Pillsbury Lake Capital LLC Takes Position in Mayville Engineering Company, Inc. $MEC

Pillsbury Lake Capital LLC acquired a new stake in shares of Mayville Engineering Company, Inc. (NYSE:MEC) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 136,746 shares of the company’s stock, valued at approximately $5,122,505. Pillsbury Lake Capital LLC owned about 0.54% of Mayville Engineering at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. BlackRock Inc. purchased a new position in Mayville Engineering in the 2nd quarter valued at approximately $44,332,000. EVR Research LP bought a new stake in Mayville Engineering in the fourth quarter worth $11,326,000. Jupiter Topco LLC bought a new stake in Mayville Engineering in the second quarter valued at $21,550,000. Ameriprise Financial Inc. increased its stake in Mayville Engineering by 894.2% in the third quarter. Ameriprise Financial Inc. now owns 394,161 shares of the company’s stock valued at $5,424,000 after purchasing an additional 354,514 shares in the last quarter. Finally, Bank of America Corp DE bought a new stake in Mayville Engineering in the 2nd quarter valued at $10,351,000. Institutional investors and hedge funds own 45.44% of the company’s stock.

Insider Activity

In other Mayville Engineering news, SVP Sean P. Leuba sold 12,855 shares of the company’s stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $25.44, for a total value of $327,031.20. Following the transaction, the senior vice president directly owned 6,633 shares of the company’s stock, valued at $168,743.52. This represents a 65.96% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Jagadeesh A. Reddy sold 15,688 shares of the stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $35.05, for a total value of $549,864.40. Following the completion of the transaction, the chief executive officer directly owned 124,105 shares in the company, valued at approximately $4,349,880.25. This trade represents a 11.22% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 47,785 shares of company stock valued at $1,460,669 in the last ninety days. Corporate insiders own 5.60% of the company’s stock.

Mayville Engineering Price Performance

MEC stock traded down $1.10 during midday trading on Friday, reaching $19.24. The company had a trading volume of 440,965 shares, compared to its average volume of 379,789. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.70 and a quick ratio of 0.96. Mayville Engineering Company, Inc. has a 1 year low of $12.25 and a 1 year high of $38.76. The firm has a 50-day moving average price of $28.92 and a 200-day moving average price of $25.16. The company has a market capitalization of $490.62 million, a P/E ratio of -22.90 and a beta of 1.27.

Mayville Engineering (NYSE:MEC) last issued its quarterly earnings data on Tuesday, August 4th. The company reported $0.07 EPS for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.12. The business had revenue of $162.98 million during the quarter, compared to analysts’ expectations of $150.59 million. Mayville Engineering had a negative net margin of 2.95% and a negative return on equity of 6.63%. On average, research analysts anticipate that Mayville Engineering Company, Inc. will post -0.22 earnings per share for the current fiscal year.

Analysts Set New Price Targets

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

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.