Strs Ohio Invests $450,000 in Mayville Engineering Company, Inc. $MEC

Key Points

• Strs Ohio has invested approximately $450,000 in Mayville Engineering Company, acquiring 33,500 shares, which constitutes about 0.16% of the company as per their latest SEC filing.
• Analysts have recently issued favorable ratings for Mayville Engineering, with a consensus buy rating and an average price target of $20.67.
• Insider activity includes the CEO purchasing 7,500 shares at an average cost of $14.06, indicating confidence in the company's future performance.

Strs Ohio acquired a new position in shares of Mayville Engineering Company, Inc. (NYSE:MEC - Free Report) in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 33,500 shares of the company's stock, valued at approximately $450,000. Strs Ohio owned approximately 0.16% of Mayville Engineering as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Royce & Associates LP boosted its position in shares of Mayville Engineering by 1.2% during the 1st quarter. Royce & Associates LP now owns 591,319 shares of the company's stock worth $7,941,000 after acquiring an additional 7,022 shares in the last quarter. Ancora Advisors LLC boosted its position in shares of Mayville Engineering by 0.6% during the 1st quarter. Ancora Advisors LLC now owns 309,580 shares of the company's stock worth $4,158,000 after acquiring an additional 1,791 shares in the last quarter. American Century Companies Inc. boosted its position in shares of Mayville Engineering by 14.8% during the 1st quarter. American Century Companies Inc. now owns 252,139 shares of the company's stock worth $3,386,000 after acquiring an additional 32,426 shares in the last quarter. Bank of America Corp DE boosted its position in shares of Mayville Engineering by 1.2% during the 4th quarter. Bank of America Corp DE now owns 216,926 shares of the company's stock worth $3,410,000 after acquiring an additional 2,469 shares in the last quarter. Finally, Bridgeway Capital Management LLC boosted its position in shares of Mayville Engineering by 3.8% during the 1st quarter. Bridgeway Capital Management LLC now owns 212,875 shares of the company's stock worth $2,859,000 after acquiring an additional 7,794 shares in the last quarter. 45.44% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have recently issued reports on MEC shares. DA Davidson started coverage on Mayville Engineering in a research report on Tuesday, June 17th. They set a "buy" rating and a $23.00 price objective for the company. Citigroup reissued a "buy" rating and issued a $21.00 target price (up from $17.00) on shares of Mayville Engineering in a research report on Monday, July 14th. Northland Capmk raised Mayville Engineering from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, August 12th. Finally, Northland Securities raised 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. One analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $20.67.

Insider Activity

In other Mayville Engineering news, CEO Jagadeesh A. Reddy bought 7,500 shares of the business's stock in a transaction dated Thursday, August 7th. The stock was acquired at an average cost of $14.06 per share, with a total value of $105,450.00. Following the purchase, the chief executive officer owned 146,285 shares in the company, valued at approximately $2,056,767.10. This represents a 5.40% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Over the last ninety days, insiders purchased 9,400 shares of company stock worth $131,942. Corporate insiders own 7.20% of the company's stock.

Mayville Engineering Stock Performance

Shares of MEC stock opened at $14.10 on Tuesday. The company has a market cap of $286.41 million, a price-to-earnings ratio of 16.58 and a beta of 1.16. The stock has a 50 day simple moving average of $14.97 and a 200-day simple moving average of $14.64. Mayville Engineering Company, Inc. has a 12-month low of $11.72 and a 12-month high of $23.02. 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.

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