Mayville Engineering Company, Inc. $MEC Shares Sold by Expect Equity LLC

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 trimmed its holdings in shares of Mayville Engineering Company, Inc. (NYSE:MEC - Free Report) by 27.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 54,574 shares of the company's stock after selling 20,170 shares during the period. Expect Equity LLC owned 0.27% of Mayville Engineering worth $733,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in MEC. GAMMA Investing LLC boosted its position in Mayville Engineering by 9,690.3% during the 1st quarter. GAMMA Investing LLC now owns 3,035 shares of the company's stock worth $41,000 after purchasing an additional 3,004 shares during the period. Aquatic Capital Management LLC acquired a new position in Mayville Engineering in the 4th quarter worth $44,000. AlphaQuest LLC lifted its holdings in Mayville Engineering by 222.8% in the 1st quarter. AlphaQuest LLC now owns 7,879 shares of the company's stock worth $106,000 after buying an additional 5,438 shares in the last quarter. Oppenheimer Asset Management Inc. acquired a new position in Mayville Engineering in the 1st quarter worth $152,000. Finally, Victory Capital Management Inc. acquired a new position in Mayville Engineering in the 1st quarter worth $180,000. 45.44% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have commented 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 objective on the stock in a report on Tuesday, August 12th. Northland Capmk upgraded shares of Mayville Engineering from a "hold" rating to a "strong-buy" rating in a report on Tuesday, August 12th. Citigroup reiterated a "buy" rating and issued a $21.00 price objective (up previously from $17.00) on shares of Mayville Engineering in a report on Monday, July 14th. Finally, DA Davidson assumed coverage on shares of Mayville Engineering in a report on Tuesday, June 17th. They issued a "buy" rating and a $23.00 price objective on the stock. 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, Mayville Engineering presently has a consensus rating of "Buy" and an average target price of $20.67.

Insiders Place Their Bets

In other Mayville Engineering news, CEO Jagadeesh A. Reddy acquired 7,500 shares of the company's stock in a transaction that occurred on Thursday, August 7th. The shares were purchased at an average price of $14.06 per share, for a total transaction of $105,450.00. Following the completion of the purchase, the chief executive officer directly owned 146,285 shares in the company, valued at $2,056,767.10. The trade was a 5.40% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Insiders have bought a total of 9,400 shares of company stock worth $131,942 in the last quarter. 7.20% of the stock is owned by corporate insiders.

Mayville Engineering Stock Performance

MEC traded down $0.12 on Wednesday, hitting $14.34. 26,363 shares of the company's stock were exchanged, compared to its average volume of 112,509. The firm has a market cap of $291.29 million, a PE ratio of 16.87 and a beta of 1.16. Mayville Engineering Company, Inc. has a twelve month low of $11.72 and a twelve month high of $23.02. The stock has a fifty day moving average of $15.47 and a two-hundred day moving average of $14.68. 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 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.