Avior Wealth Management LLC Increases Stock Position in Mayville Engineering Company, Inc. (NYSE:MEC)

Avior Wealth Management LLC increased its holdings in Mayville Engineering Company, Inc. (NYSE:MEC) by 116.9% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 22,919 shares of the company’s stock after buying an additional 12,354 shares during the period. Avior Wealth Management LLC owned 0.11% of Mayville Engineering worth $483,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of MEC. US Bancorp DE bought a new position in shares of Mayville Engineering in the third quarter worth $60,000. Lazard Asset Management LLC bought a new position in Mayville Engineering in the 1st quarter worth about $73,000. BNP Paribas Financial Markets grew its holdings in Mayville Engineering by 49.6% during the 1st quarter. BNP Paribas Financial Markets now owns 5,426 shares of the company’s stock valued at $78,000 after buying an additional 1,799 shares in the last quarter. Janney Montgomery Scott LLC bought a new stake in shares of Mayville Engineering during the first quarter valued at about $147,000. Finally, Cubist Systematic Strategies LLC purchased a new stake in shares of Mayville Engineering in the second quarter worth about $189,000. 45.44% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Mayville Engineering

In other news, CEO Jagadeesh A. Reddy bought 5,903 shares of the business’s stock in a transaction on Thursday, November 7th. The stock was acquired at an average price of $16.72 per share, with a total value of $98,698.16. Following the completion of the purchase, the chief executive officer now directly owns 89,052 shares in the company, valued at $1,488,949.44. This represents a 7.10 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Company insiders own 6.40% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Mayville Engineering Stock Up 1.5 %

Shares of NYSE MEC opened at $16.56 on Friday. The company has a current ratio of 1.77, a quick ratio of 0.91 and a debt-to-equity ratio of 0.47. The business has a 50-day moving average of $19.62 and a 200-day moving average of $18.15. The firm has a market capitalization of $341.80 million, a price-to-earnings ratio of 27.70 and a beta of 0.97. Mayville Engineering Company, Inc. has a 12 month low of $11.07 and a 12 month high of $23.02.

Mayville Engineering (NYSE:MEC) last released its quarterly earnings results on Tuesday, November 5th. The company reported $0.14 EPS for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.05). The company had revenue of $135.39 million during the quarter, compared to analysts’ expectations of $157.22 million. Mayville Engineering had a return on equity of 5.20% and a net margin of 2.01%. During the same period in the prior year, the firm earned $0.21 EPS. Sell-side analysts expect that Mayville Engineering Company, Inc. will post 0.31 earnings per share for the current fiscal year.

Mayville Engineering Company Profile

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.