US Bancorp DE Invests $60,000 in Mayville Engineering Company, Inc. (NYSE:MEC)

US Bancorp DE acquired a new stake in Mayville Engineering Company, Inc. (NYSE:MEC) during the third quarter, Holdings Channel.com reports. The firm acquired 2,853 shares of the company’s stock, valued at approximately $60,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MEC. Vanguard Group Inc. increased its position in Mayville Engineering by 7.9% during the first quarter. Vanguard Group Inc. now owns 538,175 shares of the company’s stock worth $7,712,000 after acquiring an additional 39,460 shares during the period. Russell Investments Group Ltd. increased its holdings 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 worth $2,203,000 after purchasing an additional 60,896 shares during the period. Harbor Capital Advisors Inc. acquired a new position in shares of Mayville Engineering during the second quarter valued at about $587,000. First Eagle Investment Management LLC lifted its stake in shares of Mayville Engineering by 404.2% in the second quarter. First Eagle Investment Management LLC now owns 250,785 shares of the company’s stock valued at $4,178,000 after buying an additional 201,047 shares during the period. Finally, Ritholtz Wealth Management acquired a new stake in Mayville Engineering during the second quarter worth about $191,000. 45.44% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Mayville Engineering

In related news, CEO Jagadeesh A. Reddy purchased 5,903 shares of Mayville Engineering stock in a transaction that occurred on Thursday, November 7th. The stock was purchased at an average cost of $16.72 per share, with a total value of $98,698.16. Following the completion of the transaction, 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 position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Ryan F. Raber sold 21,508 shares of the firm’s stock in a transaction on Friday, August 23rd. The shares were 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 of the company’s stock, valued at $1,858,564.95. This represents a 18.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 6.40% of the stock is currently owned by insiders.

Mayville Engineering Stock Performance

Shares of Mayville Engineering stock opened at $16.81 on Monday. Mayville Engineering Company, Inc. has a 52 week low of $11.07 and a 52 week high of $23.02. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.91 and a current ratio of 1.77. The stock has a market capitalization of $346.96 million, a price-to-earnings ratio of 28.49 and a beta of 0.97. The firm has a fifty day moving average of $19.75 and a two-hundred day moving average of $18.09.

Mayville Engineering (NYSE:MEC) last posted its earnings results 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). The business had revenue of $135.39 million for the quarter, compared to the consensus estimate of $157.22 million. Mayville Engineering had a return on equity of 5.20% and a net margin of 2.01%. During the same quarter in the prior year, the firm posted $0.21 earnings per share. As a group, equities research analysts predict that Mayville Engineering Company, Inc. will post 0.31 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on MEC shares. Northland Securities downgraded shares of Mayville Engineering from an “outperform” rating to a “market perform” rating and decreased their price target for the stock from $30.00 to $20.00 in a research note on Thursday, November 7th. Northland Capmk lowered shares of Mayville Engineering from a “strong-buy” rating to a “hold” rating in a research report on Thursday, November 7th.

About Mayville Engineering

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.