Expect Equity LLC Cuts Position in Mayville Engineering Company, Inc. $MEC

Key Points

• Expect Equity LLC reduced its stake in Mayville Engineering Company by 27%, owning 54,574 shares valued at approximately $733,000 after selling 20,170 shares in the 1st quarter.
• Several other institutional investors have increased their positions, with Barclays PLC acquiring an additional 657 shares, bringing its total to 38,143 shares valued at $600,000.
• Analysts are generally optimistic about Mayville Engineering, with Northland Securities upgrading the stock to an "outperform" rating and setting a price target of $18.00, contributing to an average rating of "Buy" with a consensus target price of $20.67.

Expect Equity LLC cut its stake in Mayville Engineering Company, Inc. (NYSE:MEC - Free Report) by 27.0% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 54,574 shares of the company's stock after selling 20,170 shares during the period. Expect Equity LLC owned about 0.27% of Mayville Engineering worth $733,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Barclays PLC grew its position in Mayville Engineering by 1.8% in the fourth quarter. Barclays PLC now owns 38,143 shares of the company's stock worth $600,000 after acquiring an additional 657 shares in the last quarter. Sheets Smith Wealth Management boosted its position in Mayville Engineering by 3.8% during the first quarter. Sheets Smith Wealth Management now owns 37,905 shares of the company's stock valued at $509,000 after buying an additional 1,380 shares during the period. Janney Montgomery Scott LLC boosted its position in Mayville Engineering by 4.7% during the first quarter. Janney Montgomery Scott LLC now owns 36,309 shares of the company's stock valued at $488,000 after buying an additional 1,646 shares during the period. Bank of America Corp DE boosted its position in Mayville Engineering by 1.2% during the fourth quarter. Bank of America Corp DE now owns 216,926 shares of the company's stock valued at $3,410,000 after buying an additional 2,469 shares during the period. Finally, Martingale Asset Management L P boosted its position in Mayville Engineering by 6.2% during the first quarter. Martingale Asset Management L P now owns 44,815 shares of the company's stock valued at $602,000 after buying an additional 2,604 shares during the period. 45.44% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Northland Securities upgraded shares of Mayville Engineering from a "market perform" rating to an "outperform" rating and set a $18.00 price target for the company in a research report on Tuesday, August 12th. DA Davidson assumed coverage on shares of Mayville Engineering in a research report on Tuesday, June 17th. They set a "buy" rating and a $23.00 price target for the company. Citigroup restated a "buy" rating and set a $21.00 price target (up from $17.00) on shares of Mayville Engineering in a research report on Monday, July 14th. Finally, Northland Capmk upgraded shares of Mayville Engineering from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, August 12th. One research analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Buy" and a consensus target price of $20.67.

Mayville Engineering Stock Performance

Shares of NYSE:MEC opened at $14.61 on Friday. The company has a market cap of $296.74 million, a price-to-earnings ratio of 17.18 and a beta of 1.19. The company has a 50-day moving average price of $15.57 and a 200-day moving average price of $14.70. The company has a current ratio of 1.63, a quick ratio of 0.86 and a debt-to-equity ratio of 0.28. Mayville Engineering Company, Inc. has a 12 month low of $11.72 and a 12 month high of $23.02.

Insider Activity at Mayville Engineering

In other news, CEO Jagadeesh A. Reddy acquired 7,500 shares of the stock in a transaction dated Thursday, August 7th. The stock was purchased at an average cost of $14.06 per share, with a total value of $105,450.00. Following the completion of the purchase, the chief executive officer owned 146,285 shares in the company, valued at approximately $2,056,767.10. The trade was a 5.40% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have bought 9,400 shares of company stock worth $131,942 over the last ninety days. Corporate insiders own 7.20% of the company's stock.

Mayville Engineering Company Profile

Mayville Engineering Company, Inc, together with its subsidiaries, engages in the production, design, prototyping and tooling, fabrication, aluminum extrusion, coating, and assembling of aftermarket components in the United States. It also supplies engineered components to original equipment manufacturers.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.