Wellington Management Group LLP Takes $17.89 Million Position in Mayville Engineering Company, Inc. $MEC

Wellington Management Group LLP purchased a new stake in Mayville Engineering Company, Inc. (NYSE:MEC) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 477,583 shares of the company’s stock, valued at approximately $17,890,000. Wellington Management Group LLP owned approximately 1.87% of Mayville Engineering as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of MEC. Legal & General Group Plc purchased a new position in Mayville Engineering during the second quarter worth approximately $53,000. Clearstead Advisors LLC increased its position in shares of Mayville Engineering by 194.9% in the fourth quarter. Clearstead Advisors LLC now owns 2,094 shares of the company’s stock valued at $39,000 after buying an additional 1,384 shares in the last quarter. Persistent Asset Partners Ltd purchased a new stake in shares of Mayville Engineering in the second quarter valued at approximately $80,000. BNP Paribas Financial Markets raised its stake in shares of Mayville Engineering by 109.0% during the 3rd quarter. BNP Paribas Financial Markets now owns 2,751 shares of the company’s stock worth $38,000 after buying an additional 1,435 shares during the period. Finally, Picton Mahoney Asset Management acquired a new position in shares of Mayville Engineering during the 4th quarter worth approximately $109,000. Institutional investors and hedge funds own 45.44% of the company’s stock.

Mayville Engineering Stock Performance

NYSE MEC opened at $19.59 on Monday. The company has a market cap of $499.55 million, a PE ratio of -23.32 and a beta of 1.26. The stock’s 50 day simple moving average is $27.02 and its 200-day simple moving average is $25.06. Mayville Engineering Company, Inc. has a 1-year low of $12.25 and a 1-year high of $38.76. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.70 and a quick ratio of 0.96.

Mayville Engineering (NYSE:MEC) last issued its quarterly earnings results on Tuesday, August 4th. The company reported $0.07 EPS for the quarter, topping the consensus estimate of ($0.05) by $0.12. Mayville Engineering had a negative return on equity of 6.63% and a negative net margin of 2.95%.The firm had revenue of $162.98 million during the quarter, compared to analysts’ expectations of $150.59 million. As a group, equities research analysts anticipate that Mayville Engineering Company, Inc. will post -0.22 EPS for the current fiscal year.

Wall Street Analyst Weigh In

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

Insider Buying and Selling at Mayville Engineering

In other news, SVP Sean Leuba sold 12,855 shares of the firm’s stock in a transaction dated Thursday, August 6th. The shares were sold at an average price of $25.44, for a total value of $327,031.20. Following the transaction, the senior vice president directly owned 6,633 shares of the company’s stock, valued at approximately $168,743.52. This trade represents a 65.96% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Jagadeesh Reddy sold 15,688 shares of the business’s stock in a transaction dated 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 owned 124,105 shares in the company, valued at $4,349,880.25. The trade was a 11.22% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 5.60% of the company’s stock.

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.