Jagadeesh A. Reddy Buys 7,500 Shares of Mayville Engineering Company, Inc. (NYSE:MEC) Stock

Key Points

• CEO Buy: Mayville Engineering's CEO, Jagadeesh A. Reddy, purchased 7,500 shares of the company's stock for approximately $105,450, increasing his ownership by 5.40% to a total of 146,285 shares.
• Stock Performance: The company's stock price dipped by 1.1%, trading at $14.08, with a market cap of $288.08 million and a PE ratio of 16.62.
• Earnings Beat: In its latest earnings report, Mayville Engineering reported earnings per share of $0.04, exceeding analyst expectations and generating revenue of $135.58 million.

Mayville Engineering Company, Inc. (NYSE:MEC - Get Free Report) CEO Jagadeesh A. Reddy bought 7,500 shares of the business's stock in a transaction dated Thursday, August 7th. The shares were bought at an average price 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 $2,056,767.10. The trade was a 5.40% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Mayville Engineering Stock Performance

NYSE:MEC traded up $0.35 during mid-day trading on Wednesday, reaching $14.39. 17,646 shares of the company's stock were exchanged, compared to its average volume of 112,894. Mayville Engineering Company, Inc. has a one year low of $11.72 and a one year high of $23.02. The firm has a market capitalization of $292.49 million, a PE ratio of 16.94 and a beta of 1.19. The business's fifty day simple moving average is $15.75 and its two-hundred day simple moving average is $14.81. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.86 and a current ratio of 1.63.

Hedge Funds Weigh In On Mayville Engineering

A number of hedge funds have recently bought and sold shares of MEC. Raymond James Financial Inc. bought a new position in Mayville Engineering during the fourth quarter worth about $269,000. LPL Financial LLC increased its position in Mayville Engineering by 58.7% during the fourth quarter. LPL Financial LLC now owns 34,046 shares of the company's stock worth $535,000 after acquiring an additional 12,588 shares during the period. O Shaughnessy Asset Management LLC increased its position in Mayville Engineering by 2.3% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 41,363 shares of the company's stock worth $650,000 after acquiring an additional 943 shares during the period. Russell Investments Group Ltd. increased its position in Mayville Engineering by 14.3% during the fourth quarter. Russell Investments Group Ltd. now owns 215,783 shares of the company's stock worth $3,392,000 after acquiring an additional 27,054 shares during the period. Finally, Martingale Asset Management L P increased its holdings in Mayville Engineering by 16.2% in the 4th quarter. Martingale Asset Management L P now owns 42,211 shares of the company's stock valued at $664,000 after buying an additional 5,875 shares during the period. 45.44% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on MEC. Citigroup restated a "buy" rating and set a $21.00 target price (up previously from $17.00) on shares of Mayville Engineering in a research note on Monday, July 14th. Northland Securities upgraded shares of Mayville Engineering from a "market perform" rating to an "outperform" rating and set a $18.00 target price for the company in a research note on Tuesday. DA Davidson began coverage on shares of Mayville Engineering in a research note on Tuesday, June 17th. They set a "buy" rating and a $23.00 target price for the company. Finally, Northland Capmk upgraded shares of Mayville Engineering from a "hold" rating to a "strong-buy" rating in a research note on Tuesday.

About Mayville Engineering

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.