Jupiter Topco LLC Makes New $21.55 Million Investment in Mayville Engineering Company, Inc. $MEC

Jupiter Topco LLC acquired a new stake in Mayville Engineering Company, Inc. (NYSE:MEC) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 575,278 shares of the company’s stock, valued at approximately $21,550,000.

Other large investors have also modified their holdings of the company. BNP Paribas Financial Markets increased its stake in Mayville Engineering by 109.0% in the third quarter. BNP Paribas Financial Markets now owns 2,751 shares of the company’s stock valued at $38,000 after purchasing an additional 1,435 shares during the period. Clearstead Advisors LLC boosted its stake in shares of Mayville Engineering by 194.9% during the fourth quarter. Clearstead Advisors LLC now owns 2,094 shares of the company’s stock worth $39,000 after buying an additional 1,384 shares during the period. Legal & General Group Plc acquired a new stake in shares of Mayville Engineering during the second quarter worth about $53,000. Persistent Asset Partners Ltd purchased a new position in shares of Mayville Engineering during the second quarter worth about $80,000. Finally, Picton Mahoney Asset Management purchased a new position in shares of Mayville Engineering during the fourth quarter worth about $109,000. 45.44% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Mayville Engineering

In other Mayville Engineering news, SVP Sean P. Leuba sold 12,855 shares of the business’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 transaction, the senior vice president owned 6,633 shares in the company, valued at approximately $168,743.52. The trade was a 65.96% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Jagadeesh A. Reddy sold 15,688 shares of the stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $35.05, for a total value of $549,864.40. Following the transaction, the chief executive officer directly owned 124,105 shares of the company’s stock, valued at approximately $4,349,880.25. This trade represents a 11.22% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 47,785 shares of company stock valued at $1,460,669. 5.60% of the stock is owned by insiders.

Wall Street Analyst Weigh In

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

Mayville Engineering Stock Down 5.4%

MEC stock opened at $19.24 on Friday. The stock has a market capitalization of $490.62 million, a PE ratio of -22.90 and a beta of 1.27. The company has a fifty day moving average of $28.59 and a 200-day moving average of $25.12. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.96 and a current ratio of 1.70. Mayville Engineering Company, Inc. has a one year low of $12.25 and a one year high of $38.76.

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

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.