Blair William & Co. IL Trims Stake in Mayville Engineering Company, Inc. (NYSE:MEC)

Key Points

• Blair William & Co. IL has reduced its stake in Mayville Engineering by 53.3%, owning 92,250 shares after selling 105,490 shares in the first quarter.
• CEO Jagadeesh A. Reddy acquired 7,500 shares of the company's stock, increasing his holdings by 5.40% to a total value of approximately $2.06 million.
• Analyst recommendations for Mayville Engineering include a "buy" rating from DA Davidson with a price target of $23.00 and from Citigroup, which raised its target to $21.00.

Blair William & Co. IL trimmed its holdings in Mayville Engineering Company, Inc. (NYSE:MEC - Free Report) by 53.3% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 92,250 shares of the company's stock after selling 105,490 shares during the period. Blair William & Co. IL owned approximately 0.45% of Mayville Engineering worth $1,239,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in MEC. GAMMA Investing LLC grew its stake in shares of Mayville Engineering by 9,690.3% in the first quarter. GAMMA Investing LLC now owns 3,035 shares of the company's stock valued at $41,000 after buying an additional 3,004 shares in the last quarter. Aquatic Capital Management LLC purchased a new position in Mayville Engineering in the fourth quarter valued at $44,000. Oppenheimer Asset Management Inc. purchased a new position in Mayville Engineering in the first quarter valued at $152,000. Victory Capital Management Inc. purchased a new position in Mayville Engineering in the first quarter valued at $180,000. Finally, Deutsche Bank AG boosted its holdings in Mayville Engineering by 94.7% in the fourth quarter. Deutsche Bank AG now owns 12,122 shares of the company's stock valued at $191,000 after purchasing an additional 5,897 shares during the period. 45.44% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

MEC has been the subject of a number of analyst reports. Citigroup reiterated a "buy" rating and set a $21.00 target price (up previously from $17.00) on shares of Mayville Engineering in a research note on Monday, July 14th. Northland Securities raised 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. DA Davidson began coverage on Mayville Engineering in a research report on Tuesday, June 17th. They issued a "buy" rating and a $23.00 price target on the stock. Finally, Northland Capmk upgraded Mayville Engineering from a "hold" rating to a "strong-buy" rating in a research report on Tuesday.

Mayville Engineering Stock Performance

NYSE MEC traded down $0.37 on Thursday, hitting $14.57. 116,553 shares of the company's stock were exchanged, compared to its average volume of 113,886. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.63 and a quick ratio of 0.86. The firm's 50-day moving average price is $15.74 and its two-hundred day moving average price is $14.81. Mayville Engineering Company, Inc. has a fifty-two week low of $11.72 and a fifty-two week high of $23.02. The firm has a market cap of $296.04 million, a price-to-earnings ratio of 17.14 and a beta of 1.19.

Insider Transactions at Mayville Engineering

In other Mayville Engineering news, CEO Jagadeesh A. Reddy bought 7,500 shares of the company's stock in a transaction on Thursday, August 7th. The shares were bought at an average price of $14.06 per share, for a total transaction of $105,450.00. Following the transaction, the chief executive officer owned 146,285 shares of the company's stock, valued at approximately $2,056,767.10. This trade represents a 5.40% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In the last 90 days, insiders purchased 9,400 shares of company stock worth $131,942. Insiders own 7.20% of the company's stock.

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.