CenterBook Partners LP Has $4.79 Million Position in Mayville Engineering Company, Inc. $MEC

Key Points

• CenterBook Partners LP increased its Mayville Engineering stake by 44% in the fourth quarter, ending with 255,791 shares worth about $4.79 million.
• Wall Street sentiment is mixed but generally positive: several analysts raised price targets, and the stock now carries a Moderate Buy consensus with an average target price of $29.75.
• Despite strong recent share-price performance, insiders have been selling stock, including EVP Ryan F. Raber and SVP Craig D. Nichols, while the company recently posted an earnings beat on both EPS and revenue for the quarter.

CenterBook Partners LP raised its stake in Mayville Engineering Company, Inc. (NYSE:MEC - Free Report) by 44.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 255,791 shares of the company's stock after buying an additional 78,132 shares during the quarter. CenterBook Partners LP owned about 1.26% of Mayville Engineering worth $4,788,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. 22NW LP raised its position in Mayville Engineering by 157.2% during the third quarter. 22NW LP now owns 399,890 shares of the company's stock worth $5,502,000 after acquiring an additional 244,440 shares in the last quarter. Roubaix Capital LLC grew its stake in shares of Mayville Engineering by 110.3% in the third quarter. Roubaix Capital LLC now owns 212,688 shares of the company's stock valued at $2,927,000 after acquiring an additional 111,550 shares in the last quarter. Royce & Associates LP grew its stake in shares of Mayville Engineering by 10.2% in the fourth quarter. Royce & Associates LP now owns 624,307 shares of the company's stock valued at $11,687,000 after acquiring an additional 57,590 shares in the last quarter. UBS Group AG grew its stake in Mayville Engineering by 38.6% during the fourth quarter. UBS Group AG now owns 146,552 shares of the company's stock worth $2,743,000 after buying an additional 40,798 shares in the last quarter. Finally, Blair William & Co. IL grew its stake in Mayville Engineering by 1.0% during the third quarter. Blair William & Co. IL now owns 377,210 shares of the company's stock worth $5,190,000 after buying an additional 3,762 shares in the last quarter. Institutional investors own 45.44% of the company's stock.

Analysts Set New Price Targets

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

Insider Buying and Selling at Mayville Engineering

In other news, EVP Ryan F. Raber sold 20,000 shares of the firm's 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 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 sale was disclosed in a filing with the SEC, which is available through this link. Also, SVP Craig D. Nichols sold 4,000 shares of the firm's stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $23.24, for a total transaction of $92,960.00. Following the sale, the senior vice president directly owned 146 shares of the company's stock, valued at approximately $3,393.04. This trade represents a 96.48% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 63,738 shares of company stock valued at $1,716,390. 5.60% of the stock is currently owned by company insiders.

Mayville Engineering Stock Up 1.2%

Shares of NYSE MEC opened at $33.66 on Tuesday. The company has a 50 day simple moving average of $23.58 and a 200 day simple moving average of $20.45. The firm has a market cap of $689.71 million, a PE ratio of -42.08 and a beta of 1.29. Mayville Engineering Company, Inc. has a 1 year low of $12.10 and a 1 year high of $35.05. 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 (NYSE:MEC - Get Free Report) last issued its quarterly earnings data on Tuesday, May 5th. The company reported ($0.15) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.28) by $0.13. The business had revenue of $144.78 million during the quarter, compared to analyst estimates of $139.18 million. Mayville Engineering had a negative net margin of 2.93% and a negative return on equity of 5.77%. On average, research analysts forecast that Mayville Engineering Company, Inc. will post -0.14 EPS for the current year.

About Mayville Engineering

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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