CenterBook Partners LP Grows Position in Mayville Engineering Company, Inc. $MEC

CenterBook Partners LP increased its stake in Mayville Engineering Company, Inc. (NYSE:MEC) by 86.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 177,659 shares of the company’s stock after purchasing an additional 82,573 shares during the period. CenterBook Partners LP owned approximately 0.87% of Mayville Engineering worth $2,445,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. AlphaQuest LLC increased its holdings in shares of Mayville Engineering by 26.2% in the 3rd quarter. AlphaQuest LLC now owns 8,342 shares of the company’s stock worth $115,000 after buying an additional 1,733 shares during the last quarter. JPMorgan Chase & Co. increased its stake in Mayville Engineering by 20.7% in the second quarter. JPMorgan Chase & Co. now owns 7,936 shares of the company’s stock valued at $127,000 after acquiring an additional 1,359 shares during the last quarter. Bailard Inc. bought a new stake in Mayville Engineering during the second quarter worth about $284,000. Rhumbline Advisers lifted its stake in Mayville Engineering by 8.3% during the second quarter. Rhumbline Advisers now owns 19,969 shares of the company’s stock worth $319,000 after purchasing an additional 1,526 shares during the last quarter. Finally, Raymond James Financial Inc. boosted its holdings in shares of Mayville Engineering by 58.5% in the 2nd quarter. Raymond James Financial Inc. now owns 24,447 shares of the company’s stock worth $390,000 after purchasing an additional 9,026 shares in the last quarter. 45.44% of the stock is owned by hedge funds and other institutional investors.

Mayville Engineering Price Performance

Shares of Mayville Engineering stock opened at $21.56 on Friday. The company’s fifty day simple moving average is $19.30 and its two-hundred day simple moving average is $16.59. Mayville Engineering Company, Inc. has a 12-month low of $11.72 and a 12-month high of $22.36. The firm has a market cap of $438.10 million, a PE ratio of 37.17 and a beta of 1.09. The company has a quick ratio of 1.04, a current ratio of 1.82 and a debt-to-equity ratio of 0.87.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on MEC. Weiss Ratings restated a “hold (c-)” rating on shares of Mayville Engineering in a research report on Thursday, January 22nd. Zacks Research lowered shares of Mayville Engineering from a “hold” rating to a “strong sell” rating in a report on Wednesday, January 21st. Northland Securities cut shares of Mayville Engineering from an “outperform” rating to a “market perform” rating and set a $20.00 price objective for the company. in a research note on Monday, January 5th. Finally, Citigroup boosted their price target on shares of Mayville Engineering from $21.00 to $24.00 and gave the stock a “buy” rating in a research note on Monday, January 12th. Three equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $22.75.

Insider Activity at Mayville Engineering

In other news, EVP Ryan F. Raber sold 15,000 shares of the firm’s stock in a transaction dated Tuesday, November 25th. The shares were sold at an average price of $16.68, for a total value of $250,200.00. Following the completion of the sale, the executive vice president directly owned 91,018 shares of the company’s stock, valued at approximately $1,518,180.24. This trade represents a 14.15% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Steven L. Fisher sold 10,000 shares of Mayville Engineering stock in a transaction dated Thursday, December 11th. The shares were sold at an average price of $19.11, for a total transaction of $191,100.00. Following the sale, the director directly owned 30,482 shares in the company, valued at $582,511.02. The trade was a 24.70% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 7.20% of the company’s stock.

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.