Osterweis Capital Management Inc. Acquires New Shares in Mayville Engineering Company, Inc. $MEC

Osterweis Capital Management Inc. acquired a new stake in Mayville Engineering Company, Inc. (NYSE:MEC) during the 2nd quarter, Holdings Channel.com reports. The fund acquired 174,600 shares of the company’s stock, valued at approximately $6,541,000.

Several other institutional investors have also added to or reduced their stakes in the business. Royce & Associates LP lifted its holdings in shares of Mayville Engineering by 10.2% during the fourth quarter. Royce & Associates LP now owns 624,307 shares of the company’s stock valued at $11,687,000 after purchasing an additional 57,590 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Mayville Engineering by 5.6% during the first quarter. Dimensional Fund Advisors LP now owns 926,216 shares of the company’s stock valued at $16,625,000 after buying an additional 49,041 shares during the last quarter. UBS Group AG increased its holdings in Mayville Engineering by 38.6% in the 4th quarter. UBS Group AG now owns 146,552 shares of the company’s stock worth $2,743,000 after buying an additional 40,798 shares in the last quarter. Congruence Capital LLC bought a new stake in Mayville Engineering in the 4th quarter worth about $3,896,000. Finally, North Star Investment Management Corp. bought a new stake in Mayville Engineering in the 1st quarter worth about $538,000. 45.44% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have issued reports on MEC. DA Davidson upped their target price on shares of Mayville Engineering from $32.00 to $36.00 and gave the company a “buy” rating in a research note on Wednesday, July 22nd. Northland Securities set a $40.00 price target on shares of Mayville Engineering in a research note on Thursday, August 6th. Citigroup boosted their price objective on shares of Mayville Engineering from $33.00 to $43.00 and gave the company a “buy” rating in a report on Monday, July 13th. Finally, Weiss Ratings restated a “sell (d+)” rating on shares of Mayville Engineering in a research report on Friday, July 10th. Four analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $35.75.

Insider Activity at Mayville Engineering

In related news, CEO Jagadeesh A. Reddy sold 17,942 shares of the firm’s stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $30.00, for a total value of $538,260.00. Following the transaction, the chief executive officer owned 140,445 shares of the company’s stock, valued at approximately $4,213,350. This trade represents a 11.33% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Sean P. Leuba sold 12,855 shares of the firm’s stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $25.44, for a total transaction of $327,031.20. Following the completion of the transaction, the senior vice president directly owned 6,633 shares in the company, valued at approximately $168,743.52. The trade was a 65.96% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 47,785 shares of company stock worth $1,460,669 in the last quarter. Company insiders own 5.60% of the company’s stock.

Mayville Engineering Stock Down 2.6%

Mayville Engineering stock opened at $21.16 on Tuesday. Mayville Engineering Company, Inc. has a one year low of $12.25 and a one year high of $38.76. The stock has a fifty day moving average of $29.77 and a 200 day moving average of $25.17. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.96 and a current ratio of 1.70. The stock has a market cap of $539.48 million, a PE ratio of -25.19 and a beta of 1.27.

Mayville Engineering (NYSE:MEC) last announced its earnings results on Tuesday, August 4th. The company reported $0.07 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.12. The business had revenue of $162.98 million for the quarter, compared to analysts’ expectations of $150.59 million. Mayville Engineering had a negative return on equity of 6.63% and a negative net margin of 2.95%. As a group, sell-side analysts predict that Mayville Engineering Company, Inc. will post -0.22 EPS for the current year.

Mayville Engineering 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.