Millennium Management LLC Takes Position in Mayville Engineering Company, Inc. (NYSE:MEC)

Millennium Management LLC purchased a new position in Mayville Engineering Company, Inc. (NYSE:MEC - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 30,344 shares of the company's stock, valued at approximately $477,000. Millennium Management LLC owned about 0.15% of Mayville Engineering at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP increased its stake in Mayville Engineering by 13.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 704,659 shares of the company's stock worth $11,077,000 after acquiring an additional 85,086 shares during the last quarter. Royce & Associates LP increased its position in Mayville Engineering by 4.2% during the 4th quarter. Royce & Associates LP now owns 584,297 shares of the company's stock worth $9,185,000 after purchasing an additional 23,749 shares in the last quarter. Granahan Investment Management LLC raised its holdings in Mayville Engineering by 71.2% in the fourth quarter. Granahan Investment Management LLC now owns 578,967 shares of the company's stock valued at $9,101,000 after buying an additional 240,752 shares during the period. First Eagle Investment Management LLC lifted its position in Mayville Engineering by 10.8% during the fourth quarter. First Eagle Investment Management LLC now owns 332,375 shares of the company's stock valued at $5,225,000 after buying an additional 32,500 shares in the last quarter. Finally, Ancora Advisors LLC grew its stake in Mayville Engineering by 24.6% during the fourth quarter. Ancora Advisors LLC now owns 307,789 shares of the company's stock worth $4,838,000 after buying an additional 60,786 shares during the period. Hedge funds and other institutional investors own 45.44% of the company's stock.

Mayville Engineering Stock Down 1.2%

NYSE MEC traded down $0.17 on Friday, reaching $14.58. The company had a trading volume of 92,526 shares, compared to its average volume of 114,045. The firm has a market capitalization of $298.32 million, a PE ratio of 24.71 and a beta of 1.18. The firm has a 50-day moving average of $14.01 and a 200-day moving average of $14.90. Mayville Engineering Company, Inc. has a 1 year low of $11.72 and a 1 year high of $23.02. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.77 and a quick ratio of 0.91.

Mayville Engineering (NYSE:MEC - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The company reported $0.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.01 by $0.03. The firm had revenue of $135.58 million for the quarter, compared to the consensus estimate of $134.52 million. Mayville Engineering had a net margin of 2.01% and a return on equity of 5.20%. During the same quarter in the previous year, the firm posted $0.22 EPS. On average, equities research analysts anticipate that Mayville Engineering Company, Inc. will post 0.31 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Separately, Citigroup reduced their target price on shares of Mayville Engineering from $18.00 to $16.00 and set a "buy" rating on the stock in a report on Monday, April 14th.

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.