Bank of New York Mellon Corp Has $802,000 Stock Holdings in Mayville Engineering Company, Inc. (NYSE:MEC)

Bank of New York Mellon Corp raised its stake in Mayville Engineering Company, Inc. (NYSE:MEC) by 18.2% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 48,134 shares of the company’s stock after purchasing an additional 7,416 shares during the period. Bank of New York Mellon Corp owned 0.23% of Mayville Engineering worth $802,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. Russell Investments Group Ltd. boosted its holdings in Mayville Engineering by 65.6% during the 1st quarter. Russell Investments Group Ltd. now owns 153,710 shares of the company’s stock worth $2,203,000 after acquiring an additional 60,896 shares during the last quarter. First Eagle Investment Management LLC bought a new position in shares of Mayville Engineering during the first quarter valued at about $713,000. Vanguard Group Inc. boosted its holdings in Mayville Engineering by 7.9% during the first quarter. Vanguard Group Inc. now owns 538,175 shares of the company’s stock worth $7,712,000 after purchasing an additional 39,460 shares during the last quarter. Pullen Investment Management LLC bought a new stake in Mayville Engineering in the 1st quarter worth about $546,000. Finally, Harbor Capital Advisors Inc. purchased a new stake in Mayville Engineering in the 2nd quarter valued at about $587,000. Institutional investors and hedge funds own 45.44% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Northland Securities raised their target price on Mayville Engineering from $20.00 to $30.00 and gave the company an “outperform” rating in a research report on Friday, June 14th.

Mayville Engineering Stock Down 1.9 %

Shares of MEC opened at $19.94 on Monday. Mayville Engineering Company, Inc. has a 1 year low of $9.72 and a 1 year high of $20.47. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.71 and a quick ratio of 0.97. The stock has a 50 day simple moving average of $18.91 and a two-hundred day simple moving average of $16.38. The firm has a market cap of $409.31 million, a P/E ratio of 47.48 and a beta of 0.94.

Mayville Engineering (NYSE:MEC) last issued its earnings results on Tuesday, August 6th. The company reported $0.18 earnings per share for the quarter, beating the consensus estimate of $0.17 by $0.01. The company had revenue of $163.64 million during the quarter, compared to analysts’ expectations of $160.38 million. Mayville Engineering had a return on equity of 5.81% and a net margin of 1.69%. On average, analysts forecast that Mayville Engineering Company, Inc. will post 0.68 earnings per share for the current fiscal year.

Insider Activity

In related news, EVP Ryan F. Raber sold 21,508 shares of the business’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $19.15, for a total transaction of $411,878.20. Following the sale, the executive vice president now owns 97,053 shares of the company’s stock, valued at $1,858,564.95. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 6.40% of the stock is currently owned by company insiders.

About Mayville Engineering

Mayville Engineering Company, Inc, together with its subsidiaries, engages in the production, design, prototyping and tooling, fabrication, aluminum extrusion, coating, and assembling of aftermarket components in the United States. It also supplies engineered components to original equipment manufacturers.