Johnson Financial Group Inc. Takes Position in Mayville Engineering Company, Inc. $MEC

Johnson Financial Group Inc. purchased a new stake in shares of Mayville Engineering Company, Inc. (NYSE:MEC) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 26,000 shares of the company’s stock, valued at approximately $974,000.

Several other institutional investors have also recently made changes to their positions in the company. BlackRock Inc. bought a new position in Mayville Engineering in the 2nd quarter worth about $44,332,000. EVR Research LP purchased a new position in shares of Mayville Engineering during the fourth quarter worth approximately $11,326,000. Ameriprise Financial Inc. lifted its stake in Mayville Engineering by 894.2% in the third quarter. Ameriprise Financial Inc. now owns 394,161 shares of the company’s stock worth $5,424,000 after purchasing an additional 354,514 shares during the last quarter. Congruence Capital LLC bought a new stake in shares of Mayville Engineering in the 4th quarter valued at about $3,896,000. Finally, Blair William & Co. IL boosted its stake in shares of Mayville Engineering by 54.8% during the fourth quarter. Blair William & Co. IL now owns 583,759 shares of the company’s stock valued at $10,928,000 after purchasing an additional 206,549 shares during the period. Institutional investors own 45.44% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on MEC shares. DA Davidson raised their price target on shares of Mayville Engineering from $32.00 to $36.00 and gave the stock a “buy” rating in a report on Wednesday, July 22nd. Northland Securities set a $40.00 price objective on shares of Mayville Engineering in a research note on Thursday, August 6th. Citigroup increased their target price 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. Finally, Weiss Ratings reissued a “sell (d+)” rating on shares of Mayville Engineering in a research note on Friday, July 10th. Four analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $35.75.

Insider Activity at Mayville Engineering

In other Mayville Engineering news, CEO Jagadeesh A. Reddy sold 17,942 shares of the firm’s stock in a transaction dated 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 in the company, valued at $4,213,350. This trade represents a 11.33% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Ryan F. Raber sold 20,000 shares of Mayville Engineering stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $26.00, for a total value 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. The trade was a 18.70% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 67,785 shares of company stock worth $1,980,669 over the last 90 days. 5.60% of the stock is owned by company insiders.

Mayville Engineering Price Performance

Shares of Mayville Engineering stock opened at $22.59 on Thursday. The company has a market cap of $576.04 million, a PE ratio of -26.89 and a beta of 1.27. The business has a 50 day moving average of $30.57 and a 200 day moving average of $25.12. Mayville Engineering Company, Inc. has a 52 week low of $12.25 and a 52 week 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.

Mayville Engineering (NYSE:MEC) last issued its quarterly earnings data on Tuesday, August 4th. The company reported $0.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.12. Mayville Engineering had a negative net margin of 2.95% and a negative return on equity of 6.63%. The business had revenue of $162.98 million for the quarter, compared to the consensus estimate of $150.59 million. As a group, equities research analysts forecast that Mayville Engineering Company, Inc. will post -0.22 earnings per share for the current year.

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.