Mayville Engineering Company, Inc. $MEC Position Lessened by Goldman Sachs Group Inc.

Key Points

• Goldman Sachs Group Inc. cut its stake in Mayville Engineering Company by 46.9%, selling 100,224 shares and retaining 113,534 shares, which represent about 0.55% of the company's stock.
• Several institutional investors have increased their positions in Mayville Engineering, with Jane Street Group LLC raising its holdings by 158.6% and Polar Asset Management growing its stake by 35.7%.
• Brokerages have upgraded Mayville Engineering's stock ratings, with Northland Capital and Citigroup both issuing higher price targets, contributing to a current consensus rating of Buy and an average price target of $20.67.

Goldman Sachs Group Inc. cut its stake in shares of Mayville Engineering Company, Inc. (NYSE:MEC - Free Report) by 46.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 113,534 shares of the company's stock after selling 100,224 shares during the quarter. Goldman Sachs Group Inc. owned 0.55% of Mayville Engineering worth $1,525,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. Sheets Smith Wealth Management boosted its stake in shares of Mayville Engineering by 3.8% during the 1st quarter. Sheets Smith Wealth Management now owns 37,905 shares of the company's stock worth $509,000 after acquiring an additional 1,380 shares in the last quarter. Janney Montgomery Scott LLC boosted its stake in shares of Mayville Engineering by 4.7% during the 1st quarter. Janney Montgomery Scott LLC now owns 36,309 shares of the company's stock worth $488,000 after acquiring an additional 1,646 shares in the last quarter. Ancora Advisors LLC boosted its stake in shares of Mayville Engineering by 0.6% during the 1st quarter. Ancora Advisors LLC now owns 309,580 shares of the company's stock worth $4,158,000 after acquiring an additional 1,791 shares in the last quarter. Bank of America Corp DE boosted its stake in shares of Mayville Engineering by 1.2% during the 4th quarter. Bank of America Corp DE now owns 216,926 shares of the company's stock worth $3,410,000 after acquiring an additional 2,469 shares in the last quarter. Finally, Martingale Asset Management L P boosted its stake in shares of Mayville Engineering by 6.2% during the 1st quarter. Martingale Asset Management L P now owns 44,815 shares of the company's stock worth $602,000 after acquiring an additional 2,604 shares in the last quarter. 45.44% of the stock is owned by institutional investors.

Mayville Engineering Stock Down 0.8%

Shares of NYSE:MEC traded down $0.11 during midday trading on Tuesday, hitting $14.04. 5,628 shares of the stock were exchanged, compared to its average volume of 113,213. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.86 and a current ratio of 1.63. Mayville Engineering Company, Inc. has a 52-week low of $11.72 and a 52-week high of $23.02. The business's fifty day simple moving average is $14.97 and its two-hundred day simple moving average is $14.64. The company has a market capitalization of $285.29 million, a PE ratio of 16.52 and a beta of 1.16.

Insider Activity

In other news, CEO Jagadeesh A. Reddy acquired 7,500 shares of the business's stock in a transaction that occurred on Thursday, August 7th. The stock was acquired at an average cost of $14.06 per share, for a total transaction of $105,450.00. Following the completion of the acquisition, 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders acquired 9,400 shares of company stock worth $131,942 in the last ninety days. 7.20% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

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

About Mayville Engineering

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.