Cornercap Investment Counsel Inc. Buys Shares of 13,170 Mayville Engineering Company, Inc. (NYSE:MEC)

Cornercap Investment Counsel Inc. acquired a new position in Mayville Engineering Company, Inc. (NYSE:MEC) in the third quarter, Holdings Channel.com reports. The fund acquired 13,170 shares of the company’s stock, valued at approximately $278,000.

A number of other institutional investors have also recently made changes to their positions in MEC. BNP Paribas Financial Markets boosted its position in shares of Mayville Engineering by 49.6% in the 1st quarter. BNP Paribas Financial Markets now owns 5,426 shares of the company’s stock worth $78,000 after purchasing an additional 1,799 shares in the last quarter. Janney Montgomery Scott LLC acquired a new stake in Mayville Engineering during the 1st quarter worth about $147,000. Russell Investments Group Ltd. raised its stake in shares of Mayville Engineering by 65.6% during the 1st quarter. Russell Investments Group Ltd. now owns 153,710 shares of the company’s stock valued at $2,203,000 after buying an additional 60,896 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Mayville Engineering by 7.9% during the 1st quarter. Vanguard Group Inc. now owns 538,175 shares of the company’s stock valued at $7,712,000 after buying an additional 39,460 shares during the last quarter. Finally, Lazard Asset Management LLC purchased a new position in shares of Mayville Engineering during the 1st quarter valued at about $73,000. Institutional investors and hedge funds own 45.44% of the company’s stock.

Analysts Set New Price Targets

MEC has been the subject of a number of recent research reports. Northland Securities lowered Mayville Engineering from an “outperform” rating to a “market perform” rating and reduced their price objective for the company from $30.00 to $20.00 in a research note on Thursday, November 7th. Northland Capmk cut Mayville Engineering from a “strong-buy” rating to a “hold” rating in a report on Thursday, November 7th.

Mayville Engineering Price Performance

MEC stock opened at $16.81 on Monday. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.77 and a quick ratio of 0.91. The business has a 50 day simple moving average of $19.75 and a 200-day simple moving average of $18.09. The firm has a market capitalization of $346.96 million, a PE ratio of 28.49 and a beta of 0.97. Mayville Engineering Company, Inc. has a 1 year low of $11.07 and a 1 year high of $23.02.

Mayville Engineering (NYSE:MEC) last posted its quarterly earnings results on Tuesday, November 5th. The company reported $0.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.05). The company had revenue of $135.39 million during the quarter, compared to analysts’ expectations of $157.22 million. Mayville Engineering had a net margin of 2.01% and a return on equity of 5.20%. During the same quarter last year, the company earned $0.21 earnings per share. Equities research analysts anticipate that Mayville Engineering Company, Inc. will post 0.31 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, EVP Ryan F. Raber sold 21,508 shares of the firm’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $19.15, for a total transaction of $411,878.20. Following the completion of the transaction, the executive vice president now directly owns 97,053 shares in the company, valued at $1,858,564.95. This trade represents a 18.14 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Jagadeesh A. Reddy acquired 5,903 shares of Mayville Engineering stock in a transaction dated Thursday, November 7th. The stock was bought at an average price of $16.72 per share, for a total transaction of $98,698.16. Following the completion of the purchase, the chief executive officer now owns 89,052 shares of the company’s stock, valued at approximately $1,488,949.44. This represents a 7.10 % increase in their position. The disclosure for this purchase can be found here. 6.40% of the stock is currently owned by company insiders.

Mayville Engineering Profile

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.