Martingale Asset Management L P Increases Stock Holdings in Mayville Engineering Company, Inc. $MEC

Martingale Asset Management L P lifted its stake in shares of Mayville Engineering Company, Inc. (NYSE:MEC) by 6.2% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 44,815 shares of the company’s stock after buying an additional 2,604 shares during the quarter. Martingale Asset Management L P owned 0.22% of Mayville Engineering worth $602,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of MEC. GAMMA Investing LLC raised its holdings in shares of Mayville Engineering by 9,690.3% during the 1st quarter. GAMMA Investing LLC now owns 3,035 shares of the company’s stock valued at $41,000 after buying an additional 3,004 shares during the period. Aquatic Capital Management LLC purchased a new stake in shares of Mayville Engineering during the 4th quarter valued at about $44,000. Oppenheimer Asset Management Inc. purchased a new stake in shares of Mayville Engineering during the 1st quarter valued at about $152,000. Victory Capital Management Inc. purchased a new stake in shares of Mayville Engineering during the 1st quarter valued at about $180,000. Finally, Deutsche Bank AG raised its holdings in shares of Mayville Engineering by 94.7% during the 4th quarter. Deutsche Bank AG now owns 12,122 shares of the company’s stock valued at $191,000 after buying an additional 5,897 shares during the period. 45.44% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. Citigroup restated a “buy” rating and set a $21.00 price objective (up from $17.00) on shares of Mayville Engineering in a report on Monday, July 14th. DA Davidson assumed coverage on Mayville Engineering in a report on Tuesday, June 17th. They set a “buy” rating and a $23.00 price objective on the stock. Northland Capmk upgraded Mayville Engineering from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 12th. Finally, Northland Securities upgraded Mayville Engineering from a “market perform” rating to an “outperform” rating and set a $18.00 price objective on the stock in a report on Tuesday, August 12th. One equities research analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $20.67.

Mayville Engineering Price Performance

Shares of MEC opened at $14.4880 on Monday. The firm has a market cap of $294.40 million, a price-to-earnings ratio of 17.04 and a beta of 1.19. The stock has a 50 day moving average of $15.66 and a 200-day moving average of $14.72. The company has a current ratio of 1.63, a quick ratio of 0.86 and a debt-to-equity ratio of 0.28. Mayville Engineering Company, Inc. has a 52 week low of $11.72 and a 52 week high of $23.02.

Insider Activity at Mayville Engineering

In other news, CEO Jagadeesh A. Reddy bought 7,500 shares of the firm’s stock in a transaction dated Thursday, August 7th. The stock was bought at an average price of $14.06 per share, for a total transaction of $105,450.00. Following the transaction, the chief executive officer owned 146,285 shares in the company, valued at $2,056,767.10. The trade was a 5.40% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this link. In the last ninety days, insiders purchased 9,400 shares of company stock valued at $131,942. 7.20% of the stock is currently owned by company insiders.

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.