Panoramic Capital LLC purchased a new position in Mayville Engineering Company, Inc. (NYSE:MEC - Free Report) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 70,000 shares of the company's stock, valued at approximately $2,622,000. Mayville Engineering comprises 1.1% of Panoramic Capital LLC's portfolio, making the stock its 25th biggest holding. Panoramic Capital LLC owned approximately 0.27% of Mayville Engineering as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors have also modified their holdings of the company. Royce & Associates LP grew its position in shares of Mayville Engineering by 10.2% in the fourth quarter. Royce & Associates LP now owns 624,307 shares of the company's stock valued at $11,687,000 after purchasing an additional 57,590 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Mayville Engineering by 5.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 926,216 shares of the company's stock worth $16,625,000 after purchasing an additional 49,041 shares during the last quarter. UBS Group AG boosted its stake in Mayville Engineering by 38.6% during the 4th quarter. UBS Group AG now owns 146,552 shares of the company's stock valued at $2,743,000 after purchasing an additional 40,798 shares during the period. Congruence Capital LLC bought a new stake in Mayville Engineering during the 4th quarter valued at approximately $3,896,000. Finally, North Star Investment Management Corp. acquired a new stake in Mayville Engineering in the 1st quarter valued at approximately $538,000. 45.44% of the stock is currently owned by hedge funds and other institutional investors.
Mayville Engineering Price Performance
Shares of NYSE:MEC opened at $20.63 on Thursday. The firm has a market capitalization of $526.07 million, a PE ratio of -24.56 and a beta of 1.27. The company has a current ratio of 1.70, a quick ratio of 0.96 and a debt-to-equity ratio of 0.39. Mayville Engineering Company, Inc. has a 1-year low of $12.25 and a 1-year high of $38.76. The business's 50 day moving average is $29.22 and its 200-day moving average is $25.17.
Mayville Engineering (NYSE:MEC - Get Free Report) last issued its earnings results on Tuesday, August 4th. The company reported $0.07 EPS for the quarter, beating analysts' consensus estimates of ($0.05) by $0.12. The business had revenue of $162.98 million during the quarter, compared to analyst estimates of $150.59 million. Mayville Engineering had a negative return on equity of 6.63% and a negative net margin of 2.95%. Sell-side analysts predict that Mayville Engineering Company, Inc. will post -0.22 earnings per share for the current year.
Wall Street Analysts Forecast Growth
Several research analysts have commented on MEC shares. DA Davidson lifted their price target on Mayville Engineering from $32.00 to $36.00 and gave the stock a "buy" rating in a research report on Wednesday, July 22nd. Citigroup increased their price objective on Mayville Engineering from $33.00 to $43.00 and gave the company a "buy" rating in a research report on Monday, July 13th. Northland Securities set a $40.00 target price on shares of Mayville Engineering in a research report on Thursday, August 6th. Finally, Weiss Ratings reiterated a "sell (d+)" rating on shares of Mayville Engineering in a research note on Friday, July 10th. Four investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Mayville Engineering presently has a consensus rating of "Moderate Buy" and an average target price of $35.75.
Read Our Latest Stock Report on MEC
Insiders Place Their Bets
In other news, CEO Jagadeesh A. Reddy sold 17,942 shares of the stock in a transaction on Monday, June 1st. The shares were sold at an average price of $30.00, for a total value of $538,260.00. Following the completion of the transaction, the chief executive officer owned 140,445 shares in the company, valued at approximately $4,213,350. This represents a 11.33% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Sean P. Leuba sold 12,855 shares of the firm's stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $25.44, for a total transaction of $327,031.20. Following the transaction, the senior vice president directly owned 6,633 shares of the company's stock, valued at $168,743.52. The trade was a 65.96% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 47,785 shares of company stock valued at $1,460,669. Corporate insiders own 5.60% of the company's stock.
Mayville Engineering Company Profile
(
Free Report)
Mayville Engineering Company, Inc NYSE: MEC is a U.S.-based industrial manufacturer specializing in engineered metal castings and precision machining services. Headquartered in Mayville, Wisconsin, the company leverages over a century of casting experience to design, produce and finish complex metal components for a broad range of heavy-duty applications.
The company operates two principal business segments: iron castings and steel castings. Its iron segment utilizes green sand and lost-foam molding processes to produce gray and ductile iron components, while the steel segment employs electric-arc furnace technology to manufacture high-strength steel castings.
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