Allspring Global Investments Holdings LLC Trims Stock Position in Mayville Engineering Company, Inc. (NYSE:MEC)

Allspring Global Investments Holdings LLC cut its holdings in shares of Mayville Engineering Company, Inc. (NYSE:MEC) by 1.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,628,747 shares of the company’s stock after selling 45,374 shares during the quarter. Allspring Global Investments Holdings LLC owned about 12.84% of Mayville Engineering worth $32,754,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in MEC. Panagora Asset Management Inc. lifted its position in Mayville Engineering by 5.0% during the first quarter. Panagora Asset Management Inc. now owns 32,473 shares of the company’s stock worth $304,000 after buying an additional 1,552 shares during the period. Dimensional Fund Advisors LP lifted its position in Mayville Engineering by 54.8% during the first quarter. Dimensional Fund Advisors LP now owns 149,895 shares of the company’s stock worth $1,405,000 after buying an additional 53,055 shares during the period. Vanguard Group Inc. increased its stake in Mayville Engineering by 7.6% during the first quarter. Vanguard Group Inc. now owns 397,833 shares of the company’s stock worth $3,728,000 after acquiring an additional 28,009 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in Mayville Engineering by 7.8% during the first quarter. Charles Schwab Investment Management Inc. now owns 24,076 shares of the company’s stock worth $226,000 after acquiring an additional 1,740 shares during the last quarter. Finally, Hsbc Holdings PLC acquired a new stake in Mayville Engineering during the first quarter worth about $97,000. 42.78% of the stock is currently owned by hedge funds and other institutional investors.

Mayville Engineering Stock Performance

Shares of NYSE:MEC opened at $10.73 on Friday. The firm has a market capitalization of $218.78 million, a PE ratio of 16.77 and a beta of 0.86. The company has a debt-to-equity ratio of 0.79, a current ratio of 3.03 and a quick ratio of 2.18. The business has a 50-day moving average of $11.39 and a two-hundred day moving average of $11.98. Mayville Engineering Company, Inc. has a 12 month low of $6.60 and a 12 month high of $16.66.

Mayville Engineering (NYSE:MEC) last announced its quarterly earnings results on Tuesday, August 1st. The company reported $0.20 EPS for the quarter, topping the consensus estimate of $0.16 by $0.04. The company had revenue of $138.98 million during the quarter, compared to analyst estimates of $143.28 million. Mayville Engineering had a return on equity of 8.02% and a net margin of 2.41%. As a group, research analysts forecast that Mayville Engineering Company, Inc. will post 0.81 earnings per share for the current year.

Mayville Engineering Profile

Mayville Engineering Company, Inc, together with its subsidiaries, engages in the production, prototyping and tooling, fabrication, coating, and assembling of aftermarket components in the United States. It also supplies engineered components to original equipment manufacturers. The company serves heavy and medium duty commercial vehicle, construction and access equipment, powersports, agriculture, military, and other end markets.