Tower Research Capital LLC TRC Takes Position in Mayville Engineering Company, Inc. (NYSE:MEC)

Tower Research Capital LLC TRC purchased a new stake in shares of Mayville Engineering Company, Inc. (NYSE:MEC) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 2,811 shares of the company’s stock, valued at approximately $39,000.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Wells Fargo & Company MN acquired a new stake in Mayville Engineering in the second quarter worth about $12,978,000. Jennison Associates LLC acquired a new stake in Mayville Engineering in the 2nd quarter valued at approximately $8,024,000. Skylands Capital LLC acquired a new stake in Mayville Engineering in the 2nd quarter valued at approximately $1,422,000. Roubaix Capital LLC acquired a new stake in Mayville Engineering in the 2nd quarter valued at approximately $1,881,000. Finally, FNY Investment Advisers LLC acquired a new stake in Mayville Engineering in the 2nd quarter valued at approximately $59,000. 28.77% of the stock is owned by institutional investors.

Separately, Zacks Investment Research lowered Mayville Engineering from a “hold” rating to a “sell” rating in a research report on Thursday, August 15th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $18.00.

In related news, Director Steven L. Fisher purchased 7,500 shares of the stock in a transaction on Tuesday, August 13th. The shares were purchased at an average price of $12.02 per share, with a total value of $90,150.00. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Chairman Robert D. Kamphuis purchased 15,000 shares of the stock in a transaction on Thursday, August 8th. The shares were bought at an average cost of $12.09 per share, for a total transaction of $181,350.00. The disclosure for this purchase can be found here.

Shares of Mayville Engineering stock opened at $13.30 on Friday. The company has a 50 day moving average price of $12.88. Mayville Engineering Company, Inc. has a 52-week low of $11.16 and a 52-week high of $17.40. The company has a current ratio of 1.37, a quick ratio of 0.80 and a debt-to-equity ratio of 0.43.

Mayville Engineering (NYSE:MEC) last announced its earnings results on Tuesday, August 6th. The company reported $0.46 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.31 by $0.15. The firm had revenue of $145.13 million during the quarter, compared to analyst estimates of $144.43 million. Research analysts forecast that Mayville Engineering Company, Inc. will post 1.21 earnings per share for the current year.

Mayville Engineering Profile

Mayville Engineering Company, Inc operates as a contract manufacturer that serves the heavy and medium duty commercial vehicle, construction, powersports, agriculture, military, and other end markets in the United States. The company provides a range of prototyping and tooling, production fabrication, coating, assembly and aftermarket components.

Featured Story: S&P 500 Index

Want to see what other hedge funds are holding MEC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Mayville Engineering Company, Inc. (NYSE:MEC).

Institutional Ownership by Quarter for Mayville Engineering (NYSE:MEC)

Receive News & Ratings for Mayville Engineering Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Mayville Engineering and related companies with MarketBeat.com's FREE daily email newsletter.