Panoramic Capital LLC purchased a new stake in Mayville Engineering Company, Inc. (NYSE:MEC – Free Report) during the second quarter, Holdings Channel reports. The firm purchased 70,000 shares of the company’s stock, valued at approximately $2,622,000. Mayville Engineering comprises 1.1% of Panoramic Capital LLC’s portfolio, making the stock its 25th biggest holding.
Other hedge funds have also recently bought and sold shares of the company. Pillsbury Lake Capital LLC acquired a new stake in shares of Mayville Engineering in the 2nd quarter valued at $5,122,505,000. Bank of America Corp DE acquired a new stake in shares of Mayville Engineering during the 2nd quarter worth about $10,351,000. Jupiter Topco LLC acquired a new stake in shares of Mayville Engineering during the 2nd quarter worth about $21,550,000. AWM Investment Company Inc. bought a new position in Mayville Engineering during the 2nd quarter valued at about $6,743,000. Finally, Osterweis Capital Management Inc. acquired a new position in Mayville Engineering in the second quarter valued at about $6,541,000. 45.44% of the stock is currently owned by institutional investors and hedge funds.
Mayville Engineering Trading Up 0.6%
Shares of NYSE MEC opened at $20.63 on Thursday. Mayville Engineering Company, Inc. has a 1-year low of $12.25 and a 1-year high of $38.76. The company has a market cap of $526.07 million, a PE ratio of -24.56 and a beta of 1.27. The company has a current ratio of 1.70, a quick ratio of 0.96 and a debt-to-equity ratio of 0.39. The company has a 50-day moving average of $29.22 and a two-hundred day moving average of $25.17.
Insiders Place Their Bets
In other Mayville Engineering news, SVP Sean P. Leuba sold 12,855 shares of the stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $25.44, for a total value of $327,031.20. Following the transaction, the senior vice president directly owned 6,633 shares in the company, valued at approximately $168,743.52. This trade represents a 65.96% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Jagadeesh A. Reddy sold 17,942 shares of Mayville Engineering stock in a transaction on Monday, June 1st. The shares were sold at an average price of $30.00, for a total value of $538,260.00. Following the completion of the sale, the chief executive officer directly owned 140,445 shares of the company’s stock, valued at $4,213,350. This trade represents a 11.33% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 47,785 shares of company stock worth $1,460,669 over the last quarter. Corporate insiders own 5.60% of the company’s stock.
Wall Street Analyst Weigh In
Several research firms have recently weighed in on MEC. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Mayville Engineering in a report on Friday, July 10th. Northland Securities set a $40.00 price target on Mayville Engineering in a report on Thursday, August 6th. DA Davidson lifted their price objective on Mayville Engineering from $32.00 to $36.00 and gave the company a “buy” rating in a research report on Wednesday, July 22nd. Finally, Citigroup boosted their price objective on Mayville Engineering from $33.00 to $43.00 and gave the stock a “buy” rating in a research note on Monday, July 13th. Four analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $35.75.
Check Out Our Latest Stock Report on MEC
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.
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