Granahan Investment Management LLC Has $4.81 Million Stake in Mayville Engineering Company, Inc. $MEC

Granahan Investment Management LLC reduced its position in Mayville Engineering Company, Inc. (NYSE:MEC) by 29.9% during the third quarter, Holdings Channel.com reports. The firm owned 349,267 shares of the company’s stock after selling 149,038 shares during the quarter. Granahan Investment Management LLC’s holdings in Mayville Engineering were worth $4,806,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Raymond James Financial Inc. increased its stake in Mayville Engineering by 3.0% during the 3rd quarter. Raymond James Financial Inc. now owns 25,187 shares of the company’s stock valued at $347,000 after purchasing an additional 740 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Mayville Engineering by 20.7% in the second quarter. JPMorgan Chase & Co. now owns 7,936 shares of the company’s stock valued at $127,000 after buying an additional 1,359 shares in the last quarter. BNP Paribas Financial Markets grew its holdings in shares of Mayville Engineering by 109.0% during the third quarter. BNP Paribas Financial Markets now owns 2,751 shares of the company’s stock valued at $38,000 after buying an additional 1,435 shares during the last quarter. Rhumbline Advisers grew its holdings in shares of Mayville Engineering by 8.3% during the second quarter. Rhumbline Advisers now owns 19,969 shares of the company’s stock valued at $319,000 after buying an additional 1,526 shares during the last quarter. Finally, AlphaQuest LLC increased its position in shares of Mayville Engineering by 26.2% during the third quarter. AlphaQuest LLC now owns 8,342 shares of the company’s stock worth $115,000 after acquiring an additional 1,733 shares in the last quarter. Institutional investors and hedge funds own 45.44% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. Weiss Ratings lowered shares of Mayville Engineering from a “hold (c-)” rating to a “sell (d+)” rating in a report on Thursday, March 5th. Citigroup lifted their price target on Mayville Engineering from $24.00 to $25.00 and gave the company a “buy” rating in a research note on Thursday, March 5th. Zacks Research raised Mayville Engineering from a “strong sell” rating to a “hold” rating in a report on Friday, March 6th. Northland Securities raised Mayville Engineering from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $20.00 to $25.00 in a research note on Thursday, March 5th. Finally, DA Davidson raised their target price on Mayville Engineering from $21.00 to $23.00 and gave the company a “buy” rating in a report on Monday, March 9th. Four research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $24.25.

Mayville Engineering Stock Performance

NYSE MEC opened at $16.70 on Monday. The company has a fifty day moving average price of $19.71 and a 200-day moving average price of $17.22. The firm has a market cap of $339.36 million, a price-to-earnings ratio of -41.75 and a beta of 1.08. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.72 and a quick ratio of 0.92. Mayville Engineering Company, Inc. has a 1 year low of $11.72 and a 1 year high of $22.36.

Mayville Engineering (NYSE:MEC) last released its quarterly earnings results on Tuesday, March 3rd. The company reported ($0.08) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.08. Mayville Engineering had a negative net margin of 1.48% and a negative return on equity of 2.33%. The company had revenue of $134.27 million for the quarter, compared to analyst estimates of $132.51 million. As a group, equities research analysts predict that Mayville Engineering Company, Inc. will post 0.31 EPS for the current fiscal year.

Insider Buying and Selling

In other Mayville Engineering news, insider Sean P. Leuba sold 2,500 shares of the stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $20.07, for a total value of $50,175.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 5.60% of the company’s stock.

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.