Empowered Funds LLC Takes Position in Mayville Engineering Company, Inc. $MEC

Empowered Funds LLC purchased a new position in shares of Mayville Engineering Company, Inc. (NYSE:MEC) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 116,570 shares of the company’s stock, valued at approximately $4,367,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. BNP Paribas Financial Markets raised its holdings in Mayville Engineering by 109.0% in the 3rd quarter. BNP Paribas Financial Markets now owns 2,751 shares of the company’s stock valued at $38,000 after buying an additional 1,435 shares during the period. Clearstead Advisors LLC boosted its stake in Mayville Engineering by 194.9% during the fourth quarter. Clearstead Advisors LLC now owns 2,094 shares of the company’s stock worth $39,000 after buying an additional 1,384 shares during the period. Legal & General Group Plc purchased a new position in Mayville Engineering during the second quarter worth about $53,000. Persistent Asset Partners Ltd acquired a new stake in shares of Mayville Engineering during the second quarter valued at about $80,000. Finally, Picton Mahoney Asset Management acquired a new stake in shares of Mayville Engineering during the fourth quarter valued at about $109,000. 45.44% of the stock is owned by institutional investors and hedge funds.

Mayville Engineering Price Performance

MEC opened at $19.33 on Tuesday. The stock’s 50-day moving average price is $28.29 and its 200 day moving average price is $25.13. Mayville Engineering Company, Inc. has a 12-month low of $12.25 and a 12-month high of $38.76. The firm has a market cap of $492.91 million, a price-to-earnings ratio of -23.01 and a beta of 1.27. The company has a current ratio of 1.70, a quick ratio of 0.96 and a debt-to-equity ratio of 0.39.

Mayville Engineering (NYSE:MEC) last released its earnings results on Tuesday, August 4th. The company reported $0.07 earnings per share for the quarter, beating the consensus estimate of ($0.05) by $0.12. The company had revenue of $162.98 million during the quarter, compared to the consensus estimate of $150.59 million. Mayville Engineering had a negative return on equity of 6.63% and a negative net margin of 2.95%. As a group, sell-side analysts expect that Mayville Engineering Company, Inc. will post -0.22 earnings per share for the current year.

Insider Activity at Mayville Engineering

In related news, CEO Jagadeesh A. Reddy sold 15,688 shares of the company’s stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $35.05, for a total transaction of $549,864.40. Following the sale, the chief executive officer directly owned 124,105 shares of the company’s stock, valued at $4,349,880.25. This represents a 11.22% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Sean P. Leuba sold 12,855 shares of the company’s stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $25.44, for a total transaction of $327,031.20. Following the sale, the senior vice president directly owned 6,633 shares in the company, valued at approximately $168,743.52. The trade was a 65.96% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 29,843 shares of company stock valued at $922,409. Insiders own 5.60% of the company’s stock.

Analysts Set New Price Targets

MEC has been the topic of a number of research analyst reports. Citigroup boosted their price target on shares of Mayville Engineering from $33.00 to $43.00 and gave the company a “buy” rating in a research note on Monday, July 13th. DA Davidson increased their price objective on shares of Mayville Engineering from $32.00 to $36.00 and gave the stock a “buy” rating in a research report on Wednesday, July 22nd. Weiss Ratings reiterated a “sell (d+)” rating on shares of Mayville Engineering in a report on Friday, July 10th. Finally, Northland Securities set a $40.00 target price on Mayville Engineering in a research report on Thursday, August 6th. Four analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $35.75.

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.