Arrowstreet Capital Limited Partnership Lowers Stock Holdings in Mayville Engineering Company, Inc. $MEC

Arrowstreet Capital Limited Partnership reduced its holdings in shares of Mayville Engineering Company, Inc. (NYSE:MEC - Free Report) by 35.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 185,261 shares of the company's stock after selling 103,189 shares during the period. Arrowstreet Capital Limited Partnership owned about 0.90% of Mayville Engineering worth $3,325,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in MEC. Royce & Associates LP raised its holdings in Mayville Engineering by 10.2% during the fourth quarter. Royce & Associates LP now owns 624,307 shares of the company's stock worth $11,687,000 after purchasing an additional 57,590 shares in the last quarter. UBS Group AG grew its position in shares of Mayville Engineering by 38.6% in the 4th quarter. UBS Group AG now owns 146,552 shares of the company's stock valued at $2,743,000 after buying an additional 40,798 shares during the last quarter. Congruence Capital LLC purchased a new position in shares of Mayville Engineering in the 4th quarter valued at $3,896,000. North Star Investment Management Corp. acquired a new stake in Mayville Engineering during the 1st quarter worth $538,000. Finally, EVR Research LP acquired a new stake in Mayville Engineering during the 4th quarter worth $11,326,000. 45.44% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have recently issued reports on MEC. Northland Securities set a $30.00 target price on shares of Mayville Engineering in a research report on Thursday, May 7th. DA Davidson raised their price objective on shares of Mayville Engineering from $32.00 to $36.00 and gave the stock a "buy" rating in a research report on Wednesday, July 22nd. Citigroup lifted their price objective on shares of Mayville Engineering from $33.00 to $43.00 and gave the company a "buy" rating in a research note on Monday, July 13th. Finally, Weiss Ratings reiterated a "sell (d+)" rating on shares of Mayville Engineering in a research note on Friday, July 10th. Four 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. According to MarketBeat, Mayville Engineering has a consensus rating of "Moderate Buy" and a consensus price target of $33.25.

Insider Activity at Mayville Engineering

In other Mayville Engineering news, CEO Jagadeesh A. Reddy sold 15,688 shares of the business's stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $35.05, for a total transaction of $549,864.40. Following the sale, the chief executive officer directly owned 124,105 shares in the company, valued at approximately $4,349,880.25. The trade was a 11.22% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Ryan F. Raber sold 20,000 shares of the stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $26.00, for a total value of $520,000.00. Following the sale, the executive vice president owned 86,970 shares of the company's stock, valued at $2,261,220. This trade represents a 18.70% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 80,726 shares of company stock worth $2,311,768 in the last three months. 5.60% of the stock is owned by company insiders.

Mayville Engineering Price Performance

MEC opened at $27.79 on Wednesday. The stock has a market capitalization of $569.42 million, a PE ratio of -34.74 and a beta of 1.27. The company's 50 day simple moving average is $32.23 and its 200 day simple moving average is $24.72. Mayville Engineering Company, Inc. has a 1 year low of $12.10 and a 1 year high of $38.76. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.91 and a current ratio of 1.64.

Mayville Engineering (NYSE:MEC - Get Free Report) last released its quarterly earnings data on Tuesday, August 4th. The company reported $0.07 EPS for the quarter, beating the consensus estimate of ($0.05) by $0.12. The company had revenue of $162.98 million for the quarter, compared to analyst estimates of $150.59 million. Mayville Engineering had a negative return on equity of 5.77% and a negative net margin of 2.93%. As a group, sell-side analysts expect that Mayville Engineering Company, Inc. will post -0.08 EPS for the current year.

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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