CenterBook Partners LP boosted its position in shares of Mayville Engineering Company, Inc. (NYSE:MEC – Free Report) by 1,000.3% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 341,000 shares of the company’s stock after buying an additional 310,008 shares during the quarter. CenterBook Partners LP owned approximately 1.34% of Mayville Engineering worth $5,115,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Legal & General Group Plc bought a new stake in Mayville Engineering in the 2nd quarter worth $53,000. Parkside Financial Bank & Trust raised its stake in shares of Mayville Engineering by 4,657.1% during the second quarter. Parkside Financial Bank & Trust now owns 1,665 shares of the company’s stock valued at $62,000 after acquiring an additional 1,630 shares during the last quarter. State of Alaska Department of Revenue raised its stake in shares of Mayville Engineering by 33.4% during the third quarter. State of Alaska Department of Revenue now owns 5,207 shares of the company’s stock valued at $77,000 after acquiring an additional 1,304 shares during the last quarter. Persistent Asset Partners Ltd purchased a new stake in shares of Mayville Engineering during the second quarter worth about $80,000. Finally, State of Wyoming purchased a new stake in shares of Mayville Engineering during the third quarter worth about $83,000. 45.44% of the stock is currently owned by institutional investors.
Mayville Engineering Trading Up 0.2%
Shares of MEC traded up $0.03 during trading hours on Friday, reaching $13.08. 713,463 shares of the company traded hands, compared to its average volume of 438,434. Mayville Engineering Company, Inc. has a 12 month low of $12.41 and a 12 month high of $38.76. The company has a quick ratio of 0.96, a current ratio of 1.70 and a debt-to-equity ratio of 0.39. The company’s fifty day moving average price is $16.23 and its two-hundred day moving average price is $22.51. The company has a market capitalization of $333.54 million, a price-to-earnings ratio of -18.96 and a beta of 1.51.
Mayville Engineering (NYSE:MEC – Get Free Report) last released its quarterly earnings results on Tuesday, November 3rd. The company reported $0.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.12 by $0.03. Mayville Engineering had a negative net margin of 2.95% and a negative return on equity of 6.63%. The company had revenue of $170.36 million during the quarter, compared to the consensus estimate of $165.07 million. Equities research analysts predict that Mayville Engineering Company, Inc. will post -0.22 earnings per share for the current fiscal year.
Analysts Set New Price Targets
A number of research analysts recently issued reports on MEC shares. Citigroup reduced their price target on Mayville Engineering from $38.00 to $27.00 and set a “buy” rating on the stock in a report on Thursday. DA Davidson increased their price objective on Mayville Engineering from $32.00 to $36.00 and gave the stock a “buy” rating in a report on Wednesday, July 22nd. Weiss Ratings reiterated a “sell (d+)” rating on shares of Mayville Engineering in a research report on Tuesday, October 6th. Finally, Northland Securities set a $40.00 target price on Mayville Engineering in a research note on Thursday, August 6th. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $34.33.
View Our Latest Analysis on MEC
About Mayville Engineering
Mayville Engineering Company, Inc (NYSE:MEC) is a U.S.-based contract manufacturer that provides engineered metal components and assemblies to original equipment manufacturers. Headquartered in Mayville, Wisconsin, the company works with customers from product design and prototyping through production, finishing and assembly.
Its manufacturing capabilities include metal fabrication, precision machining, stamping, tube forming, laser cutting, robotic and manual welding, powder coating, painting and final assembly.
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