Principal Financial Group Inc. Takes Position in Mayville Engineering Company, Inc. (NYSE:MEC)

Principal Financial Group Inc. bought a new stake in Mayville Engineering Company, Inc. (NYSE:MEC) during the third quarter, HoldingsChannel reports. The firm bought 13,112 shares of the company’s stock, valued at approximately $276,000.

Several other large investors have also recently bought and sold shares of the stock. Bank of New York Mellon Corp grew its position in shares of Mayville Engineering by 18.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 48,134 shares of the company’s stock valued at $802,000 after acquiring an additional 7,416 shares during the period. Rhumbline Advisers grew its holdings in Mayville Engineering by 49.1% during the second quarter. Rhumbline Advisers now owns 19,281 shares of the company’s stock worth $321,000 after purchasing an additional 6,348 shares during the period. Anchor Capital Advisors LLC increased its position in Mayville Engineering by 3.1% during the second quarter. Anchor Capital Advisors LLC now owns 122,012 shares of the company’s stock worth $2,033,000 after buying an additional 3,687 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in Mayville Engineering by 17.6% in the second quarter. Dimensional Fund Advisors LP now owns 517,323 shares of the company’s stock valued at $8,618,000 after buying an additional 77,486 shares during the period. Finally, Renaissance Technologies LLC acquired a new stake in shares of Mayville Engineering in the second quarter valued at approximately $372,000. 45.44% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on MEC. Northland Capmk lowered Mayville Engineering from a “strong-buy” rating to a “hold” rating in a report on Thursday, November 7th. Northland Securities lowered shares of Mayville Engineering from an “outperform” rating to a “market perform” rating and dropped their price objective for the company from $30.00 to $20.00 in a research report on Thursday, November 7th.

Insider Buying and Selling at Mayville Engineering

In other news, CEO Jagadeesh A. Reddy purchased 5,903 shares of Mayville Engineering stock in a transaction that occurred on Thursday, November 7th. The shares were acquired at an average price of $16.72 per share, for a total transaction of $98,698.16. Following the transaction, the chief executive officer now owns 89,052 shares of the company’s stock, valued at approximately $1,488,949.44. The trade was a 7.10 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Insiders own 6.40% of the company’s stock.

Mayville Engineering Stock Up 0.8 %

MEC stock opened at $15.60 on Tuesday. Mayville Engineering Company, Inc. has a fifty-two week low of $11.07 and a fifty-two week high of $23.02. The stock has a market capitalization of $322.05 million, a price-to-earnings ratio of 26.44 and a beta of 0.91. The business’s fifty day moving average price is $17.22 and its two-hundred day moving average price is $18.30. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.77 and a quick ratio of 0.91.

Mayville Engineering (NYSE:MEC) last announced its quarterly earnings data on Tuesday, November 5th. The company reported $0.14 earnings per share for the quarter, missing the consensus estimate of $0.19 by ($0.05). Mayville Engineering had a net margin of 2.01% and a return on equity of 5.20%. The company had revenue of $135.39 million during the quarter, compared to analyst estimates of $157.22 million. During the same period in the prior year, the firm earned $0.21 earnings per share. On average, equities analysts anticipate that Mayville Engineering Company, Inc. will post 0.31 earnings per share for the current year.

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.