Mayville Engineering Company, Inc. $MEC Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC cut its holdings in Mayville Engineering Company, Inc. (NYSE:MEC) by 14.9% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,052,613 shares of the company’s stock after selling 358,490 shares during the quarter. Allspring Global Investments Holdings LLC owned 10.10% of Mayville Engineering worth $38,897,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. BNP Paribas Financial Markets raised its holdings in shares of Mayville Engineering by 109.0% during the third quarter. BNP Paribas Financial Markets now owns 2,751 shares of the company’s stock valued at $38,000 after acquiring an additional 1,435 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of 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 buying an additional 1,359 shares during the last quarter. AlphaQuest LLC raised its holdings in Mayville Engineering by 26.2% in the 3rd quarter. AlphaQuest LLC now owns 8,342 shares of the company’s stock valued at $115,000 after acquiring an additional 1,733 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its holdings in Mayville Engineering by 6.2% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 13,792 shares of the company’s stock valued at $245,000 after buying an additional 800 shares in the last quarter. Finally, Public Employees Retirement System of Ohio increased its stake in shares of Mayville Engineering by 54.0% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 16,689 shares of the company’s stock worth $230,000 after acquiring an additional 5,855 shares during the last quarter. 45.44% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, insider Sean P. Leuba sold 6,698 shares of the stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $18.81, for a total value of $125,989.38. Following the transaction, the insider owned 11,841 shares in the company, valued at approximately $222,729.21. This represents a 36.13% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 5.60% of the company’s stock.

Mayville Engineering Trading Up 1.6%

NYSE:MEC opened at $18.22 on Friday. The stock has a fifty day moving average price of $19.47 and a 200 day moving average price of $17.48. The company has a current ratio of 1.72, a quick ratio of 0.92 and a debt-to-equity ratio of 0.84. 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 $370.13 million, a PE ratio of -45.54 and a beta of 1.14.

Mayville Engineering (NYSE:MEC) last posted its quarterly earnings results on Tuesday, March 3rd. The company reported ($0.08) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.08. Mayville Engineering had a negative return on equity of 2.33% and a negative net margin of 1.48%.The company had revenue of $134.27 million for the quarter, compared to analyst estimates of $132.51 million. Sell-side analysts anticipate that Mayville Engineering Company, Inc. will post 0.31 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

MEC has been the topic of a number of analyst reports. Northland Securities raised shares of Mayville Engineering from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $20.00 to $25.00 in a research note on Thursday, March 5th. Zacks Research raised shares of Mayville Engineering from a “strong sell” rating to a “hold” rating in a research report on Friday, March 6th. DA Davidson increased their target price on shares of Mayville Engineering from $21.00 to $23.00 and gave the stock a “buy” rating in a research note on Monday, March 9th. Weiss Ratings lowered Mayville Engineering from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Thursday, March 5th. Finally, Citigroup raised their price target on Mayville Engineering from $24.00 to $25.00 and gave the stock a “buy” rating in a research report on Thursday, March 5th. Four equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Mayville Engineering has an average rating of “Moderate Buy” and an average price target of $24.25.

Mayville Engineering Company 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.