Polar Asset Management Partners Inc. Raises Holdings in Mayville Engineering Company, Inc. $MEC

Key Points

• Polar Asset Management Partners Inc. has increased its stake in Mayville Engineering Company by 35.7%, acquiring an additional 34,500 shares and now holding 131,053 shares valued at approximately $1.76 million.
• Insider trading activity includes CEO Jagadeesh A. Reddy purchasing 7,500 shares at $14.06 each, which increased his ownership by 5.40% and brought his total holdings to 146,285 shares worth over $2 million.
• Mayville Engineering's stock has received positive upgrades from several analysts, with target prices ranging from $18.00 to $23.00, indicating a favorable outlook for the company's future performance.

Polar Asset Management Partners Inc. boosted its position in shares of Mayville Engineering Company, Inc. (NYSE:MEC - Free Report) by 35.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 131,053 shares of the company's stock after buying an additional 34,500 shares during the period. Polar Asset Management Partners Inc. owned approximately 0.64% of Mayville Engineering worth $1,760,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in MEC. Nokomis Capital L.L.C. increased its position in Mayville Engineering by 270.0% in the fourth quarter. Nokomis Capital L.L.C. now owns 449,792 shares of the company's stock worth $7,071,000 after purchasing an additional 328,223 shares during the last quarter. Granahan Investment Management LLC grew its stake in shares of Mayville Engineering by 71.2% in the 4th quarter. Granahan Investment Management LLC now owns 578,967 shares of the company's stock worth $9,101,000 after buying an additional 240,752 shares in the last quarter. CenterBook Partners LP bought a new stake in shares of Mayville Engineering in the 1st quarter worth about $1,324,000. 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 buying an additional 85,086 shares during the last quarter. Finally, Expect Equity LLC purchased a new stake in shares of Mayville Engineering during the 4th quarter valued at about $1,175,000. Institutional investors own 45.44% of the company's stock.

Insider Transactions at Mayville Engineering

In other Mayville Engineering news, CEO Jagadeesh A. Reddy acquired 7,500 shares of the company's stock in a transaction that occurred on Thursday, August 7th. The stock was bought at an average price of $14.06 per share, for a total transaction of $105,450.00. Following the acquisition, the chief executive officer directly owned 146,285 shares in the company, valued at $2,056,767.10. The trade was a 5.40% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In the last three months, insiders acquired 9,400 shares of company stock worth $131,942. 7.20% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. Northland Securities upgraded 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. DA Davidson assumed coverage on Mayville Engineering in a report on Tuesday, June 17th. They issued a "buy" rating and a $23.00 target price for the company. Northland Capmk upgraded Mayville Engineering from a "hold" rating to a "strong-buy" rating in a report on Tuesday, August 12th. Finally, Citigroup reiterated a "buy" rating and issued a $21.00 target price (up previously from $17.00) on shares of Mayville Engineering in a 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, the company presently has an average rating of "Buy" and a consensus price target of $20.67.

Mayville Engineering Trading Up 3.5%

MEC traded up $0.51 during trading hours on Thursday, reaching $14.92. 71,491 shares of the company's stock traded hands, compared to its average volume of 111,893. The firm has a 50-day moving average price of $15.28 and a 200 day moving average price of $14.64. Mayville Engineering Company, Inc. has a 52-week low of $11.72 and a 52-week high of $23.02. The company has a quick ratio of 0.86, a current ratio of 1.63 and a debt-to-equity ratio of 0.28. The firm has a market capitalization of $303.17 million, a PE ratio of 17.55 and a beta of 1.16.

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.