Point72 Asset Management L.P. Takes Position in Mayville Engineering Company, Inc. (NYSE:MEC)

Point72 Asset Management L.P. acquired a new stake in Mayville Engineering Company, Inc. (NYSE:MEC) during the 3rd quarter, according to its most recent disclosure with the SEC. The fund acquired 4,501 shares of the company’s stock, valued at approximately $95,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. increased its stake in Mayville Engineering by 7.9% in the 1st quarter. Vanguard Group Inc. now owns 538,175 shares of the company’s stock valued at $7,712,000 after buying an additional 39,460 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in Mayville Engineering by 17.6% in the second quarter. Dimensional Fund Advisors LP now owns 517,323 shares of the company’s stock valued at $8,618,000 after buying an additional 77,486 shares during the period. First Eagle Investment Management LLC raised its holdings 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 acquiring an additional 201,047 shares during the period. Blair William & Co. IL grew its holdings in Mayville Engineering by 8.5% in the 2nd quarter. Blair William & Co. IL now owns 157,189 shares of the company’s stock valued at $2,619,000 after buying an additional 12,299 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. grew 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 valued at $2,573,000 after acquiring an additional 58,242 shares in the last quarter. Institutional investors and hedge funds own 45.44% of the company’s stock.

Insider Transactions at Mayville Engineering

In other news, CEO Jagadeesh A. Reddy purchased 5,903 shares of the company’s stock in a transaction that occurred 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 transaction, the chief executive officer now directly 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 legal filing with the SEC, which can be accessed through this link. 6.40% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

MEC has been the topic of several analyst reports. Northland Capmk lowered shares of Mayville Engineering from a “strong-buy” rating to a “hold” rating in a research report on Thursday, November 7th. Northland Securities downgraded Mayville Engineering from an “outperform” rating to a “market perform” rating and cut their price objective for the company from $30.00 to $20.00 in a report on Thursday, November 7th.

Mayville Engineering Price Performance

MEC stock opened at $17.13 on Friday. The company has a quick ratio of 0.91, a current ratio of 1.77 and a debt-to-equity ratio of 0.47. The company’s fifty day simple moving average is $18.63 and its 200 day simple moving average is $18.30. Mayville Engineering Company, Inc. has a 12-month low of $11.07 and a 12-month high of $23.02. The firm has a market cap of $353.63 million, a price-to-earnings ratio of 28.81 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 earnings per share 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 company had revenue of $135.39 million during the quarter, compared to the consensus estimate of $157.22 million. During the same quarter in the prior year, the firm earned $0.21 EPS. On average, analysts expect that Mayville Engineering Company, Inc. will post 0.31 earnings per share for the current 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.