Tocqueville Asset Management L.P. Purchases New Position in Mayville Engineering Company, Inc. $MEC

Tocqueville Asset Management L.P. acquired a new position in Mayville Engineering Company, Inc. (NYSE:MEC) in the second quarter, HoldingsChannel.com reports. The firm acquired 71,100 shares of the company’s stock, valued at approximately $2,663,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in MEC. BlackRock Inc. purchased a new stake in Mayville Engineering during the 2nd quarter valued at $44,332,000. Deutsche Bank AG purchased a new position in shares of Mayville Engineering in the second quarter worth $535,000. Persistent Asset Partners Ltd purchased a new position in shares of Mayville Engineering in the second quarter worth $80,000. Bank of New York Mellon Corp bought a new position in shares of Mayville Engineering during the second quarter valued at $1,681,000. Finally, GSA Capital Partners LLP bought a new position in shares of Mayville Engineering during the second quarter valued at $255,000. 45.44% of the stock is owned by institutional investors.

Mayville Engineering Stock Performance

Shares of NYSE MEC opened at $22.62 on Friday. Mayville Engineering Company, Inc. has a 12-month low of $12.25 and a 12-month high of $38.76. The firm has a market capitalization of $576.81 million, a price-to-earnings ratio of -26.93 and a beta of 1.27. The company has a current ratio of 1.70, a quick ratio of 0.96 and a debt-to-equity ratio of 0.39. The firm has a 50 day moving average of $30.32 and a 200 day moving average of $25.14.

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

Insider Transactions at Mayville Engineering

In related news, SVP Sean P. Leuba sold 12,855 shares of Mayville Engineering stock in a transaction 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 transaction, the senior vice president directly owned 6,633 shares in the company, valued at approximately $168,743.52. The trade was a 65.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Jagadeesh A. Reddy sold 15,688 shares of Mayville Engineering stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $35.05, for a total value of $549,864.40. Following the transaction, the chief executive officer owned 124,105 shares in the company, valued at $4,349,880.25. This trade represents a 11.22% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 67,785 shares of company stock worth $1,980,669 in the last three months. Corporate insiders own 5.60% of the company’s stock.

Analyst Upgrades and Downgrades

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

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.