Granahan Investment Management LLC lifted its stake in shares of Mayville Engineering Company, Inc. (NYSE:MEC – Free Report) by 44.7% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 387,470 shares of the company’s stock after purchasing an additional 119,708 shares during the quarter. Granahan Investment Management LLC’s holdings in Mayville Engineering were worth $6,955,000 as of its most recent SEC filing.
A number of other hedge funds also recently modified their holdings of the stock. Empowered Funds LLC raised its stake in Mayville Engineering by 7.3% in the first quarter. Empowered Funds LLC now owns 98,207 shares of the company’s stock valued at $1,319,000 after purchasing an additional 6,694 shares in the last quarter. Jane Street Group LLC grew its stake in Mayville Engineering by 158.6% during the first quarter. Jane Street Group LLC now owns 47,194 shares of the company’s stock worth $634,000 after buying an additional 28,946 shares in the last quarter. Geode Capital Management LLC grew its stake in Mayville Engineering by 9.5% during the second quarter. Geode Capital Management LLC now owns 318,321 shares of the company’s stock worth $5,081,000 after buying an additional 27,552 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in Mayville Engineering by 20.7% in the 2nd 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 during the period. Finally, Rhumbline Advisers increased its holdings in Mayville Engineering by 8.3% in the 2nd 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 period. Institutional investors own 45.44% of the company’s stock.
Insider Buying and Selling
In related news, EVP Ryan F. Raber sold 20,000 shares of the stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $26.00, for a total value of $520,000.00. Following the completion of the sale, the executive vice president directly owned 86,970 shares in the company, valued at $2,261,220. This represents a 18.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Jagadeesh A. Reddy sold 15,688 shares of the firm’s stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $35.05, for a total value of $549,864.40. Following the transaction, the chief executive officer directly owned 124,105 shares of the company’s stock, valued at approximately $4,349,880.25. This represents a 11.22% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 80,726 shares of company stock valued at $2,311,768 over the last 90 days. 5.60% of the stock is owned by insiders.
Mayville Engineering Stock Down 0.9%
Mayville Engineering (NYSE:MEC – Get Free Report) last announced its quarterly earnings results on Tuesday, May 5th. The company reported ($0.15) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.28) by $0.13. The firm had revenue of $144.78 million during the quarter, compared to analysts’ expectations of $139.18 million. Mayville Engineering had a negative net margin of 2.93% and a negative return on equity of 5.77%. On average, research analysts anticipate that Mayville Engineering Company, Inc. will post -0.08 earnings per share for the current year.
Analysts Set New Price Targets
Several equities analysts have recently commented on MEC shares. DA Davidson boosted their target price on shares of Mayville Engineering from $32.00 to $36.00 and gave the company a “buy” rating in a research report on Wednesday. Citigroup increased their price target on shares of Mayville Engineering from $33.00 to $43.00 and gave the stock a “buy” rating in a research report on Monday, July 13th. Weiss Ratings reissued a “sell (d+)” rating on shares of Mayville Engineering in a research note on Friday, July 10th. Finally, Northland Securities set a $30.00 price objective on shares of Mayville Engineering in a research report on Thursday, May 7th. Four analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $33.25.
View Our Latest Stock Analysis on Mayville Engineering
About Mayville Engineering
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.
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