Geode Capital Management LLC Grows Stock Holdings in Mayville Engineering Company, Inc. (NYSE:MEC)

Geode Capital Management LLC lifted its position in Mayville Engineering Company, Inc. (NYSE:MEC) by 5.4% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 277,679 shares of the company’s stock after buying an additional 14,118 shares during the period. Geode Capital Management LLC owned approximately 1.35% of Mayville Engineering worth $5,855,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of MEC. Harbor Capital Advisors Inc. boosted its holdings in Mayville Engineering by 124.4% in the third quarter. Harbor Capital Advisors Inc. now owns 79,122 shares of the company’s stock worth $1,668,000 after acquiring an additional 43,858 shares in the last quarter. Jacobs Levy Equity Management Inc. boosted its stake in Mayville Engineering by 91.3% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 122,055 shares of the company’s stock worth $2,573,000 after purchasing an additional 58,242 shares in the last quarter. First Eagle Investment Management LLC grew its position in Mayville Engineering by 404.2% during the 2nd quarter. First Eagle Investment Management LLC now owns 250,785 shares of the company’s stock worth $4,178,000 after purchasing an additional 201,047 shares during the last quarter. US Bancorp DE acquired a new position in Mayville Engineering during the 3rd quarter valued at approximately $60,000. Finally, Martingale Asset Management L P purchased a new position in shares of Mayville Engineering in the third quarter worth $766,000. Institutional investors own 45.44% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on MEC shares. Northland Capmk lowered shares of Mayville Engineering from a “strong-buy” rating to a “hold” rating in a report on Thursday, November 7th. Northland Securities downgraded Mayville Engineering from an “outperform” rating to a “market perform” rating and dropped their price target for the company from $30.00 to $20.00 in a research note on Thursday, November 7th.

Mayville Engineering Trading Down 0.5 %

Shares of Mayville Engineering stock opened at $15.47 on Friday. The stock has a market cap of $319.36 million, a PE ratio of 26.22 and a beta of 0.90. The firm has a fifty day moving average price of $17.22 and a 200 day moving average price of $18.27. Mayville Engineering Company, Inc. has a 1 year low of $11.07 and a 1 year high of $23.02. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.77 and a quick ratio of 0.91.

Mayville Engineering (NYSE:MEC) last released its quarterly earnings data on Tuesday, November 5th. The company reported $0.14 earnings per share for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.05). Mayville Engineering had a net margin of 2.01% and a return on equity of 5.20%. The company had revenue of $135.39 million for the quarter, compared to analysts’ expectations of $157.22 million. During the same quarter in the previous year, the business posted $0.21 EPS. Equities research analysts predict that Mayville Engineering Company, Inc. will post 0.31 earnings per share for the current year.

Insider Buying and Selling at Mayville Engineering

In other Mayville Engineering news, CEO Jagadeesh A. Reddy purchased 5,903 shares of the business’s stock in a transaction that occurred on Thursday, November 7th. The stock was purchased at an average price of $16.72 per share, for a total transaction of $98,698.16. Following the purchase, the chief executive officer now directly owns 89,052 shares in the company, valued at approximately $1,488,949.44. This trade represents a 7.10 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 6.40% of the stock is currently owned by corporate 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.