Mayville Engineering Company, Inc. $MEC Shares Acquired by CenterBook Partners LP

CenterBook Partners LP grew its holdings in shares of Mayville Engineering Company, Inc. (NYSE:MEC) by 1,000.3% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 341,000 shares of the company’s stock after buying an additional 310,008 shares during the period. CenterBook Partners LP’s holdings in Mayville Engineering were worth $5,115,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of MEC. Wellington Management Group LLP bought a new position in shares of Mayville Engineering in the 2nd quarter worth about $17,890,000. Pillsbury Lake Capital LLC purchased a new position in Mayville Engineering during the 2nd quarter valued at about $5,122,505. Osterweis Capital Management Inc. purchased a new position in Mayville Engineering during the 2nd quarter valued at about $6,541,000. Dimensional Fund Advisors LP boosted its stake in Mayville Engineering by 5.6% during the first quarter. Dimensional Fund Advisors LP now owns 926,216 shares of the company’s stock worth $16,625,000 after acquiring an additional 49,041 shares in the last quarter. Finally, Empowered Funds LLC bought a new stake in Mayville Engineering during the second quarter worth about $4,367,000. Institutional investors own 45.44% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on MEC. Citigroup cut their price objective on shares of Mayville Engineering from $38.00 to $27.00 and set a “buy” rating on the stock in a report on Thursday. DA Davidson lifted their target price on shares of Mayville Engineering from $32.00 to $36.00 and gave the company a “buy” rating in a report on Wednesday, July 22nd. Weiss Ratings reissued a “sell (d+)” rating on shares of Mayville Engineering in a research report on Tuesday, October 6th. Finally, Northland Securities set a $40.00 price target on Mayville Engineering in a research note on Thursday, August 6th. Three research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Mayville Engineering has an average rating of “Hold” and an average target price of $34.33.

Mayville Engineering Stock Up 0.2%

Shares of NYSE:MEC traded up $0.03 on Friday, hitting $13.08. 713,463 shares of the company traded hands, compared to its average volume of 438,434. The stock has a 50 day simple moving average of $16.23 and a 200-day simple moving average of $22.51. 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 has a market cap of $333.54 million, a PE ratio of -18.96 and a beta of 1.51. Mayville Engineering Company, Inc. has a 52 week low of $12.41 and a 52 week high of $38.76.

Mayville Engineering (NYSE:MEC) last announced 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 for the quarter, compared to analysts’ expectations of $165.07 million. As a group, research analysts expect that Mayville Engineering Company, Inc. will post -0.22 earnings per share for the current year.

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.