Bank of America Corp DE Makes New Investment in Mayville Engineering Company, Inc. $MEC

Key Points

• Bank of America initiated a position in Mayville Engineering, purchasing 276,317 shares valued at approximately $10.35 million, or about 1.08% of the company. Several other institutional investors also established new stakes, bringing institutional ownership to 45.44%.
• Analyst sentiment is generally positive: Mayville Engineering has a consensus rating of “Moderate Buy” and an average price target of $35.75, despite ratings ranging from Buy to Sell.
• The company exceeded quarterly expectations, reporting adjusted EPS of $0.07 versus a projected loss of $0.05 and revenue of $162.98 million against estimates of $150.59 million. However, it continues to report negative net margins and return on equity.

Bank of America Corp DE purchased a new stake in shares of Mayville Engineering Company, Inc. (NYSE:MEC - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 276,317 shares of the company's stock, valued at approximately $10,351,000. Bank of America Corp DE owned about 1.08% of Mayville Engineering at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in MEC. Jupiter Topco LLC bought a new position in Mayville Engineering in the 2nd quarter worth approximately $21,550,000. AWM Investment Company Inc. bought a new stake in Mayville Engineering during the 2nd quarter valued at $6,743,000. Osterweis Capital Management Inc. bought a new stake in Mayville Engineering during the 2nd quarter valued at $6,541,000. Legal & General Group Plc purchased a new stake in shares of Mayville Engineering during the second quarter worth $53,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Mayville Engineering in the second quarter worth $259,000. Institutional investors own 45.44% of the company's stock.

Insider Transactions at Mayville Engineering

In other Mayville Engineering news, SVP Sean Leuba sold 12,855 shares of the stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $25.44, for a total transaction of $327,031.20. Following the transaction, the senior vice president directly owned 6,633 shares in the company, valued at $168,743.52. This trade represents a 65.96% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 5.60% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

MEC has been the topic of a number of recent analyst reports. Citigroup increased their price target on shares of Mayville Engineering from $33.00 to $43.00 and gave the stock a "buy" rating in a report on Monday, July 13th. 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 note on Wednesday, July 22nd. Weiss Ratings restated a "sell (d+)" rating on shares of Mayville Engineering in a research report on Friday, July 10th. Finally, Northland Securities set a $40.00 price target on Mayville Engineering in a research report on Thursday, August 6th. Four equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, Mayville Engineering currently has a consensus rating of "Moderate Buy" and an average price target of $35.75.

Mayville Engineering Stock Performance

NYSE MEC opened at $17.18 on Friday. Mayville Engineering Company, Inc. has a 52-week low of $12.25 and a 52-week high of $38.76. The company has a fifty day moving average of $22.23 and a 200-day moving average of $24.73. The company has a market capitalization of $438.12 million, a P/E ratio of -20.45 and a beta of 1.26. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.96 and a current ratio of 1.70.

Mayville Engineering (NYSE:MEC - Get Free Report) last released its earnings results on Tuesday, August 4th. The company reported $0.07 EPS for the quarter, beating analysts' consensus estimates of ($0.05) by $0.12. The business had revenue of $162.98 million for the quarter, compared to analysts' expectations of $150.59 million. Mayville Engineering had a negative return on equity of 6.63% and a negative net margin of 2.95%. As a group, equities research analysts predict that Mayville Engineering Company, Inc. will post -0.22 EPS for the current fiscal year.

Mayville Engineering Profile

Mayville Engineering Company, Inc NYSE: MEC is a contract manufacturer that provides engineered metal fabrication and assembly services to original equipment manufacturers. Based in Mayville, Wisconsin, the company supports customers from product design and prototyping through production and final assembly.

MEC's capabilities include laser cutting, stamping, forming, machining, robotic and manual welding, powder coating, wet painting, and complex assembly. Its products and components include structural frames, chassis, fuel and hydraulic tanks, operator platforms, and other fabricated metal assemblies used in manufactured equipment.

The company serves a diverse range of end markets, including construction, agriculture, powersports, commercial vehicles, and other off-highway equipment industries.

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