Empowered Funds LLC Invests $4.37 Million in Mayville Engineering Company, Inc. $MEC

Key Points

• Empowered Funds LLC acquired 116,570 shares of Mayville Engineering, worth approximately $4.37 million and representing about 0.46% of the company. Institutional investors and hedge funds collectively own 45.44% of MEC.
• Analyst sentiment is broadly positive, with four Buy ratings, one Hold, and one Sell; the consensus rating is “Moderate Buy” with a $35.75 price target.
• Mayville Engineering exceeded quarterly expectations, reporting $0.07 earnings per share versus a projected $0.05 loss and revenue of $162.98 million versus the $150.59 million consensus estimate. However, company insiders sold 29,843 shares worth $922,409 over the past 90 days.

Empowered Funds LLC purchased a new position in shares of Mayville Engineering Company, Inc. (NYSE:MEC - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 116,570 shares of the company's stock, valued at approximately $4,367,000. Empowered Funds LLC owned approximately 0.46% of Mayville Engineering as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new stake in Mayville Engineering during the 2nd quarter worth $44,332,000. Dimensional Fund Advisors LP raised its position in shares of Mayville Engineering by 5.6% in the first quarter. Dimensional Fund Advisors LP now owns 926,216 shares of the company's stock valued at $16,625,000 after buying an additional 49,041 shares during the last quarter. Royce & Associates LP raised its position 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 buying an additional 57,590 shares during the last quarter. EVR Research LP purchased a new position in shares of Mayville Engineering in the fourth quarter worth about $11,326,000. Finally, Blair William & Co. IL lifted its stake in shares of Mayville Engineering by 54.8% in the fourth quarter. Blair William & Co. IL now owns 583,759 shares of the company's stock worth $10,928,000 after buying an additional 206,549 shares in the last quarter. 45.44% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Mayville Engineering

In other news, CEO Jagadeesh A. Reddy sold 15,688 shares of the stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $35.05, for a total value of $549,864.40. Following the completion of the sale, the chief executive officer owned 124,105 shares of the company's stock, valued at $4,349,880.25. This represents a 11.22% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, SVP Sean P. Leuba sold 12,855 shares of the firm's stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $25.44, for a total transaction of $327,031.20. Following the sale, the senior vice president owned 6,633 shares of the company's stock, valued at $168,743.52. This represents a 65.96% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 29,843 shares of company stock worth $922,409 over the last ninety days. 5.60% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. Northland Securities set a $40.00 price objective on shares of Mayville Engineering in a research note on Thursday, August 6th. Weiss Ratings reiterated a "sell (d+)" rating on shares of Mayville Engineering in a report on Friday, July 10th. DA Davidson raised their target price on shares of Mayville Engineering from $32.00 to $36.00 and gave the stock a "buy" rating in a research note on Wednesday, July 22nd. Finally, Citigroup boosted their target price on Mayville Engineering from $33.00 to $43.00 and gave the stock a "buy" rating in a report on Monday, July 13th. Four investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $35.75.

Mayville Engineering Stock Up 0.1%

NYSE MEC opened at $19.33 on Tuesday. Mayville Engineering Company, Inc. has a 52 week low of $12.25 and a 52 week high of $38.76. The company has a quick ratio of 0.96, a current ratio of 1.70 and a debt-to-equity ratio of 0.39. The business's fifty day simple moving average is $28.29 and its 200-day simple moving average is $25.13. The firm has a market cap of $492.91 million, a PE ratio of -23.01 and a beta of 1.27.

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

Mayville Engineering Company 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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