Principal Financial Group Inc. Acquires New Shares in Mayville Engineering Company, Inc. (NYSE:MEC)

Principal Financial Group Inc. acquired a new stake in Mayville Engineering Company, Inc. (NYSE:MEC) in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 13,112 shares of the company’s stock, valued at approximately $276,000. Principal Financial Group Inc. owned 0.06% of Mayville Engineering at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. US Bancorp DE bought a new stake in shares of Mayville Engineering in the 3rd quarter valued at about $60,000. Lazard Asset Management LLC bought a new stake in Mayville Engineering during the 1st quarter valued at approximately $73,000. Net Worth Advisory Group purchased a new stake in Mayville Engineering in the third quarter worth $237,000. Cubist Systematic Strategies LLC purchased a new stake in shares of Mayville Engineering in the 2nd quarter worth about $189,000. Finally, Ritholtz Wealth Management purchased a new position in shares of Mayville Engineering during the second quarter valued at approximately $191,000. 45.44% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, CEO Jagadeesh A. Reddy bought 5,903 shares of the business’s stock in a transaction dated Thursday, November 7th. The shares were purchased at an average price of $16.72 per share, with a total value of $98,698.16. Following the transaction, the chief executive officer now owns 89,052 shares in the company, valued at $1,488,949.44. This trade represents a 7.10 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 6.40% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Mayville Engineering Stock Down 0.2 %

MEC opened at $16.96 on Tuesday. The firm’s 50 day simple moving average is $19.48 and its two-hundred day simple moving average is $18.22. The company has a market capitalization of $349.95 million, a PE ratio of 28.74 and a beta of 0.97. Mayville Engineering Company, Inc. has a 1-year low of $11.07 and a 1-year high of $23.02. The company has a current ratio of 1.77, a quick ratio of 0.91 and a debt-to-equity ratio of 0.47.

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

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.