Raymond James Financial Inc. Buys Shares of 17,121 Mayville Engineering Company, Inc. (NYSE:MEC)

Raymond James Financial Inc. bought a new stake in Mayville Engineering Company, Inc. (NYSE:MEC) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund bought 17,121 shares of the company’s stock, valued at approximately $269,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in MEC. American Century Companies Inc. grew its stake in Mayville Engineering by 61.0% in the fourth quarter. American Century Companies Inc. now owns 219,713 shares of the company’s stock valued at $3,454,000 after purchasing an additional 83,213 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its stake in Mayville Engineering by 47.2% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 252,396 shares of the company’s stock valued at $3,968,000 after purchasing an additional 80,905 shares during the last quarter. Blair William & Co. IL grew its stake in Mayville Engineering by 24.8% in the fourth quarter. Blair William & Co. IL now owns 197,740 shares of the company’s stock valued at $3,108,000 after purchasing an additional 39,278 shares during the last quarter. Janney Montgomery Scott LLC purchased a new stake in shares of Mayville Engineering during the fourth quarter worth about $545,000. Finally, First Eagle Investment Management LLC grew its stake in shares of Mayville Engineering by 10.8% during the fourth quarter. First Eagle Investment Management LLC now owns 332,375 shares of the company’s stock worth $5,225,000 after acquiring an additional 32,500 shares during the last quarter. Hedge funds and other institutional investors own 45.44% of the company’s stock.

Mayville Engineering Price Performance

Shares of MEC stock opened at $14.82 on Monday. Mayville Engineering Company, Inc. has a fifty-two week low of $11.72 and a fifty-two week high of $23.02. The firm has a market capitalization of $302.62 million, a price-to-earnings ratio of 25.12 and a beta of 1.15. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.91 and a current ratio of 1.77. The stock’s 50-day simple moving average is $13.29 and its 200-day simple moving average is $15.35.

Mayville Engineering (NYSE:MEC) last issued its quarterly earnings results on Tuesday, May 6th. The company reported $0.04 earnings per share for the quarter, topping analysts’ consensus estimates of $0.01 by $0.03. Mayville Engineering had a return on equity of 5.20% and a net margin of 2.01%. The business had revenue of $135.58 million for the quarter, compared to analyst estimates of $134.52 million. During the same quarter in the previous year, the firm earned $0.22 earnings per share. As a group, equities analysts forecast that Mayville Engineering Company, Inc. will post 0.31 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Separately, Citigroup dropped their price target on Mayville Engineering from $18.00 to $16.00 and set a “buy” rating on the stock in a research note on Monday, April 14th.

About Mayville Engineering

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.