Sei Investments Co. Buys 39,309 Shares of Mayville Engineering Company, Inc. $MEC

Sei Investments Co. boosted its stake in Mayville Engineering Company, Inc. (NYSE:MEC) by 47.0% in the first quarter, HoldingsChannel reports. The firm owned 122,878 shares of the company’s stock after buying an additional 39,309 shares during the period. Sei Investments Co.’s holdings in Mayville Engineering were worth $2,206,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. EVR Research LP acquired a new stake in shares of Mayville Engineering in the 4th quarter valued at about $11,326,000. Ameriprise Financial Inc. raised its stake in Mayville Engineering by 894.2% during the 3rd quarter. Ameriprise Financial Inc. now owns 394,161 shares of the company’s stock worth $5,424,000 after buying an additional 354,514 shares during the period. Congruence Capital LLC acquired a new position in Mayville Engineering during the 4th quarter worth approximately $3,896,000. Blair William & Co. IL boosted its holdings in Mayville Engineering by 54.8% in the fourth quarter. Blair William & Co. IL now owns 583,759 shares of the company’s stock worth $10,928,000 after acquiring an additional 206,549 shares in the last quarter. Finally, Boston Partners bought a new position in Mayville Engineering in the third quarter worth approximately $2,727,000. Institutional investors own 45.44% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Mayville Engineering in a research report on Friday, July 10th. DA Davidson lifted their price target on shares of Mayville Engineering from $32.00 to $36.00 and gave the company a “buy” rating in a research report on Wednesday, July 22nd. Northland Securities set a $40.00 price target on shares of Mayville Engineering in a research note on Thursday. Finally, Citigroup upped their price objective on shares of Mayville Engineering from $33.00 to $43.00 and gave the stock a “buy” rating in a report on Monday, July 13th. Four research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $35.75.

Mayville Engineering Price Performance

Mayville Engineering stock opened at $24.09 on Friday. Mayville Engineering Company, Inc. has a 52 week low of $12.25 and a 52 week high of $38.76. The company’s 50 day moving average price is $32.11 and its two-hundred day moving average price is $24.80. The stock has a market cap of $493.62 million, a P/E ratio of -28.67 and a beta of 1.27. The company has a quick ratio of 0.91, a current ratio of 1.70 and a debt-to-equity ratio of 0.39.

Mayville Engineering (NYSE:MEC) last issued its quarterly earnings results on Tuesday, August 4th. The company reported $0.07 EPS for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.12. The company had revenue of $162.98 million during the quarter, compared to the consensus estimate of $150.59 million. Mayville Engineering had a negative return on equity of 6.63% and a negative net margin of 2.95%. On average, equities analysts predict that Mayville Engineering Company, Inc. will post -0.08 earnings per share for the current year.

Insider Transactions at Mayville Engineering

In related news, EVP Ryan F. Raber sold 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $26.00, for a total transaction of $520,000.00. Following the sale, the executive vice president directly owned 86,970 shares in the company, valued at approximately $2,261,220. This represents a 18.70% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Jagadeesh A. Reddy sold 15,688 shares of the firm’s stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $35.05, for a total transaction of $549,864.40. Following the completion of the transaction, the chief executive officer directly owned 124,105 shares of the company’s stock, valued at approximately $4,349,880.25. This trade represents a 11.22% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 71,785 shares of company stock valued at $2,073,629. Corporate insiders own 5.60% of the company’s stock.

Mayville Engineering 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.