Mayville Engineering Company, Inc. $MEC Shares Sold by Granahan Investment Management LLC

Key Points

• Granahan Investment Management LLC reduced its stake in Mayville Engineering Company, Inc. by 17.4%, owning 478,038 shares valued at approximately $6.42 million after selling 100,929 shares in the first quarter.
• CEO Jagadeesh A. Reddy purchased 7,500 shares of Mayville Engineering for about $105,450, increasing his ownership by 5.40% to 146,285 shares.
• Recent analyst reports have upgraded Mayville Engineering, with a consensus price target of $20.67, indicating optimism for the stock's future performance.

Granahan Investment Management LLC trimmed its position in shares of Mayville Engineering Company, Inc. (NYSE:MEC - Free Report) by 17.4% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 478,038 shares of the company's stock after selling 100,929 shares during the period. Granahan Investment Management LLC owned about 2.34% of Mayville Engineering worth $6,420,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the company. Bridgeway Capital Management LLC grew its holdings in Mayville Engineering by 3.8% during the 1st quarter. Bridgeway Capital Management LLC now owns 212,875 shares of the company's stock valued at $2,859,000 after purchasing an additional 7,794 shares during the last quarter. Ancora Advisors LLC grew its stake in Mayville Engineering by 0.6% in 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. State of Wyoming grew its stake in Mayville Engineering by 190.2% in the 1st quarter. State of Wyoming now owns 18,078 shares of the company's stock worth $243,000 after acquiring an additional 11,849 shares in the last quarter. AlphaQuest LLC grew its stake 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 acquiring an additional 5,438 shares in the last quarter. Finally, Martingale Asset Management L P grew its stake in Mayville Engineering by 6.2% in 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 currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on MEC shares. DA Davidson started coverage on shares of Mayville Engineering in a research report on Tuesday, June 17th. They issued a "buy" rating and a $23.00 price target for the company. Northland Securities raised 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. Northland Capmk raised shares of Mayville Engineering from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, August 12th. Finally, Citigroup reaffirmed a "buy" rating and issued a $21.00 price target (up previously from $17.00) on shares of Mayville Engineering in a research report on Monday, July 14th. One research analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the company's stock. According to data from MarketBeat.com, Mayville Engineering has a consensus rating of "Buy" and a consensus price target of $20.67.

Insider Transactions at Mayville Engineering

In related news, CEO Jagadeesh A. Reddy purchased 7,500 shares of the business's stock in a transaction on Thursday, August 7th. The shares were acquired at an average price of $14.06 per share, for a total transaction of $105,450.00. Following the purchase, the chief executive officer owned 146,285 shares of the company's stock, valued at $2,056,767.10. This trade represents a 5.40% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In the last quarter, insiders have purchased 9,400 shares of company stock worth $131,942. Corporate insiders own 7.20% of the company's stock.

Mayville Engineering Stock Performance

Mayville Engineering stock traded down $0.64 during mid-day trading on Tuesday, reaching $14.37. 95,600 shares of the company traded hands, compared to its average volume of 112,601. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.63 and a quick ratio of 0.86. Mayville Engineering Company, Inc. has a fifty-two week low of $11.72 and a fifty-two week high of $23.02. The company has a market capitalization of $292.00 million, a price-to-earnings ratio of 16.91 and a beta of 1.16. The firm's fifty day moving average is $15.37 and its two-hundred day moving average is $14.65.

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.