Wellington Management Group LLP Takes $17.89 Million Position in Mayville Engineering Company, Inc. $MEC

Key Points

• Wellington Management acquired 477,583 shares of Mayville Engineering valued at approximately $17.89 million, representing about 1.87% of the company. Institutional investors collectively own 45.44% of MEC.
• Mayville Engineering beat quarterly expectations, reporting $0.07 in EPS versus the expected loss of $0.05 and revenue of $162.98 million versus the $150.59 million consensus estimate.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $35.75, though the stock recently traded at $19.59 and insiders have sold shares.

Wellington Management Group LLP purchased a new stake in Mayville Engineering Company, Inc. (NYSE:MEC - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 477,583 shares of the company's stock, valued at approximately $17,890,000. Wellington Management Group LLP owned approximately 1.87% of Mayville Engineering as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of MEC. Legal & General Group Plc purchased a new position in Mayville Engineering during the second quarter worth approximately $53,000. Clearstead Advisors LLC increased its position in shares of Mayville Engineering by 194.9% in the fourth quarter. Clearstead Advisors LLC now owns 2,094 shares of the company's stock valued at $39,000 after buying an additional 1,384 shares in the last quarter. Persistent Asset Partners Ltd purchased a new stake in shares of Mayville Engineering in the second quarter valued at approximately $80,000. BNP Paribas Financial Markets raised its stake in shares of Mayville Engineering by 109.0% during the 3rd quarter. BNP Paribas Financial Markets now owns 2,751 shares of the company's stock worth $38,000 after buying an additional 1,435 shares during the period. Finally, Picton Mahoney Asset Management acquired a new position in shares of Mayville Engineering during the 4th quarter worth approximately $109,000. Institutional investors and hedge funds own 45.44% of the company's stock.

Mayville Engineering Stock Performance

NYSE MEC opened at $19.59 on Monday. The company has a market cap of $499.55 million, a PE ratio of -23.32 and a beta of 1.26. The stock's 50 day simple moving average is $27.02 and its 200-day simple moving average is $25.06. Mayville Engineering Company, Inc. has a 1-year low of $12.25 and a 1-year high of $38.76. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.70 and a quick ratio of 0.96.

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 the consensus estimate 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 during the quarter, compared to analysts' expectations of $150.59 million. As a group, equities research analysts anticipate that Mayville Engineering Company, Inc. will post -0.22 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on MEC. Weiss Ratings reiterated a "sell (d+)" rating on shares of Mayville Engineering in a research report on Friday, July 10th. Citigroup upped their price objective on shares of Mayville Engineering from $33.00 to $43.00 and gave the stock a "buy" rating in a research report on Monday, July 13th. Northland Securities set a $40.00 price objective on shares of Mayville Engineering in a report on Thursday, August 6th. Finally, DA Davidson lifted their target price on shares of Mayville Engineering from $32.00 to $36.00 and gave the company a "buy" rating in a research report on Wednesday, July 22nd. Four analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $35.75.

Insider Buying and Selling at Mayville Engineering

In other news, SVP Sean Leuba sold 12,855 shares of the firm's stock in a transaction dated Thursday, August 6th. The shares were sold at an average price of $25.44, for a total value of $327,031.20. Following the transaction, the senior vice president directly owned 6,633 shares of the company's stock, valued at approximately $168,743.52. This trade represents a 65.96% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Jagadeesh Reddy sold 15,688 shares of the business's stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $35.05, for a total transaction of $549,864.40. Following the transaction, the chief executive officer owned 124,105 shares in the company, valued at $4,349,880.25. The trade was a 11.22% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 5.60% of the company's stock.

Mayville Engineering Company 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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