Osterweis Capital Management Inc. Makes New Investment in Mayville Engineering Company, Inc. $MEC

Osterweis Capital Management Inc. bought a new position in shares of Mayville Engineering Company, Inc. (NYSE:MEC) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 174,600 shares of the company’s stock, valued at approximately $6,541,000. Osterweis Capital Management Inc. owned 0.68% of Mayville Engineering as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. Empowered Funds LLC lifted its stake in shares of Mayville Engineering by 7.3% in the 1st quarter. Empowered Funds LLC now owns 98,207 shares of the company’s stock valued at $1,319,000 after purchasing an additional 6,694 shares during the period. Jane Street Group LLC grew its stake in Mayville Engineering by 158.6% in the first quarter. Jane Street Group LLC now owns 47,194 shares of the company’s stock worth $634,000 after purchasing an additional 28,946 shares during the period. Geode Capital Management LLC grew its stake in Mayville Engineering by 9.5% in the second quarter. Geode Capital Management LLC now owns 318,321 shares of the company’s stock worth $5,081,000 after purchasing an additional 27,552 shares during the period. JPMorgan Chase & Co. raised its holdings in Mayville Engineering by 20.7% in the second quarter. JPMorgan Chase & Co. now owns 7,936 shares of the company’s stock worth $127,000 after purchasing an additional 1,359 shares in the last quarter. Finally, Rhumbline Advisers raised its holdings in Mayville Engineering by 8.3% in the second quarter. Rhumbline Advisers now owns 19,969 shares of the company’s stock worth $319,000 after purchasing an additional 1,526 shares in the last quarter. Hedge funds and other institutional investors own 45.44% of the company’s stock.

Mayville Engineering Stock Performance

Mayville Engineering stock opened at $21.16 on Tuesday. Mayville Engineering Company, Inc. has a twelve month low of $12.25 and a twelve month high of $38.76. 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 capitalization of $539.48 million, a P/E ratio of -25.19 and a beta of 1.27. The stock’s 50 day moving average is $29.77 and its 200 day moving average is $25.17.

Mayville Engineering (NYSE:MEC) last announced its quarterly earnings data on Tuesday, August 4th. The company reported $0.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.12. Mayville Engineering had a negative return on equity of 6.63% and a negative net margin of 2.95%.The business had revenue of $162.98 million during the quarter, compared to analysts’ expectations of $150.59 million. On average, equities research analysts predict that Mayville Engineering Company, Inc. will post -0.22 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on MEC shares. Northland Securities set a $40.00 target price on shares of Mayville Engineering in a report on Thursday, August 6th. DA Davidson upped their target price on shares of Mayville Engineering from $32.00 to $36.00 and gave the stock a “buy” rating in a research report on Wednesday, July 22nd. Citigroup increased their price target on shares of Mayville Engineering from $33.00 to $43.00 and gave the stock a “buy” rating in a research note on Monday, July 13th. Finally, Weiss Ratings reissued a “sell (d+)” rating on shares of Mayville Engineering in a research report on Friday, July 10th. Four investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $35.75.

Insider Buying and Selling at Mayville Engineering

In other news, CEO Jagadeesh A. Reddy sold 17,942 shares of the firm’s stock in a transaction on Monday, June 1st. The stock was sold at an average price of $30.00, for a total transaction of $538,260.00. Following the completion of the transaction, the chief executive officer directly owned 140,445 shares in the company, valued at $4,213,350. This trade represents a 11.33% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Sean P. Leuba sold 12,855 shares of Mayville Engineering stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $25.44, for a total value of $327,031.20. Following the completion of the transaction, the senior vice president directly owned 6,633 shares of the company’s stock, valued at approximately $168,743.52. This represents a 65.96% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 47,785 shares of company stock valued at $1,460,669 over the last 90 days. Corporate insiders own 5.60% of the company’s stock.

Mayville Engineering Company Profile

Mayville Engineering Company, Inc (NYSE:MEC) is a U.S.-based industrial manufacturer specializing in engineered metal castings and precision machining services. Headquartered in Mayville, Wisconsin, the company leverages over a century of casting experience to design, produce and finish complex metal components for a broad range of heavy-duty applications.

The company operates two principal business segments: iron castings and steel castings. Its iron segment utilizes green sand and lost-foam molding processes to produce gray and ductile iron components, while the steel segment employs electric-arc furnace technology to manufacture high-strength steel castings.