Harvest Fund Management Co. Ltd Invests $62,000 in Mayville Engineering Company, Inc. (NYSE:MEC)

Harvest Fund Management Co. Ltd acquired a new stake in shares of Mayville Engineering Company, Inc. (NYSE:MEC) in the 3rd quarter, Holdings Channel reports. The institutional investor acquired 2,956 shares of the company’s stock, valued at approximately $62,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in MEC. Vanguard Group Inc. raised its holdings in shares of Mayville Engineering by 7.9% in the 1st quarter. Vanguard Group Inc. now owns 538,175 shares of the company’s stock valued at $7,712,000 after acquiring an additional 39,460 shares in the last quarter. Lazard Asset Management LLC bought a new position in shares of Mayville Engineering in the first quarter worth approximately $73,000. Kennedy Capital Management LLC raised its stake in Mayville Engineering by 2.1% in the first quarter. Kennedy Capital Management LLC now owns 96,831 shares of the company’s stock valued at $1,388,000 after purchasing an additional 1,980 shares in the last quarter. Harbor Capital Advisors Inc. bought a new stake in Mayville Engineering during the second quarter valued at approximately $587,000. Finally, Bank of New York Mellon Corp lifted its position in Mayville Engineering by 18.2% during the second quarter. Bank of New York Mellon Corp now owns 48,134 shares of the company’s stock valued at $802,000 after purchasing an additional 7,416 shares during the last quarter. 45.44% of the stock is currently owned by hedge funds and other institutional investors.

Mayville Engineering Stock Up 0.6 %

Shares of MEC opened at $16.74 on Thursday. Mayville Engineering Company, Inc. has a 1 year low of $11.07 and a 1 year high of $23.02. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.77 and a quick ratio of 0.91. The stock has a 50 day simple moving average of $19.37 and a two-hundred day simple moving average of $18.21. The firm has a market cap of $345.58 million, a P/E ratio of 28.37 and a beta of 0.97.

Mayville Engineering (NYSE:MEC) last announced 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). Mayville Engineering had a return on equity of 5.20% and a net margin of 2.01%. The business had revenue of $135.39 million during the quarter, compared to the consensus estimate of $157.22 million. During the same quarter in the previous year, the firm posted $0.21 earnings per share. On average, analysts forecast that Mayville Engineering Company, Inc. will post 0.31 earnings per share for the current fiscal year.

Insider Buying and Selling at Mayville Engineering

In related news, CEO Jagadeesh A. Reddy bought 5,903 shares of the company’s stock in a transaction that occurred on Thursday, November 7th. The stock was bought at an average cost of $16.72 per share, for a total transaction of $98,698.16. Following the acquisition, the chief executive officer now directly owns 89,052 shares of the company’s stock, valued at $1,488,949.44. The trade was a 7.10 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 6.40% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently weighed in on MEC shares. Northland Securities cut shares of Mayville Engineering from an “outperform” rating to a “market perform” rating and lowered their price objective for the company from $30.00 to $20.00 in a research report on Thursday, November 7th. Northland Capmk cut Mayville Engineering from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 7th.

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.