AWM Investment Company Inc. purchased a new stake in shares of Mayville Engineering Company, Inc. (NYSE:MEC - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 180,000 shares of the company's stock, valued at approximately $6,743,000. AWM Investment Company Inc. owned approximately 0.71% of Mayville Engineering as of its most recent SEC filing.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Empowered Funds LLC increased its holdings in Mayville Engineering by 7.3% in the 1st quarter. Empowered Funds LLC now owns 98,207 shares of the company's stock worth $1,319,000 after buying an additional 6,694 shares in the last quarter. Jane Street Group LLC lifted its position in Mayville Engineering by 158.6% during the first quarter. Jane Street Group LLC now owns 47,194 shares of the company's stock valued at $634,000 after purchasing an additional 28,946 shares during the period. Geode Capital Management LLC boosted its holdings in Mayville Engineering by 9.5% in the second quarter. Geode Capital Management LLC now owns 318,321 shares of the company's stock worth $5,081,000 after purchasing an additional 27,552 shares during the last quarter. JPMorgan Chase & Co. raised its stake in Mayville Engineering by 20.7% during the 2nd quarter. JPMorgan Chase & Co. now owns 7,936 shares of the company's stock valued at $127,000 after buying an additional 1,359 shares during the last quarter. Finally, Rhumbline Advisers lifted its holdings in shares of Mayville Engineering by 8.3% during the 2nd quarter. Rhumbline Advisers now owns 19,969 shares of the company's stock valued at $319,000 after buying an additional 1,526 shares during the period. 45.44% of the stock is owned by institutional investors.
Mayville Engineering Price Performance
Shares of Mayville Engineering stock opened at $20.52 on Wednesday. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.96 and a current ratio of 1.70. The stock has a 50 day moving average price of $29.48 and a 200-day moving average price of $25.17. The stock has a market cap of $523.29 million, a price-to-earnings ratio of -24.43 and a beta of 1.27. Mayville Engineering Company, Inc. has a one year low of $12.25 and a one 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 (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.12. The business had revenue of $162.98 million during the quarter, compared to analyst estimates of $150.59 million. Mayville Engineering had a negative return on equity of 6.63% and a negative net margin of 2.95%. Equities analysts expect that Mayville Engineering Company, Inc. will post -0.22 EPS for the current year.
Insider Activity
In related news, SVP Sean P. Leuba sold 12,855 shares of the business's stock in a transaction that occurred on 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 transaction, the senior vice president 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 sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Jagadeesh A. Reddy sold 15,688 shares of the company's 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 sale, the chief executive officer owned 124,105 shares of the company's stock, valued at $4,349,880.25. This trade represents a 11.22% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 47,785 shares of company stock valued at $1,460,669. Company insiders own 5.60% of the company's stock.
Analyst Ratings Changes
Several research analysts have recently weighed in on the stock. Weiss Ratings reiterated a "sell (d+)" rating on shares of Mayville Engineering in a research note on Friday, July 10th. Northland Securities set a $40.00 price objective on Mayville Engineering in a research note on Thursday, August 6th. DA Davidson lifted their price objective on Mayville Engineering from $32.00 to $36.00 and gave the company a "buy" rating in a research report on Wednesday, July 22nd. Finally, Citigroup lifted their price objective on Mayville Engineering from $33.00 to $43.00 and gave the company a "buy" rating in a research report on Monday, July 13th. Four research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $35.75.
Check Out Our Latest Report on MEC
Mayville Engineering Company Profile
(
Free Report)
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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