Geode Capital Management LLC Raises Stock Position in Mayville Engineering Company, Inc. (NYSE:MEC)

Geode Capital Management LLC raised its stake in shares of Mayville Engineering Company, Inc. (NYSE:MEC) by 5.4% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 277,679 shares of the company’s stock after acquiring an additional 14,118 shares during the quarter. Geode Capital Management LLC’s holdings in Mayville Engineering were worth $5,855,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the stock. First Eagle Investment Management LLC raised its stake in Mayville Engineering by 404.2% in the 2nd quarter. First Eagle Investment Management LLC now owns 250,785 shares of the company’s stock valued at $4,178,000 after purchasing an additional 201,047 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Mayville Engineering by 17.6% during the second quarter. Dimensional Fund Advisors LP now owns 517,323 shares of the company’s stock worth $8,618,000 after buying an additional 77,486 shares in the last quarter. Marshall Wace LLP acquired a new stake in shares of Mayville Engineering in the second quarter valued at about $978,000. Jacobs Levy Equity Management Inc. lifted its stake in shares of Mayville Engineering by 91.3% in the third quarter. Jacobs Levy Equity Management Inc. now owns 122,055 shares of the company’s stock worth $2,573,000 after buying an additional 58,242 shares in the last quarter. Finally, Harbor Capital Advisors Inc. boosted its position in Mayville Engineering by 124.4% during the third quarter. Harbor Capital Advisors Inc. now owns 79,122 shares of the company’s stock worth $1,668,000 after acquiring an additional 43,858 shares during the last quarter. Institutional investors and hedge funds own 45.44% of the company’s stock.

Insider Activity

In related news, CEO Jagadeesh A. Reddy purchased 5,903 shares of Mayville Engineering stock in a transaction dated Thursday, November 7th. The shares were acquired at an average cost of $16.72 per share, with a total value of $98,698.16. Following the purchase, the chief executive officer now owns 89,052 shares of the company’s stock, valued at approximately $1,488,949.44. The trade was a 7.10 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 6.40% of the company’s stock.

Mayville Engineering Price Performance

Shares of MEC stock opened at $15.47 on Friday. The firm’s 50-day moving average is $17.22 and its two-hundred day moving average is $18.27. Mayville Engineering Company, Inc. has a 12 month low of $11.07 and a 12 month high of $23.02. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.77 and a quick ratio of 0.91. The company has a market capitalization of $319.36 million, a PE ratio of 26.22 and a beta of 0.90.

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

Analyst Upgrades and Downgrades

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