 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. 22NW LP lifted its holdings in shares of Mayville Engineering by 157.2% in the 3rd quarter. 22NW LP now owns 399,890 shares of the company's stock worth $5,502,000 after purchasing an additional 244,440 shares during the last quarter. Congruence Capital LLC acquired a new position in Mayville Engineering during the 4th quarter valued at approximately $3,896,000. Finally, Blair William & Co. IL grew 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 worth $10,928,000 after buying an additional 206,549 shares during the last quarter. 45.44% of the stock is currently owned by institutional investors.

Mayville Engineering Price Performance

Shares of NYSE:MEC opened at $37.45 on Wednesday. The stock has a market cap of $767.41 million, a price-to-earnings ratio of -46.82 and a beta of 1.29. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.64 and a quick ratio of 0.91. Mayville Engineering Company, Inc. has a 12 month low of $12.10 and a 12 month high of $38.76. The stock's 50 day moving average price is $28.72 and its 200 day moving average price is $22.56.

Mayville Engineering (NYSE:MEC - Get Free Report) last issued its quarterly earnings results on Tuesday, May 5th. The company reported ($0.15) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.28) by $0.13. Mayville Engineering had a negative return on equity of 5.77% and a negative net margin of 2.93%.The company had revenue of $144.78 million for the quarter, compared to analysts' expectations of $139.18 million. Equities research analysts anticipate that Mayville Engineering Company, Inc. will post -0.08 earnings per share for the current fiscal year.

Insider Buying and Selling at Mayville Engineering

In related news, EVP Ryan F. Raber sold 20,000 shares of the stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $26.00, for a total transaction of $520,000.00. Following the completion of the sale, the executive vice president directly owned 86,970 shares of the company's stock, valued at $2,261,220. This represents a 18.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Jagadeesh A. Reddy sold 15,688 shares of Mayville Engineering stock in a transaction that occurred on Thursday, June 11th. The stock was 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 owned 124,105 shares in the company, valued at approximately $4,349,880.25. This trade represents a 11.22% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 80,726 shares of company stock valued at $2,311,768. 5.60% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. Northland Securities set a $30.00 price target on shares of Mayville Engineering in a report on Thursday, May 7th. Zacks Research upgraded shares of Mayville Engineering from a "strong sell" rating to a "hold" rating in a research report on Friday, March 6th. Citigroup lifted their price target on Mayville Engineering from $25.00 to $33.00 and gave the company a "buy" rating in a report on Friday, May 8th. DA Davidson raised their target price on Mayville Engineering from $23.00 to $32.00 and gave the company a "buy" rating in a research report on Monday, May 11th. Finally, Weiss Ratings lowered Mayville Engineering from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Thursday, March 5th. Four analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $29.75.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.