Tocqueville Asset Management L.P. Makes New Investment in Mayville Engineering Company, Inc. $MEC

Key Points

• Tocqueville Asset Management purchased 71,100 Mayville Engineering shares worth approximately $2.66 million, joining several major institutions that recently initiated or increased positions. Institutional investors now own 45.44% of the company.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $35.75, despite mixed ratings. The stock recently traded at $22.62, below targets ranging from $36 to $43.
• Mayville Engineering beat quarterly expectations, reporting $0.07 in EPS versus a projected loss of $0.05 and revenue of $162.98 million versus $150.59 million expected. However, insiders sold 67,785 shares worth nearly $2.0 million over the past three months, while the company continues to report negative margins and return on equity.

Tocqueville Asset Management L.P. bought a new position in Mayville Engineering Company, Inc. (NYSE:MEC - Free Report) in the 2nd quarter, according to its most recent disclosure with the SEC. The firm bought 71,100 shares of the company's stock, valued at approximately $2,663,000. Tocqueville Asset Management L.P. owned 0.28% of Mayville Engineering at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the stock. BlackRock Inc. purchased a new position in shares of Mayville Engineering during the second quarter valued at about $44,332,000. Dimensional Fund Advisors LP raised its stake in Mayville Engineering by 5.6% in the first quarter. Dimensional Fund Advisors LP now owns 926,216 shares of the company's stock worth $16,625,000 after buying an additional 49,041 shares in the last quarter. Royce & Associates LP lifted its holdings in Mayville Engineering by 10.2% in the fourth quarter. Royce & Associates LP now owns 624,307 shares of the company's stock worth $11,687,000 after buying an additional 57,590 shares during the period. EVR Research LP purchased a new stake in Mayville Engineering in the fourth quarter worth about $11,326,000. Finally, Blair William & Co. IL boosted its position in Mayville Engineering by 54.8% during the 4th quarter. Blair William & Co. IL now owns 583,759 shares of the company's stock valued at $10,928,000 after acquiring an additional 206,549 shares in the last quarter. Institutional investors own 45.44% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on MEC. Weiss Ratings reiterated a "sell (d+)" rating on shares of Mayville Engineering in a report on Friday, July 10th. Northland Securities set a $40.00 target price on Mayville Engineering in a research note on Thursday, August 6th. DA Davidson upped their price target on Mayville Engineering from $32.00 to $36.00 and gave the stock a "buy" rating in a research note on Wednesday, July 22nd. Finally, Citigroup raised 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. Four equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $35.75.

Mayville Engineering Price Performance

Shares of NYSE MEC opened at $22.62 on Friday. The company has a 50 day simple moving average of $30.32 and a two-hundred day simple moving average of $25.14. Mayville Engineering Company, Inc. has a fifty-two week low of $12.25 and a fifty-two week high of $38.76. The company has a market capitalization of $576.81 million, a price-to-earnings ratio of -26.93 and a beta of 1.27. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.96 and a current ratio of 1.70.

Mayville Engineering (NYSE:MEC - Get Free Report) last issued its quarterly 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. Mayville Engineering had a negative return on equity of 6.63% and a negative net margin of 2.95%.The firm had revenue of $162.98 million for the quarter, compared to analysts' expectations of $150.59 million. Analysts expect that Mayville Engineering Company, Inc. will post -0.22 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Ryan F. Raber sold 20,000 shares of the firm's stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $26.00, for a total transaction of $520,000.00. Following the completion of the transaction, the executive vice president directly owned 86,970 shares in the company, valued at $2,261,220. This trade represents a 18.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Jagadeesh A. Reddy sold 15,688 shares of Mayville Engineering stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $35.05, for a total value of $549,864.40. Following the completion of the transaction, the chief executive officer directly owned 124,105 shares of the company's stock, valued at approximately $4,349,880.25. This represents a 11.22% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 67,785 shares of company stock valued at $1,980,669. 5.60% of the stock is currently owned by corporate 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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