American Century Companies Inc. Has $3.39 Million Position in Mayville Engineering Company, Inc. $MEC

Key Points

• American Century Companies Inc. increased its stake in Mayville Engineering Company, Inc. by 14.8%, acquiring an additional 32,426 shares in the first quarter and owning a total of 252,139 shares.
• Equities analysts have provided positive forecasts for Mayville Engineering, with a majority rating it as a "Buy" and setting an average target price of $20.67.
• CEO Jagadeesh A. Reddy bought 7,500 shares at an average price of $14.06, marking a 5.40% increase in his ownership of the company.

American Century Companies Inc. raised its holdings in shares of Mayville Engineering Company, Inc. (NYSE:MEC - Free Report) by 14.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 252,139 shares of the company's stock after buying an additional 32,426 shares during the quarter. American Century Companies Inc. owned about 1.23% of Mayville Engineering worth $3,386,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Mayville Engineering by 29.1% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 15,791 shares of the company's stock worth $212,000 after buying an additional 3,564 shares during the last quarter. Janney Montgomery Scott LLC lifted its holdings in shares of Mayville Engineering by 4.7% during the first quarter. Janney Montgomery Scott LLC now owns 36,309 shares of the company's stock worth $488,000 after buying an additional 1,646 shares during the last quarter. GAMMA Investing LLC lifted its holdings in shares of Mayville Engineering by 9,690.3% during the first quarter. GAMMA Investing LLC now owns 3,035 shares of the company's stock worth $41,000 after buying an additional 3,004 shares during the last quarter. Jane Street Group LLC lifted its holdings in shares of Mayville Engineering by 28.2% during the fourth quarter. Jane Street Group LLC now owns 18,248 shares of the company's stock worth $287,000 after buying an additional 4,013 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. acquired a new position in shares of Mayville Engineering during the first quarter worth approximately $152,000. 45.44% of the stock is currently owned by institutional investors and hedge funds.

Mayville Engineering Price Performance

Mayville Engineering stock traded up $0.59 during mid-day trading on Friday, hitting $14.88. 107,504 shares of the company were exchanged, compared to its average volume of 123,623. The company has a quick ratio of 0.86, a current ratio of 1.63 and a debt-to-equity ratio of 0.28. The business has a fifty day moving average of $15.39 and a 200 day moving average of $14.66. Mayville Engineering Company, Inc. has a 1-year low of $11.72 and a 1-year high of $23.02. The company has a market capitalization of $302.34 million, a PE ratio of 17.50 and a beta of 1.16.

Insider Transactions at Mayville Engineering

In related news, CEO Jagadeesh A. Reddy acquired 7,500 shares of the company's stock in a transaction on Thursday, August 7th. The stock was purchased at an average cost of $14.06 per share, for a total transaction of $105,450.00. Following the completion of the purchase, the chief executive officer directly owned 146,285 shares of the company's stock, valued at $2,056,767.10. The trade was a 5.40% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders acquired 9,400 shares of company stock worth $131,942 in the last three months. Corporate insiders own 7.20% of the company's stock.

Analyst Ratings Changes

A number of brokerages recently commented on MEC. Citigroup restated a "buy" rating and issued a $21.00 target price (up from $17.00) on shares of Mayville Engineering in a research note on Monday, July 14th. Northland Securities raised shares of Mayville Engineering from a "market perform" rating to an "outperform" rating and set a $18.00 price target on the stock in a report on Tuesday, August 12th. Northland Capmk raised shares of Mayville Engineering from a "hold" rating to a "strong-buy" rating in a report on Tuesday, August 12th. Finally, DA Davidson began coverage on shares of Mayville Engineering in a report on Tuesday, June 17th. They issued a "buy" rating and a $23.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Buy" and an average target price of $20.67.

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.