Formula Growth Ltd. Invests $2.81 Million in Mayville Engineering Company, Inc. $MEC

Formula Growth Ltd. acquired a new stake in Mayville Engineering Company, Inc. (NYSE:MEC) in the 2nd quarter, Holdings Channel reports. The firm acquired 75,000 shares of the company’s stock, valued at approximately $2,810,000.

A number of other institutional investors also recently modified their holdings of MEC. Legal & General Group Plc acquired a new stake in Mayville Engineering in the second quarter worth $53,000. Clearstead Advisors LLC raised its holdings in shares of Mayville Engineering by 194.9% during the fourth quarter. Clearstead Advisors LLC now owns 2,094 shares of the company’s stock valued at $39,000 after purchasing an additional 1,384 shares during the period. Persistent Asset Partners Ltd acquired a new position in shares of Mayville Engineering during the second quarter valued at about $80,000. BNP Paribas Financial Markets boosted its position in shares of Mayville Engineering by 109.0% during the 3rd quarter. BNP Paribas Financial Markets now owns 2,751 shares of the company’s stock worth $38,000 after purchasing an additional 1,435 shares in the last quarter. Finally, Picton Mahoney Asset Management bought a new position in shares of Mayville Engineering during the 4th quarter worth about $109,000. Institutional investors and hedge funds own 45.44% of the company’s stock.

Mayville Engineering Stock Performance

Shares of Mayville Engineering stock opened at $20.26 on Friday. 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. The business has a 50 day moving average price of $28.92 and a 200-day moving average price of $25.16. The company has a market cap of $516.63 million, a PE ratio of -24.12 and a beta of 1.27.

Mayville Engineering (NYSE:MEC) last announced its earnings results on Tuesday, August 4th. The company reported $0.07 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.12. Mayville Engineering had a negative return on equity of 6.63% and a negative net margin of 2.95%.The company had revenue of $162.98 million for the quarter, compared to analysts’ expectations of $150.59 million. Equities analysts anticipate that Mayville Engineering Company, Inc. will post -0.22 earnings per share for the current fiscal year.

Insider Buying and Selling at Mayville Engineering

In other news, CEO Jagadeesh A. Reddy sold 17,942 shares of the company’s 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 owned 140,445 shares in the company, valued at $4,213,350. This represents a 11.33% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Sean P. Leuba sold 12,855 shares of the company’s stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $25.44, for a total transaction of $327,031.20. Following the completion of the sale, the senior vice president owned 6,633 shares of the company’s stock, valued at approximately $168,743.52. The trade was a 65.96% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 47,785 shares of company stock worth $1,460,669. Company insiders own 5.60% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently commented on MEC. Citigroup raised their target price on Mayville Engineering from $33.00 to $43.00 and gave the company a “buy” rating in a research note on Monday, July 13th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Mayville Engineering in a research note on Friday, July 10th. Northland Securities set a $40.00 price target on Mayville Engineering in a report on Thursday, August 6th. Finally, DA Davidson raised their price objective on Mayville Engineering from $32.00 to $36.00 and gave the company a “buy” rating in a research note on Wednesday, July 22nd. Four equities research 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. According to MarketBeat, Mayville Engineering currently has an average rating of “Moderate Buy” and a consensus target price of $35.75.

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.