Franklin Resources Inc. Acquires Shares of 15,859 Mayville Engineering Company, Inc. (NYSE:MEC)

Franklin Resources Inc. bought a new position in shares of Mayville Engineering Company, Inc. (NYSE:MEC) in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor bought 15,859 shares of the company’s stock, valued at approximately $334,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in MEC. Charles Schwab Investment Management Inc. grew its holdings in shares of Mayville Engineering by 5.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 34,252 shares of the company’s stock worth $722,000 after buying an additional 1,760 shares in the last quarter. US Bancorp DE purchased a new stake in Mayville Engineering during the 3rd quarter valued at about $60,000. Jane Street Group LLC raised its holdings in Mayville Engineering by 25.7% in the 3rd quarter. Jane Street Group LLC now owns 14,235 shares of the company’s stock valued at $300,000 after acquiring an additional 2,909 shares during the last quarter. Harvest Fund Management Co. Ltd acquired a new stake in Mayville Engineering in the 3rd quarter valued at about $62,000. Finally, Quantbot Technologies LP acquired a new position in shares of Mayville Engineering during the 3rd quarter worth approximately $70,000. 45.44% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Mayville Engineering

In related news, CEO Jagadeesh A. Reddy bought 5,903 shares of the company’s stock in a transaction that occurred on Thursday, November 7th. The stock was purchased at an average price of $16.72 per share, for a total transaction of $98,698.16. Following the acquisition, the chief executive officer now owns 89,052 shares of the company’s stock, valued at approximately $1,488,949.44. This trade represents a 7.10 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. 6.40% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

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

Mayville Engineering Stock Up 0.4 %

Shares of NYSE MEC opened at $15.72 on Thursday. The company has a market capitalization of $324.52 million, a P/E ratio of 26.64 and a beta of 0.90. 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 company has a 50 day simple moving average of $17.40 and a 200-day simple moving average of $18.30. 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 earnings results on Tuesday, November 5th. The company reported $0.14 EPS for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.05). The business 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 in the prior year, the firm earned $0.21 EPS. On average, equities research analysts predict that Mayville Engineering Company, Inc. will post 0.31 earnings per share for the current year.

Mayville Engineering Company 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.