Russell Investments Group Ltd. Reduces Stock Holdings in Mayville Engineering Company, Inc. $MEC

Russell Investments Group Ltd. lowered its position in Mayville Engineering Company, Inc. (NYSE:MEC) by 7.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 200,312 shares of the company’s stock after selling 15,471 shares during the quarter. Russell Investments Group Ltd. owned 0.98% of Mayville Engineering worth $2,690,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in MEC. Nokomis Capital L.L.C. increased its position in shares of Mayville Engineering by 270.0% in the fourth quarter. Nokomis Capital L.L.C. now owns 449,792 shares of the company’s stock valued at $7,071,000 after buying an additional 328,223 shares in the last quarter. Granahan Investment Management LLC increased its position in shares of Mayville Engineering by 71.2% in the fourth quarter. Granahan Investment Management LLC now owns 578,967 shares of the company’s stock valued at $9,101,000 after buying an additional 240,752 shares in the last quarter. CenterBook Partners LP purchased a new position in shares of Mayville Engineering in the first quarter valued at $1,324,000. Polar Asset Management Partners Inc. purchased a new position in shares of Mayville Engineering in the fourth quarter valued at $1,518,000. Finally, Dimensional Fund Advisors LP increased its position in shares of Mayville Engineering by 13.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 704,659 shares of the company’s stock valued at $11,077,000 after buying an additional 85,086 shares in the last quarter. Hedge funds and other institutional investors own 45.44% of the company’s stock.

Mayville Engineering Trading Up 4.0%

Mayville Engineering stock opened at $14.4880 on Monday. The stock has a market cap of $294.40 million, a PE ratio of 17.04 and a beta of 1.19. The stock has a 50-day moving average price of $15.66 and a 200 day moving average price of $14.72. Mayville Engineering Company, Inc. has a 52 week low of $11.72 and a 52 week 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.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on MEC. Northland Securities upgraded Mayville Engineering from a “market perform” rating to an “outperform” rating and set a $18.00 price target for the company in a research report on Tuesday, August 12th. Northland Capmk upgraded Mayville Engineering from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 12th. Citigroup reiterated a “buy” rating and set a $21.00 price objective (up previously from $17.00) on shares of Mayville Engineering in a research report on Monday, July 14th. Finally, 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. One investment analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the company. According to data from MarketBeat.com, Mayville Engineering has a consensus rating of “Buy” and a consensus price target of $20.67.

Insider Buying and Selling

In other Mayville Engineering news, CEO Jagadeesh A. Reddy purchased 7,500 shares of the stock in a transaction on Thursday, August 7th. The stock was bought at an average price of $14.06 per share, for a total transaction of $105,450.00. Following the acquisition, the chief executive officer directly owned 146,285 shares of the company’s stock, valued at $2,056,767.10. This represents a 5.40% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. In the last three months, insiders bought 9,400 shares of company stock valued at $131,942. 7.20% of the stock is owned by insiders.

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.