47,917 Shares in Mayville Engineering Company, Inc. $MEC Acquired by Nuveen LLC

Key Points

• Nuveen LLC has acquired 47,917 shares of Mayville Engineering Company, valued at approximately $644,000, representing about 0.23% of the company’s stock.
• CEO Jagadeesh A. Reddy increased his stake in the company by purchasing 7,500 shares for $105,450, bringing his total ownership to approximately $2.06 million.
• Analysts have upgraded Mayville Engineering's stock ratings, with Northland Securities raising it to an "outperform" status and setting a price target of $18.00.

Nuveen LLC acquired a new position in Mayville Engineering Company, Inc. (NYSE:MEC - Free Report) during the first quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 47,917 shares of the company's stock, valued at approximately $644,000. Nuveen LLC owned 0.23% of Mayville Engineering as of its most recent SEC filing.

A number of other large investors have also modified their holdings of MEC. Raymond James Financial Inc. acquired a new stake in shares of Mayville Engineering in the 4th quarter worth about $269,000. Barclays PLC increased its holdings in shares of Mayville Engineering by 1.8% in the 4th quarter. Barclays PLC now owns 38,143 shares of the company's stock worth $600,000 after acquiring an additional 657 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Mayville Engineering by 13.7% in the 4th 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 period. Aquatic Capital Management LLC acquired a new stake in shares of Mayville Engineering in the 4th quarter worth about $44,000. Finally, Northern Trust Corp grew its position in Mayville Engineering by 3.2% in the 4th quarter. Northern Trust Corp now owns 101,334 shares of the company's stock valued at $1,593,000 after buying an additional 3,134 shares in the last quarter. Institutional investors and hedge funds own 45.44% of the company's stock.

Insider Activity at Mayville Engineering

In other news, CEO Jagadeesh A. Reddy bought 7,500 shares of the firm's stock in a transaction on Thursday, August 7th. The stock was bought 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 directly owned 146,285 shares in the company, valued at $2,056,767.10. This represents a 5.40% increase in their position. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders have bought 9,400 shares of company stock valued at $131,942 in the last ninety days. Company insiders own 7.20% of the company's stock.

Analyst Ratings Changes

A number of equities analysts recently issued reports on MEC shares. Citigroup reiterated a "buy" rating and issued a $21.00 target price (up previously from $17.00) on shares of Mayville Engineering in a research report on Monday, July 14th. Northland Securities upgraded shares of Mayville Engineering from a "market perform" rating to an "outperform" rating and set a $18.00 target price for the company in a research report on Tuesday, August 12th. Northland Capmk upgraded shares of Mayville Engineering from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, August 12th. Finally, 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 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and an average price target of $20.67.

Mayville Engineering Trading Down 3.6%

Shares of MEC traded down $0.54 during midday trading on Tuesday, hitting $14.48. The stock had a trading volume of 23,146 shares, compared to its average volume of 112,172. Mayville Engineering Company, Inc. has a fifty-two week low of $11.72 and a fifty-two week high of $23.02. The business has a 50-day simple moving average of $15.37 and a two-hundred day simple moving average of $14.65. The firm has a market cap of $294.13 million, a P/E ratio of 17.03 and a beta of 1.16. The company has a current ratio of 1.63, a quick ratio of 0.86 and a debt-to-equity ratio of 0.28.

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.