Royce & Associates LP Grows Position in Mayville Engineering Company, Inc. $MEC

Key Points

• Royce & Associates LP increased its stake in Mayville Engineering by 10.2% in the fourth quarter, ending with 624,307 shares worth about $11.7 million and representing roughly 3.07% of the company.
• Mayville Engineering recently beat earnings expectations, reporting a loss of $0.15 per share versus the expected $0.28 loss, while revenue of $144.78 million also came in above estimates.
• Analyst sentiment has improved, with multiple firms raising price targets; the stock now carries a Moderate Buy consensus and a median target price of $29.75.

Royce & Associates LP boosted its stake in shares of Mayville Engineering Company, Inc. (NYSE:MEC - Free Report) by 10.2% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 624,307 shares of the company's stock after purchasing an additional 57,590 shares during the period. Royce & Associates LP owned about 3.07% of Mayville Engineering worth $11,687,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. BNP Paribas Financial Markets lifted its position in Mayville Engineering by 109.0% during the third quarter. BNP Paribas Financial Markets now owns 2,751 shares of the company's stock valued at $38,000 after purchasing an additional 1,435 shares in the last quarter. Clearstead Advisors LLC lifted its position in Mayville Engineering by 194.9% during the fourth quarter. Clearstead Advisors LLC now owns 2,094 shares of the company's stock valued at $39,000 after purchasing an additional 1,384 shares in the last quarter. State of Alaska Department of Revenue purchased a new position in Mayville Engineering during the fourth quarter valued at $73,000. AlphaQuest LLC lifted its position in Mayville Engineering by 26.2% during the third quarter. AlphaQuest LLC now owns 8,342 shares of the company's stock valued at $115,000 after purchasing an additional 1,733 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its position in Mayville Engineering by 20.7% during the second quarter. JPMorgan Chase & Co. now owns 7,936 shares of the company's stock valued at $127,000 after purchasing an additional 1,359 shares in the last quarter. 45.44% of the stock is currently owned by hedge funds and other institutional investors.

Mayville Engineering Price Performance

Shares of Mayville Engineering stock opened at $27.08 on Thursday. The stock's 50-day simple moving average is $21.41 and its 200-day simple moving average is $19.62. Mayville Engineering Company, Inc. has a 52 week low of $12.10 and a 52 week high of $28.15. The company has a market capitalization of $554.87 million, a price-to-earnings ratio of -33.85 and a beta of 1.24. The company has a quick ratio of 0.91, a current ratio of 1.64 and a debt-to-equity ratio of 0.91.

Mayville Engineering (NYSE:MEC - Get Free Report) last posted its earnings results on Tuesday, May 5th. The company reported ($0.15) EPS for the quarter, topping analysts' consensus estimates of ($0.28) by $0.13. The company had revenue of $144.78 million for the quarter, compared to the consensus estimate of $139.18 million. Mayville Engineering had a negative return on equity of 5.77% and a negative net margin of 2.93%. As a group, analysts expect that Mayville Engineering Company, Inc. will post -0.23 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the company. Zacks Research upgraded Mayville Engineering from a "strong sell" rating to a "hold" rating in a research report on Friday, March 6th. Citigroup boosted their price objective on Mayville Engineering from $25.00 to $33.00 and gave the company a "buy" rating in a research report on Friday, May 8th. Northland Securities set a $30.00 price objective on Mayville Engineering in a research report on Thursday, May 7th. Weiss Ratings downgraded Mayville Engineering from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Thursday, March 5th. Finally, DA Davidson boosted their price objective on Mayville Engineering from $23.00 to $32.00 and gave the company a "buy" rating in a research report on Monday, May 11th. Four equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Mayville Engineering currently has a consensus rating of "Moderate Buy" and a consensus price target of $29.75.

Insider Transactions at Mayville Engineering

In related news, SVP Craig D. Nichols sold 4,000 shares of the business's stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $23.24, for a total value of $92,960.00. Following the sale, the senior vice president directly owned 146 shares in the company, valued at approximately $3,393.04. The trade was a 96.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Sean P. Leuba sold 2,500 shares of the business's stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $20.07, for a total value of $50,175.00. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 54,994 shares of company stock valued at $1,354,295 over the last three months. Corporate insiders own 5.60% of the company's stock.

Mayville Engineering Profile

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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