Roubaix Capital LLC Boosts Stake in Mayville Engineering Company, Inc. $MEC

Roubaix Capital LLC grew its holdings in Mayville Engineering Company, Inc. (NYSE:MEC) by 44.0% during the 1st quarter, HoldingsChannel.com reports. The firm owned 210,657 shares of the company’s stock after buying an additional 64,360 shares during the period. Roubaix Capital LLC’s holdings in Mayville Engineering were worth $3,781,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of MEC. Empowered Funds LLC increased its position in shares of Mayville Engineering by 7.3% during the 1st quarter. Empowered Funds LLC now owns 98,207 shares of the company’s stock worth $1,319,000 after purchasing an additional 6,694 shares during the last quarter. Jane Street Group LLC lifted its position in Mayville Engineering by 158.6% in the first quarter. Jane Street Group LLC now owns 47,194 shares of the company’s stock valued at $634,000 after buying an additional 28,946 shares during the last quarter. Geode Capital Management LLC lifted its position in Mayville Engineering by 9.5% in the second quarter. Geode Capital Management LLC now owns 318,321 shares of the company’s stock valued at $5,081,000 after buying an additional 27,552 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in Mayville Engineering by 20.7% during the second quarter. JPMorgan Chase & Co. now owns 7,936 shares of the company’s stock worth $127,000 after buying an additional 1,359 shares during the period. Finally, Rhumbline Advisers increased its position in shares of Mayville Engineering by 8.3% during the second quarter. Rhumbline Advisers now owns 19,969 shares of the company’s stock valued at $319,000 after acquiring an additional 1,526 shares during the last quarter. 45.44% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

MEC has been the topic of a number of research analyst reports. Citigroup boosted their price target on shares of Mayville Engineering from $33.00 to $43.00 and gave the company a “buy” rating in a research note on Monday, July 13th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Mayville Engineering in a research report on Friday, July 10th. Northland Securities set a $30.00 target price on shares of Mayville Engineering in a report on Thursday, May 7th. Finally, DA Davidson boosted their target price on Mayville Engineering from $23.00 to $32.00 and gave the company a “buy” rating in a research report on Monday, May 11th. Four investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $32.25.

Mayville Engineering Price Performance

MEC opened at $30.95 on Friday. The stock’s 50-day moving average price is $31.53 and its 200 day moving average price is $23.89. Mayville Engineering Company, Inc. has a 12-month low of $12.10 and a 12-month high of $38.76. The firm has a market cap of $634.25 million, a price-to-earnings ratio of -38.68 and a beta of 1.22. The company has a current ratio of 1.64, a quick ratio of 0.91 and a debt-to-equity ratio of 0.91.

Mayville Engineering (NYSE:MEC) last released its earnings results on Tuesday, May 5th. The company reported ($0.15) earnings per share for the quarter, beating the consensus estimate of ($0.28) by $0.13. The company had revenue of $144.78 million during the quarter, compared to the consensus estimate of $139.18 million. Mayville Engineering had a negative return on equity of 5.77% and a negative net margin of 2.93%. As a group, sell-side analysts expect that Mayville Engineering Company, Inc. will post -0.08 earnings per share for the current year.

Insider Activity

In other news, SVP Craig D. Nichols sold 4,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $23.24, for a total value of $92,960.00. Following the completion of the transaction, the senior vice president owned 146 shares of the company’s stock, valued at approximately $3,393.04. This trade represents a 96.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Ryan F. Raber sold 20,000 shares of Mayville Engineering stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $26.00, for a total transaction of $520,000.00. Following the completion of the transaction, the executive vice president owned 86,970 shares of the company’s stock, valued at $2,261,220. This trade represents a 18.70% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 80,726 shares of company stock valued at $2,311,768. 5.60% of the stock is currently owned by company insiders.

Mayville Engineering Company Profile

Mayville Engineering Company, Inc (NYSE:MEC) is a U.S.-based industrial manufacturer specializing in engineered metal castings and precision machining services. Headquartered in Mayville, Wisconsin, the company leverages over a century of casting experience to design, produce and finish complex metal components for a broad range of heavy-duty applications.

The company operates two principal business segments: iron castings and steel castings. Its iron segment utilizes green sand and lost-foam molding processes to produce gray and ductile iron components, while the steel segment employs electric-arc furnace technology to manufacture high-strength steel castings.