Allspring Global Investments Holdings LLC Decreases Stock Holdings in Mayville Engineering Company, Inc. $MEC

Allspring Global Investments Holdings LLC reduced its position in shares of Mayville Engineering Company, Inc. (NYSE:MEC) by 2.5% in the first quarter, according to its most recent filing with the SEC. The fund owned 2,000,350 shares of the company’s stock after selling 52,263 shares during the quarter. Allspring Global Investments Holdings LLC owned about 9.84% of Mayville Engineering worth $35,846,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of MEC. North Star Investment Management Corp. bought a new stake in Mayville Engineering in the first quarter worth $538,000. Invesco Ltd. increased its holdings in shares of Mayville Engineering by 6.4% in the 4th quarter. Invesco Ltd. now owns 27,870 shares of the company’s stock worth $522,000 after buying an additional 1,679 shares during the last quarter. XTX Topco Ltd bought a new stake in shares of Mayville Engineering in the 4th quarter worth about $399,000. SummitTX Capital L.P. bought a new stake in shares of Mayville Engineering in the 4th quarter worth about $283,000. Finally, Millennium Management LLC purchased a new stake in shares of Mayville Engineering during the 4th quarter valued at about $2,868,000. 45.44% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Mayville Engineering

In other news, CEO Jagadeesh A. Reddy sold 15,688 shares of the company’s stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $35.05, for a total transaction of $549,864.40. Following the transaction, the chief executive officer directly owned 124,105 shares of the company’s stock, valued at approximately $4,349,880.25. This represents a 11.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Ryan F. Raber sold 20,000 shares of the business’s stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $26.00, for a total value of $520,000.00. Following the transaction, the executive vice president owned 86,970 shares in the company, valued at approximately $2,261,220. This trade represents a 18.70% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 80,726 shares of company stock worth $2,311,768 over the last three months. Corporate insiders own 5.60% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently commented on the company. Citigroup lifted their price target on Mayville Engineering from $33.00 to $43.00 and gave the stock a “buy” rating in a research report on Monday, July 13th. Weiss Ratings restated a “sell (d+)” rating on shares of Mayville Engineering in a research report on Friday, July 10th. DA Davidson raised their price objective on Mayville Engineering from $23.00 to $32.00 and gave the company a “buy” rating in a research note on Monday, May 11th. Finally, Northland Securities set a $30.00 target price on Mayville Engineering in a report on Thursday, May 7th. 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 an average price target of $32.25.

Mayville Engineering Trading Up 0.1%

NYSE MEC opened at $30.95 on Monday. Mayville Engineering Company, Inc. has a one year low of $12.10 and a one year high of $38.76. The company’s 50-day simple moving average is $31.53 and its two-hundred day simple moving average is $23.92. The company has a market capitalization of $634.12 million, a price-to-earnings ratio of -38.68 and a beta of 1.22. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.91 and a current ratio of 1.64.

Mayville Engineering (NYSE:MEC) last posted its earnings results on Tuesday, May 5th. The company reported ($0.15) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.28) by $0.13. Mayville Engineering had a negative return on equity of 5.77% and a negative net margin of 2.93%.The company had revenue of $144.78 million for the quarter, compared to analyst estimates of $139.18 million. Equities analysts forecast that Mayville Engineering Company, Inc. will post -0.08 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.