Principal Financial Group Inc. Invests $276,000 in Mayville Engineering Company, Inc. (NYSE:MEC)

Principal Financial Group Inc. purchased a new position in shares of Mayville Engineering Company, Inc. (NYSE:MEC) during the 3rd quarter, Holdings Channel.com reports. The fund purchased 13,112 shares of the company’s stock, valued at approximately $276,000.

Other institutional investors also recently bought and sold shares of the company. Harbor Capital Advisors Inc. grew its holdings in Mayville Engineering by 124.4% in the third quarter. Harbor Capital Advisors Inc. now owns 79,122 shares of the company’s stock valued at $1,668,000 after purchasing an additional 43,858 shares during the period. US Bancorp DE acquired a new position in shares of Mayville Engineering during the 3rd quarter valued at about $60,000. Net Worth Advisory Group acquired a new stake in Mayville Engineering during the third quarter worth $237,000. Ritholtz Wealth Management boosted its position in shares of Mayville Engineering by 103.5% during the 3rd quarter. Ritholtz Wealth Management now owns 23,360 shares of the company’s stock worth $492,000 after purchasing an additional 11,882 shares during the period. Finally, Cubist Systematic Strategies LLC purchased a new stake in shares of Mayville Engineering in the 2nd quarter valued at $189,000. 45.44% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Mayville Engineering news, CEO Jagadeesh A. Reddy bought 5,903 shares of the company’s stock in a transaction 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 completion of the acquisition, the chief executive officer now owns 89,052 shares of the company’s stock, valued at approximately $1,488,949.44. This trade represents a 7.10 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 6.40% of the stock is currently owned by corporate insiders.

Mayville Engineering Stock Performance

NYSE MEC opened at $16.96 on Tuesday. The company has a market capitalization of $349.95 million, a P/E ratio of 28.74 and a beta of 0.97. Mayville Engineering Company, Inc. has a 1-year low of $11.07 and a 1-year high of $23.02. The business has a 50 day moving average price of $19.48 and a 200 day moving average price of $18.22. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.77 and a quick ratio of 0.91.

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

Analysts Set New Price Targets

Several equities analysts have 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 lowered Mayville Engineering from an “outperform” rating to a “market perform” rating and dropped their price objective for the stock from $30.00 to $20.00 in a report on Thursday, November 7th.

Mayville Engineering 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.