Empowered Funds LLC Raises Position in Mayville Engineering Company, Inc. (NYSE:MEC)

Empowered Funds LLC increased its stake in shares of Mayville Engineering Company, Inc. (NYSE:MEC) by 5.4% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 87,017 shares of the company’s stock after purchasing an additional 4,422 shares during the quarter. Empowered Funds LLC owned 0.42% of Mayville Engineering worth $1,834,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of MEC. BNP Paribas Financial Markets lifted its holdings in shares of Mayville Engineering by 49.6% in the 1st quarter. BNP Paribas Financial Markets now owns 5,426 shares of the company’s stock worth $78,000 after acquiring an additional 1,799 shares during the last quarter. Janney Montgomery Scott LLC purchased a new stake in shares of Mayville Engineering in the first quarter worth approximately $147,000. Russell Investments Group Ltd. lifted its stake in shares of Mayville Engineering by 65.6% during the 1st quarter. Russell Investments Group Ltd. now owns 153,710 shares of the company’s stock worth $2,203,000 after acquiring an additional 60,896 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Mayville Engineering by 7.9% during the 1st quarter. Vanguard Group Inc. now owns 538,175 shares of the company’s stock valued at $7,712,000 after acquiring an additional 39,460 shares during the period. Finally, Lazard Asset Management LLC bought a new position in Mayville Engineering in the 1st quarter valued at $73,000. Hedge funds and other institutional investors own 45.44% of the company’s stock.

Insider Transactions at Mayville Engineering

In other Mayville Engineering news, CEO Jagadeesh A. Reddy bought 5,903 shares of Mayville Engineering stock in a transaction that occurred on Thursday, November 7th. The shares were bought at an average cost of $16.72 per share, with a total value of $98,698.16. Following the transaction, the chief executive officer now directly owns 89,052 shares of the company’s stock, valued at approximately $1,488,949.44. This represents a 7.10 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Ryan F. Raber sold 21,508 shares of the stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $19.15, for a total transaction of $411,878.20. Following the completion of the transaction, the executive vice president now directly owns 97,053 shares of the company’s stock, valued at $1,858,564.95. The trade was a 18.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 6.40% of the company’s stock.

Mayville Engineering Trading Down 1.9 %

NYSE MEC opened at $16.34 on Thursday. The company’s 50-day simple moving average is $19.67 and its two-hundred day simple moving average is $18.16. Mayville Engineering Company, Inc. has a one year low of $11.07 and a one year high of $23.02. The company has a market capitalization of $337.26 million, a price-to-earnings ratio of 28.24 and a beta of 0.97. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.91 and a current ratio of 1.77.

Mayville Engineering (NYSE:MEC) last announced its earnings results on Tuesday, November 5th. The company reported $0.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.19 by ($0.05). The company had revenue of $135.39 million for the quarter, compared to the consensus estimate of $157.22 million. Mayville Engineering had a net margin of 2.01% and a return on equity of 5.20%. During the same period last year, the business posted $0.21 EPS. Equities analysts forecast that Mayville Engineering Company, Inc. will post 0.31 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts recently commented on MEC shares. Northland Capmk downgraded shares of Mayville Engineering from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 7th. Northland Securities downgraded shares of Mayville Engineering from an “outperform” rating to a “market perform” rating and decreased their price target for the company from $30.00 to $20.00 in a research note on Thursday, November 7th.

About Mayville Engineering

Mayville Engineering Company, Inc, together with its subsidiaries, engages in the production, design, prototyping and tooling, fabrication, aluminum extrusion, coating, and assembling of aftermarket components in the United States. It also supplies engineered components to original equipment manufacturers.