JPMorgan Chase & Co. Sells 714 Shares of Mayville Engineering Company, Inc. (NYSE:MEC)

JPMorgan Chase & Co. trimmed its stake in Mayville Engineering Company, Inc. (NYSE:MEC) by 11.2% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,689 shares of the company’s stock after selling 714 shares during the period. JPMorgan Chase & Co.’s holdings in Mayville Engineering were worth $120,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of MEC. Dimensional Fund Advisors LP increased its stake in shares of Mayville Engineering by 17.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 517,323 shares of the company’s stock valued at $8,618,000 after purchasing an additional 77,486 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Mayville Engineering by 5.4% in the third quarter. Geode Capital Management LLC now owns 277,679 shares of the company’s stock valued at $5,855,000 after buying an additional 14,118 shares in the last quarter. Jacobs Levy Equity Management Inc. raised its stake in shares of Mayville Engineering by 91.3% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 122,055 shares of the company’s stock worth $2,573,000 after buying an additional 58,242 shares during the period. Empowered Funds LLC grew its stake in Mayville Engineering by 5.4% in the 3rd quarter. Empowered Funds LLC now owns 87,017 shares of the company’s stock valued at $1,834,000 after acquiring an additional 4,422 shares during the period. Finally, Harbor Capital Advisors Inc. raised its position in Mayville Engineering by 124.4% during 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 during the period. Hedge funds and other institutional investors own 45.44% of the company’s stock.

Insiders Place Their Bets

In related news, CEO Jagadeesh A. Reddy purchased 5,903 shares of Mayville Engineering stock in a transaction on Thursday, November 7th. The stock was acquired at an average price of $16.72 per share, for a total transaction of $98,698.16. Following the completion of the transaction, the chief executive officer now directly owns 89,052 shares in the company, valued at $1,488,949.44. This represents a 7.10 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 6.40% of the company’s stock.

Mayville Engineering Stock Down 1.6 %

Mayville Engineering stock opened at $15.83 on Monday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.91 and a current ratio of 1.77. The stock has a market cap of $326.73 million, a PE ratio of 26.83 and a beta of 0.91. Mayville Engineering Company, Inc. has a fifty-two week low of $11.07 and a fifty-two week high of $23.02. The firm’s 50-day simple moving average is $16.13 and its 200 day simple moving average is $18.13.

Mayville Engineering (NYSE:MEC) last announced its quarterly earnings results on Tuesday, November 5th. The company reported $0.14 EPS for the quarter, missing the consensus estimate of $0.19 by ($0.05). Mayville Engineering had a net margin of 2.01% and a return on equity of 5.20%. The firm had revenue of $135.39 million during the quarter, compared to the consensus estimate of $157.22 million. During the same period in the previous year, the business earned $0.21 earnings per share. Research analysts predict that Mayville Engineering Company, Inc. will post 0.31 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

MEC has been the topic of several analyst reports. Northland Securities cut Mayville Engineering from an “outperform” rating to a “market perform” rating and reduced their price objective for the company from $30.00 to $20.00 in a research note on Thursday, November 7th. Northland Capmk cut shares of Mayville Engineering from a “strong-buy” rating to a “hold” rating in a research report on Thursday, November 7th.

Mayville Engineering Company Profile

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.