JB Capital Partners LP Invests $9.38 Billion in Mayville Engineering Company, Inc. $MEC

JB Capital Partners LP purchased a new position in shares of Mayville Engineering Company, Inc. (NYSE:MEC) during the second quarter, HoldingsChannel reports. The firm purchased 250,512 shares of the company’s stock, valued at approximately $9,384,180,000. Mayville Engineering comprises 1.5% of JB Capital Partners LP’s portfolio, making the stock its 15th biggest position.

Other large investors have also recently added to or reduced their stakes in the company. Empowered Funds LLC lifted its position in Mayville Engineering by 7.3% in the first 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 increased its holdings in Mayville Engineering by 158.6% in the first quarter. Jane Street Group LLC now owns 47,194 shares of the company’s stock valued at $634,000 after buying an additional 28,946 shares in the last quarter. Geode Capital Management LLC boosted its position in Mayville Engineering by 9.5% during 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 in the last quarter. JPMorgan Chase & Co. raised its stake in shares of Mayville Engineering by 20.7% during the 2nd quarter. JPMorgan Chase & Co. now owns 7,936 shares of the company’s stock worth $127,000 after buying an additional 1,359 shares during the last quarter. Finally, Rhumbline Advisers grew its stake in Mayville Engineering by 8.3% in the 2nd quarter. Rhumbline Advisers now owns 19,969 shares of the company’s stock valued at $319,000 after acquiring an additional 1,526 shares during the last quarter. 45.44% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

Insiders Place Their Bets

In other news, CEO Jagadeesh A. Reddy sold 15,688 shares of the stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $35.05, for a total transaction of $549,864.40. Following the transaction, the chief executive officer directly owned 124,105 shares in the company, valued at $4,349,880.25. This represents a 11.22% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Ryan F. Raber sold 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $26.00, for a total transaction of $520,000.00. Following the completion of the sale, the executive vice president directly owned 86,970 shares in the company, valued at $2,261,220. This represents a 18.70% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 67,785 shares of company stock valued at $1,980,669. Insiders own 5.60% of the company’s stock.

Mayville Engineering Trading Down 4.8%

Shares of MEC opened at $21.56 on Friday. Mayville Engineering Company, Inc. has a fifty-two week low of $12.25 and a fifty-two week high of $38.76. The company has a market capitalization of $549.78 million, a PE ratio of -25.67 and a beta of 1.27. The stock has a fifty day moving average of $30.04 and a two-hundred day moving average of $25.12. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.96 and a current ratio of 1.70.

Mayville Engineering (NYSE:MEC) last posted its quarterly earnings data on Tuesday, August 4th. The company reported $0.07 earnings per share (EPS) 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 analysts’ expectations of $150.59 million. Mayville Engineering had a negative return on equity of 6.63% and a negative net margin of 2.95%. As a group, analysts forecast that Mayville Engineering Company, Inc. will post -0.22 EPS for the current year.

Mayville Engineering 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.