Allspring Global Investments Holdings LLC Lowers Stock Position in Mayville Engineering Company, Inc. (NYSE:MEC)

Allspring Global Investments Holdings LLC decreased its stake in Mayville Engineering Company, Inc. (NYSE:MEC - Free Report) by 4.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,474,871 shares of the company's stock after selling 104,354 shares during the period. Allspring Global Investments Holdings LLC owned approximately 12.06% of Mayville Engineering worth $52,170,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in MEC. First Eagle Investment Management LLC lifted its position in shares of Mayville Engineering by 404.2% during the 2nd quarter. First Eagle Investment Management LLC now owns 250,785 shares of the company's stock valued at $4,178,000 after acquiring an additional 201,047 shares during the period. Dimensional Fund Advisors LP boosted its position in Mayville Engineering by 17.6% during the second quarter. Dimensional Fund Advisors LP now owns 517,323 shares of the company's stock worth $8,618,000 after purchasing an additional 77,486 shares in the last quarter. Russell Investments Group Ltd. boosted its position in Mayville Engineering by 65.6% during the first quarter. Russell Investments Group Ltd. now owns 153,710 shares of the company's stock worth $2,203,000 after purchasing an additional 60,896 shares in the last quarter. Marshall Wace LLP acquired a new stake in Mayville Engineering in the second quarter valued at $978,000. Finally, Vanguard Group Inc. increased its position in shares of Mayville Engineering by 7.9% in the first quarter. Vanguard Group Inc. now owns 538,175 shares of the company's stock valued at $7,712,000 after buying an additional 39,460 shares in the last quarter. Hedge funds and other institutional investors own 45.44% of the company's stock.

Analyst Upgrades and Downgrades

Separately, Northland Securities reiterated an "outperform" rating and issued a $30.00 price objective on shares of Mayville Engineering in a research report on Tuesday, October 8th.

Mayville Engineering Price Performance

Shares of MEC traded up $0.01 during mid-day trading on Tuesday, reaching $20.36. 59,707 shares of the company's stock were exchanged, compared to its average volume of 86,640. The company has a quick ratio of 0.97, a current ratio of 1.71 and a debt-to-equity ratio of 0.51. Mayville Engineering Company, Inc. has a 52-week low of $9.72 and a 52-week high of $22.07. The company has a market cap of $417.93 million, a price-to-earnings ratio of 48.48 and a beta of 0.95. The company has a 50-day simple moving average of $19.75 and a two-hundred day simple moving average of $17.40.

Mayville Engineering (NYSE:MEC - Get Free Report) last announced its earnings results on Tuesday, August 6th. The company reported $0.18 EPS for the quarter, beating analysts' consensus estimates of $0.17 by $0.01. Mayville Engineering had a return on equity of 5.81% and a net margin of 1.69%. The firm had revenue of $163.64 million for the quarter, compared to analysts' expectations of $160.38 million. On average, sell-side analysts predict that Mayville Engineering Company, Inc. will post 0.68 EPS for the current fiscal year.

Insider Activity at Mayville Engineering

In other news, EVP Ryan F. Raber sold 21,508 shares of Mayville Engineering stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $19.15, for a total transaction of $411,878.20. Following the completion of the sale, the executive vice president now directly owns 97,053 shares in the company, valued at $1,858,564.95. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 6.40% of the stock is currently owned by corporate insiders.

About Mayville Engineering

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.