Jupiter Topco LLC Makes New Investment in Mayville Engineering Company, Inc. $MEC

Jupiter Topco LLC acquired a new stake in Mayville Engineering Company, Inc. (NYSE:MEC) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 575,278 shares of the company’s stock, valued at approximately $21,550,000. Jupiter Topco LLC owned approximately 2.26% of Mayville Engineering at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Legal & General Group Plc acquired a new position in Mayville Engineering during the 2nd quarter worth $53,000. Clearstead Advisors LLC increased its holdings in Mayville Engineering by 194.9% during the 4th quarter. Clearstead Advisors LLC now owns 2,094 shares of the company’s stock worth $39,000 after purchasing an additional 1,384 shares during the period. Persistent Asset Partners Ltd acquired a new stake in Mayville Engineering in the 2nd quarter valued at about $80,000. BNP Paribas Financial Markets raised its position in Mayville Engineering by 109.0% in the 3rd quarter. BNP Paribas Financial Markets now owns 2,751 shares of the company’s stock valued at $38,000 after purchasing an additional 1,435 shares in the last quarter. Finally, Picton Mahoney Asset Management purchased a new position in shares of Mayville Engineering in the 4th quarter valued at about $109,000. 45.44% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Mayville Engineering news, CEO Jagadeesh A. Reddy sold 17,942 shares of the firm’s stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $30.00, for a total transaction of $538,260.00. Following the sale, the chief executive officer owned 140,445 shares of the company’s stock, valued at approximately $4,213,350. This trade represents a 11.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Sean P. Leuba sold 12,855 shares of the business’s stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $25.44, for a total transaction of $327,031.20. Following the sale, the senior vice president owned 6,633 shares of the company’s stock, valued at $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 sold 47,785 shares of company stock valued at $1,460,669 over the last ninety days. 5.60% of the stock is currently owned by corporate insiders.

Mayville Engineering Stock Down 5.4%

Shares of NYSE MEC opened at $19.24 on Friday. The business has a 50-day moving average of $28.59 and a two-hundred day moving average of $25.12. The company has a market capitalization of $490.62 million, a price-to-earnings ratio of -22.90 and a beta of 1.27. Mayville Engineering Company, Inc. has a 1 year low of $12.25 and a 1 year high of $38.76. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.70 and a quick ratio of 0.96.

Mayville Engineering (NYSE:MEC) last released its quarterly earnings data on Tuesday, August 4th. The company reported $0.07 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 for the quarter, compared to the consensus estimate of $150.59 million. On average, analysts forecast that Mayville Engineering Company, Inc. will post -0.22 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

MEC has been the topic of a number of recent research reports. 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 note on Wednesday, July 22nd. Northland Securities set a $40.00 price target on shares of Mayville Engineering in a research note on Thursday, August 6th. Citigroup boosted their price target on shares of Mayville Engineering from $33.00 to $43.00 and gave the stock a “buy” rating in a report 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 research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $35.75.

About Mayville Engineering

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.