Formula Growth Ltd. Takes Position in Mayville Engineering Company, Inc. $MEC

Formula Growth Ltd. acquired a new stake in Mayville Engineering Company, Inc. (NYSE:MEC - Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 75,000 shares of the company's stock, valued at approximately $2,810,000. Formula Growth Ltd. owned about 0.29% of Mayville Engineering at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. BlackRock Inc. acquired a new position in Mayville Engineering in the 2nd quarter valued at approximately $44,332,000. Dimensional Fund Advisors LP lifted its holdings in shares of Mayville Engineering by 5.6% during the first quarter. Dimensional Fund Advisors LP now owns 926,216 shares of the company's stock worth $16,625,000 after purchasing an additional 49,041 shares during the period. 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 worth $11,687,000 after purchasing an additional 57,590 shares during the last quarter. EVR Research LP bought a new stake in shares of Mayville Engineering in the fourth quarter worth $11,326,000. Finally, Blair William & Co. IL grew 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 purchasing an additional 206,549 shares during the last quarter. 45.44% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, SVP Sean P. Leuba sold 12,855 shares of Mayville Engineering stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $25.44, for a total value of $327,031.20. Following the completion of the transaction, the senior vice president directly owned 6,633 shares of the company's stock, valued at approximately $168,743.52. This trade represents a 65.96% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Jagadeesh A. Reddy sold 15,688 shares of the business's stock in a transaction dated 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 transaction, the chief executive officer directly owned 124,105 shares in the company, valued at $4,349,880.25. This represents a 11.22% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 47,785 shares of company stock worth $1,460,669 in the last ninety days. Insiders own 5.60% of the company's stock.

Wall Street Analyst Weigh In

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

Mayville Engineering Stock Down 2.0%

Shares of NYSE MEC opened at $20.26 on Friday. The company has a market capitalization of $516.63 million, a P/E ratio of -24.12 and a beta of 1.27. Mayville Engineering Company, Inc. has a 52-week low of $12.25 and a 52-week high of $38.76. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.96 and a current ratio of 1.70. The company's 50 day moving average price is $28.92 and its 200-day moving average price is $25.16.

Mayville Engineering (NYSE:MEC - Get Free Report) last posted its quarterly earnings data on Tuesday, August 4th. The company reported $0.07 earnings per share for the quarter, topping 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 company had revenue of $162.98 million during the quarter, compared to analysts' expectations of $150.59 million. Equities analysts forecast that Mayville Engineering Company, Inc. will post -0.22 earnings per share 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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