Mayville Engineering Company, Inc. $MEC Shares Acquired by 22NW LP

22NW LP increased its stake in Mayville Engineering Company, Inc. (NYSE:MEC) by 157.2% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 399,890 shares of the company’s stock after purchasing an additional 244,440 shares during the quarter. Mayville Engineering accounts for 2.9% of 22NW LP’s investment portfolio, making the stock its 11th largest position. 22NW LP owned approximately 1.97% of Mayville Engineering worth $5,502,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Ameriprise Financial Inc. grew its position in Mayville Engineering by 894.2% during the third quarter. Ameriprise Financial Inc. now owns 394,161 shares of the company’s stock worth $5,424,000 after buying an additional 354,514 shares during the period. Raymond James Financial Inc. lifted its position in shares of Mayville Engineering by 3.0% during the 3rd quarter. Raymond James Financial Inc. now owns 25,187 shares of the company’s stock valued at $347,000 after acquiring an additional 740 shares during the period. Bridgeway Capital Management LLC lifted its position in shares of Mayville Engineering by 6.2% during the 3rd quarter. Bridgeway Capital Management LLC now owns 236,548 shares of the company’s stock valued at $3,255,000 after acquiring an additional 13,894 shares during the period. Boston Partners purchased a new stake in shares of Mayville Engineering during the 3rd quarter worth approximately $2,727,000. Finally, Sei Investments Co. boosted its stake in shares of Mayville Engineering by 7.4% during the 3rd quarter. Sei Investments Co. now owns 55,314 shares of the company’s stock worth $761,000 after acquiring an additional 3,824 shares in the last quarter. Hedge funds and other institutional investors own 45.44% of the company’s stock.

Insider Transactions at Mayville Engineering

In related news, insider Sean P. Leuba sold 2,500 shares of the firm’s stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $20.07, for a total transaction of $50,175.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 7.20% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently weighed in on MEC. Citigroup raised their price objective on Mayville Engineering from $24.00 to $25.00 and gave the company a “buy” rating in a research note on Thursday, March 5th. Zacks Research upgraded Mayville Engineering from a “strong sell” rating to a “hold” rating in a research report on Friday, March 6th. Weiss Ratings lowered Mayville Engineering from a “hold (c-)” rating to a “sell (d+)” rating in a report on Thursday, March 5th. DA Davidson raised their price target on Mayville Engineering from $21.00 to $23.00 and gave the company a “buy” rating in a research report on Monday, March 9th. Finally, Northland Securities raised Mayville Engineering from a “market perform” rating to an “outperform” rating and lifted their price target for the stock from $20.00 to $25.00 in a research note on Thursday, March 5th. Four analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $24.25.

Mayville Engineering Stock Down 3.2%

MEC opened at $16.70 on Friday. The firm has a market cap of $339.33 million, a P/E ratio of -41.75 and a beta of 1.08. The business’s fifty day simple moving average is $19.71 and its 200 day simple moving average is $17.20. Mayville Engineering Company, Inc. has a 52 week low of $11.72 and a 52 week high of $22.36. The company has a quick ratio of 0.92, a current ratio of 1.72 and a debt-to-equity ratio of 0.84.

Mayville Engineering (NYSE:MEC) last announced its earnings results on Tuesday, March 3rd. The company reported ($0.08) earnings per share for the quarter, beating the consensus estimate of ($0.16) by $0.08. The firm had revenue of $134.27 million during the quarter, compared to the consensus estimate of $132.51 million. Mayville Engineering had a negative net margin of 1.48% and a negative return on equity of 2.33%. As a group, equities research analysts anticipate that Mayville Engineering Company, Inc. will post 0.31 EPS for the current fiscal year.

Mayville Engineering 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.