Granahan Investment Management LLC Buys 119,708 Shares of Mayville Engineering Company, Inc. $MEC

Granahan Investment Management LLC lifted its position in Mayville Engineering Company, Inc. (NYSE:MEC) by 44.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 387,470 shares of the company’s stock after buying an additional 119,708 shares during the quarter. Granahan Investment Management LLC owned about 1.89% of Mayville Engineering worth $6,955,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. EVR Research LP bought a new stake in Mayville Engineering during the fourth quarter worth $11,326,000. Ameriprise Financial Inc. lifted its stake in Mayville Engineering by 894.2% in the third quarter. Ameriprise Financial Inc. now owns 394,161 shares of the company’s stock valued at $5,424,000 after acquiring an additional 354,514 shares during the last quarter. Congruence Capital LLC bought a new position in shares of Mayville Engineering in the 4th quarter valued at about $3,896,000. Blair William & Co. IL grew its position in shares of Mayville Engineering by 54.8% in the 4th quarter. Blair William & Co. IL now owns 583,759 shares of the company’s stock valued at $10,928,000 after acquiring an additional 206,549 shares during the period. Finally, Boston Partners acquired a new position in shares of Mayville Engineering during the 3rd quarter worth about $2,727,000. 45.44% of the stock is owned by institutional investors.

Analyst Ratings Changes

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 note on Friday, July 10th. DA Davidson boosted their price target on Mayville Engineering from $32.00 to $36.00 and gave the stock a “buy” rating in a research report on Wednesday. Northland Securities set a $30.00 price objective on Mayville Engineering in a research note on Thursday, May 7th. Finally, Citigroup upped their price objective on Mayville Engineering from $33.00 to $43.00 and gave the company a “buy” rating in a research note on Monday, July 13th. Four equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $33.25.

Insiders Place Their Bets

In other Mayville Engineering news, EVP Ryan F. Raber sold 20,000 shares of the stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $26.00, for a total transaction of $520,000.00. Following the transaction, the executive vice president owned 86,970 shares in the company, valued at $2,261,220. This represents a 18.70% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Jagadeesh A. Reddy sold 15,688 shares of the firm’s stock in a transaction that occurred 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 in the company, valued at $4,349,880.25. This represents a 11.22% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 80,726 shares of company stock worth $2,311,768 in the last quarter. 5.60% of the stock is currently owned by corporate insiders.

Mayville Engineering Stock Performance

Shares of NYSE MEC opened at $30.15 on Friday. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.64 and a quick ratio of 0.91. The firm has a market cap of $617.91 million, a price-to-earnings ratio of -37.69 and a beta of 1.22. The stock’s fifty day moving average price is $31.92 and its two-hundred day moving average price is $24.27. Mayville Engineering Company, Inc. has a one year low of $12.10 and a one year high of $38.76.

Mayville Engineering (NYSE:MEC) last posted its earnings results on Tuesday, May 5th. The company reported ($0.15) earnings per share for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $139.18 million. On average, equities analysts forecast that Mayville Engineering Company, Inc. will post -0.08 EPS for the current year.

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.