Squarepoint Ops LLC Purchases 128,197 Shares of Mayville Engineering Company, Inc. $MEC

Key Points

• Squarepoint Ops LLC more than doubled its Mayville Engineering stake in the second quarter, purchasing 128,197 additional shares for a total of 238,766 shares valued at approximately $8.9 million.
• Institutional ownership increased, with several funds initiating or expanding positions; institutions now hold 45.44% of MEC’s outstanding shares.
• Mayville Engineering exceeded quarterly expectations, reporting $0.07 in EPS versus a $0.05 loss estimate and revenue of $163.0 million versus a $150.6 million forecast. Analysts maintain a “Moderate Buy” consensus with a $35.75 average price target, despite shares opening at $18.88.

Squarepoint Ops LLC lifted its position in Mayville Engineering Company, Inc. (NYSE:MEC - Free Report) by 115.9% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 238,766 shares of the company's stock after purchasing an additional 128,197 shares during the period. Squarepoint Ops LLC owned about 0.94% of Mayville Engineering worth $8,944,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Parkside Financial Bank & Trust boosted its holdings in Mayville Engineering by 4,657.1% in the 2nd quarter. Parkside Financial Bank & Trust now owns 1,665 shares of the company's stock worth $62,000 after buying an additional 1,630 shares during the period. California State Teachers Retirement System raised its holdings in Mayville Engineering by 873.6% during the second quarter. California State Teachers Retirement System now owns 6,893 shares of the company's stock valued at $258,000 after acquiring an additional 6,185 shares during the period. Wellington Management Group LLP bought a new stake in Mayville Engineering during the second quarter valued at about $17,890,000. Empowered Funds LLC purchased a new position in shares of Mayville Engineering in the second quarter valued at about $4,367,000. Finally, Formula Growth Ltd. purchased a new position in shares of Mayville Engineering in the second quarter valued at about $2,810,000. 45.44% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

MEC has been the subject of a number of recent analyst reports. Northland Securities set a $40.00 target price on Mayville Engineering in a research report on Thursday, August 6th. Weiss Ratings restated a "sell (d+)" rating on shares of Mayville Engineering in a research note on Friday, July 10th. DA Davidson increased their price objective on shares of Mayville Engineering from $32.00 to $36.00 and gave the company a "buy" rating in a report on Wednesday, July 22nd. Finally, Citigroup lifted their price objective on shares of Mayville Engineering from $33.00 to $43.00 and gave the company a "buy" rating in a research report on Monday, July 13th. Four research 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's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $35.75.

Mayville Engineering Trading Down 4.0%

Shares of Mayville Engineering stock opened at $18.88 on Friday. Mayville Engineering Company, Inc. has a twelve month low of $12.25 and a twelve month high of $38.76. The company has a quick ratio of 0.96, a current ratio of 1.70 and a debt-to-equity ratio of 0.39. The business has a 50-day moving average price of $25.71 and a 200-day moving average price of $25.01. The firm has a market cap of $481.31 million, a price-to-earnings ratio of -22.47 and a beta of 1.26.

Mayville Engineering (NYSE:MEC - Get Free Report) last posted its earnings results on Tuesday, August 4th. The company reported $0.07 EPS for the quarter, topping analysts' consensus estimates of ($0.05) by $0.12. The company had revenue of $162.98 million for the quarter, compared to the consensus estimate of $150.59 million. Mayville Engineering had a negative return on equity of 6.63% and a negative net margin of 2.95%. Equities research analysts anticipate that Mayville Engineering Company, Inc. will post -0.22 EPS for the current fiscal year.

Insider Activity

In other news, SVP Sean Leuba sold 12,855 shares of the stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $25.44, for a total transaction of $327,031.20. Following the completion of the transaction, the senior vice president directly owned 6,633 shares in the company, valued at approximately $168,743.52. This represents a 65.96% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 5.60% of the stock is owned by company insiders.

About Mayville Engineering

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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