Envestnet Asset Management Inc. Reduces Stock Holdings in Mayville Engineering Company, Inc. $MEC

Envestnet Asset Management Inc. decreased its stake in Mayville Engineering Company, Inc. (NYSE:MEC) by 10.8% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 25,280 shares of the company’s stock after selling 3,068 shares during the period. Envestnet Asset Management Inc. owned 0.12% of Mayville Engineering worth $403,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of MEC. Sheets Smith Wealth Management boosted its stake in Mayville Engineering by 1.8% in the second quarter. Sheets Smith Wealth Management now owns 38,585 shares of the company’s stock valued at $616,000 after acquiring an additional 680 shares in the last quarter. Ancora Advisors LLC lifted its holdings in shares of Mayville Engineering by 0.6% in the 1st quarter. Ancora Advisors LLC now owns 309,580 shares of the company’s stock valued at $4,158,000 after purchasing an additional 1,791 shares during the last quarter. Martingale Asset Management L P lifted its holdings in shares of Mayville Engineering by 6.2% in the 1st quarter. Martingale Asset Management L P now owns 44,815 shares of the company’s stock valued at $602,000 after purchasing an additional 2,604 shares during the last quarter. AlphaQuest LLC boosted its position in shares of Mayville Engineering by 222.8% in the 1st quarter. AlphaQuest LLC now owns 7,879 shares of the company’s stock valued at $106,000 after purchasing an additional 5,438 shares during the period. Finally, Empowered Funds LLC grew its stake in Mayville Engineering by 7.3% during the 1st quarter. Empowered Funds LLC now owns 98,207 shares of the company’s stock worth $1,319,000 after buying an additional 6,694 shares during the last quarter. 45.44% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, EVP Ryan F. Raber sold 15,000 shares of the business’s stock in a transaction dated Tuesday, November 25th. The shares were sold at an average price of $16.68, for a total transaction of $250,200.00. Following the sale, the executive vice president owned 91,018 shares of the company’s stock, valued at approximately $1,518,180.24. The trade was a 14.15% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 7.20% of the company’s stock.

Mayville Engineering Stock Up 0.1%

MEC opened at $16.81 on Thursday. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.82 and a quick ratio of 1.04. Mayville Engineering Company, Inc. has a 12 month low of $11.72 and a 12 month high of $19.05. The stock has a market capitalization of $341.58 million, a P/E ratio of 28.98 and a beta of 1.21. The business has a 50 day simple moving average of $15.08 and a 200-day simple moving average of $15.26.

Mayville Engineering (NYSE:MEC) last released its quarterly earnings data on Tuesday, November 4th. The company reported $0.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.05 by $0.05. The firm had revenue of $144.31 million during the quarter, compared to analysts’ expectations of $141.36 million. Mayville Engineering had a return on equity of 5.88% and a net margin of 2.29%. Mayville Engineering has set its FY 2025 guidance at EPS. On average, equities analysts anticipate that Mayville Engineering Company, Inc. will post 0.31 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on MEC shares. Weiss Ratings restated a “hold (c-)” rating on shares of Mayville Engineering in a research report on Wednesday, October 8th. Northland Securities raised shares of Mayville Engineering from a “market perform” rating to an “outperform” rating and set a $18.00 price objective on the stock in a research report on Tuesday, August 12th. Craig Hallum set a $24.00 price objective on shares of Mayville Engineering and gave the company a “buy” rating in a research note on Tuesday, October 21st. Finally, Northland Capmk upgraded shares of Mayville Engineering from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 12th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $21.50.

Mayville Engineering 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.