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.
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.
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