EVR Research LP Invests $11.33 Million in Mayville Engineering Company, Inc. $MEC

Key Points

• EVR Research LP initiated a new position in Mayville Engineering, buying 605,000 shares worth about $11.33 million. The stake represented roughly 2.98% of the company and was EVR’s fifth-largest holding.
• Mayville Engineering reported better-than-expected quarterly results, posting EPS of -$0.15 versus estimates of -$0.28 and revenue of $144.78 million versus expectations of $139.18 million.
• Analysts remain generally constructive, with the stock carrying a Moderate Buy rating and an average price target of $29.75, while several firms recently raised targets into the low-30s.

EVR Research LP bought a new position in shares of Mayville Engineering Company, Inc. (NYSE:MEC - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 605,000 shares of the company's stock, valued at approximately $11,326,000. Mayville Engineering makes up 6.1% of EVR Research LP's holdings, making the stock its 5th largest position. EVR Research LP owned about 2.98% of Mayville Engineering at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of MEC. BNP Paribas Financial Markets raised its stake in shares of Mayville Engineering by 109.0% during the 3rd quarter. BNP Paribas Financial Markets now owns 2,751 shares of the company's stock worth $38,000 after buying an additional 1,435 shares in the last quarter. Clearstead Advisors LLC raised its stake in shares of Mayville Engineering by 194.9% during the 4th quarter. Clearstead Advisors LLC now owns 2,094 shares of the company's stock worth $39,000 after buying an additional 1,384 shares in the last quarter. State of Alaska Department of Revenue purchased a new position in shares of Mayville Engineering during the 4th quarter worth approximately $73,000. Picton Mahoney Asset Management purchased a new position in shares of Mayville Engineering during the 4th quarter worth approximately $109,000. Finally, JPMorgan Chase & Co. raised its stake in shares of Mayville Engineering by 20.7% during the 2nd quarter. JPMorgan Chase & Co. now owns 7,936 shares of the company's stock worth $127,000 after buying an additional 1,359 shares in the last quarter. 45.44% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

Mayville Engineering Stock Performance

MEC opened at $33.31 on Thursday. The stock has a market cap of $682.50 million, a P/E ratio of -41.64 and a beta of 1.29. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.64 and a quick ratio of 0.91. The stock's 50 day simple moving average is $25.92 and its 200 day simple moving average is $21.37. Mayville Engineering Company, Inc. has a 1-year low of $12.10 and a 1-year high of $36.50.

Mayville Engineering (NYSE:MEC - Get Free Report) last released its quarterly earnings results on Tuesday, May 5th. The company reported ($0.15) earnings per share for the quarter, topping analysts' consensus estimates of ($0.28) by $0.13. The business had revenue of $144.78 million for the quarter, compared to analysts' expectations of $139.18 million. Mayville Engineering had a negative return on equity of 5.77% and a negative net margin of 2.93%. As a group, equities analysts anticipate that Mayville Engineering Company, Inc. will post -0.14 EPS for the current fiscal year.

Insider Buying and Selling at Mayville Engineering

In other Mayville Engineering news, EVP Ryan F. Raber sold 20,000 shares of the stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $26.00, for a total transaction of $520,000.00. Following the sale, the executive vice president owned 86,970 shares in the company, valued at approximately $2,261,220. This represents a 18.70% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Craig D. Nichols sold 4,000 shares of the stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $23.24, for a total value of $92,960.00. Following the sale, the senior vice president owned 146 shares in the company, valued at approximately $3,393.04. This trade represents a 96.48% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 80,726 shares of company stock worth $2,311,768. 5.60% of the stock is owned by insiders.

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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