Royce & Associates LP Decreases Stake in Mayville Engineering Company, Inc. (NYSE:MEC)

Royce & Associates LP cut its stake in Mayville Engineering Company, Inc. (NYSE:MEC - Free Report) by 15.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 560,548 shares of the company's stock after selling 99,624 shares during the quarter. Royce & Associates LP owned about 2.72% of Mayville Engineering worth $11,816,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. US Bancorp DE purchased a new position in shares of Mayville Engineering during the third quarter valued at approximately $60,000. Lazard Asset Management LLC purchased a new position in Mayville Engineering during the 1st quarter valued at $73,000. BNP Paribas Financial Markets grew its position in Mayville Engineering by 49.6% in the 1st quarter. BNP Paribas Financial Markets now owns 5,426 shares of the company's stock valued at $78,000 after acquiring an additional 1,799 shares during the last quarter. Janney Montgomery Scott LLC purchased a new stake in Mayville Engineering in the first quarter worth $147,000. Finally, Cubist Systematic Strategies LLC bought a new stake in shares of Mayville Engineering during the second quarter worth $189,000. 45.44% of the stock is owned by hedge funds and other institutional investors.

Mayville Engineering Stock Down 2.4 %

Shares of MEC stock traded down $0.41 during mid-day trading on Friday, hitting $16.81. The stock had a trading volume of 113,051 shares, compared to its average volume of 186,682. The firm has a market capitalization of $346.96 million, a P/E ratio of 28.49 and a beta of 0.97. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.77 and a quick ratio of 0.91. Mayville Engineering Company, Inc. has a 12-month low of $11.07 and a 12-month high of $23.02. The firm's 50-day moving average is $19.75 and its two-hundred day moving average is $18.09.

Mayville Engineering (NYSE:MEC - Get Free Report) last released its quarterly earnings data on Tuesday, November 5th. The company reported $0.14 earnings per share for the quarter, missing analysts' consensus estimates of $0.19 by ($0.05). The business had revenue of $135.39 million during the quarter, compared to analysts' expectations of $157.22 million. Mayville Engineering had a return on equity of 5.20% and a net margin of 2.01%. During the same period last year, the company earned $0.21 earnings per share. On average, analysts predict that Mayville Engineering Company, Inc. will post 0.31 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on MEC. Northland Securities cut shares of Mayville Engineering from an "outperform" rating to a "market perform" rating and cut their price target for the stock from $30.00 to $20.00 in a report on Thursday, November 7th. Northland Capmk downgraded shares of Mayville Engineering from a "strong-buy" rating to a "hold" rating in a research note on Thursday, November 7th.

Insider Activity

In other news, CEO Jagadeesh A. Reddy acquired 5,903 shares of Mayville Engineering stock in a transaction that occurred on Thursday, November 7th. The stock was purchased at an average price of $16.72 per share, for a total transaction of $98,698.16. Following the purchase, the chief executive officer now directly owns 89,052 shares in the company, valued at $1,488,949.44. The trade was a 7.10 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Ryan F. Raber sold 21,508 shares of the stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $19.15, for a total transaction of $411,878.20. Following the sale, the executive vice president now directly owns 97,053 shares of the company's stock, valued at $1,858,564.95. The trade was a 18.14 % decrease in their position. The disclosure for this sale can be found here. Insiders own 6.40% of the company's stock.

Mayville Engineering Company 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.