Congruence Capital LLC Takes Position in Mayville Engineering Company, Inc. $MEC

Congruence Capital LLC acquired a new stake in Mayville Engineering Company, Inc. (NYSE:MEC) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 208,102 shares of the company’s stock, valued at approximately $3,896,000. Mayville Engineering accounts for 1.4% of Congruence Capital LLC’s investment portfolio, making the stock its 23rd biggest holding.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Raymond James Financial Inc. lifted its stake in shares of Mayville Engineering by 3.0% in the 3rd quarter. Raymond James Financial Inc. now owns 25,187 shares of the company’s stock valued at $347,000 after purchasing an additional 740 shares during the period. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Mayville Engineering by 6.2% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 13,792 shares of the company’s stock valued at $245,000 after purchasing an additional 800 shares during the period. JPMorgan Chase & Co. lifted its stake in shares of Mayville Engineering by 20.7% in the 2nd quarter. JPMorgan Chase & Co. now owns 7,936 shares of the company’s stock valued at $127,000 after purchasing an additional 1,359 shares during the period. Clearstead Advisors LLC lifted its stake in shares of Mayville Engineering by 194.9% in the 4th quarter. Clearstead Advisors LLC now owns 2,094 shares of the company’s stock valued at $39,000 after purchasing an additional 1,384 shares during the period. Finally, BNP Paribas Financial Markets lifted its stake in shares of Mayville Engineering by 109.0% in the 3rd 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. 45.44% of the stock is owned by institutional investors and hedge funds.

Mayville Engineering Stock Up 1.1%

MEC stock opened at $35.61 on Friday. The stock’s 50 day simple moving average is $24.94 and its 200 day simple moving average is $20.97. Mayville Engineering Company, Inc. has a fifty-two week low of $12.10 and a fifty-two week high of $36.50. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.91 and a current ratio of 1.64. The company has a market cap of $729.73 million, a P/E ratio of -44.52 and a beta of 1.29.

Mayville Engineering (NYSE:MEC) last posted its quarterly earnings results on Tuesday, May 5th. The company reported ($0.15) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.28) by $0.13. Mayville Engineering had a negative return on equity of 5.77% and a negative net margin of 2.93%.The business had revenue of $144.78 million for the quarter, compared to the consensus estimate of $139.18 million. On average, research analysts expect that Mayville Engineering Company, Inc. will post -0.14 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on MEC. Zacks Research raised Mayville Engineering from a “strong sell” rating to a “hold” rating in a research note on Friday, March 6th. DA Davidson boosted their price objective on Mayville Engineering from $23.00 to $32.00 and gave the company a “buy” rating in a research note on Monday, May 11th. Weiss Ratings downgraded Mayville Engineering from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Thursday, March 5th. Citigroup upped their price target on Mayville Engineering from $25.00 to $33.00 and gave the stock a “buy” rating in a research note on Friday, May 8th. Finally, Northland Securities set a $30.00 price target on Mayville Engineering in a research note on Thursday, May 7th. Four analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Mayville Engineering presently has a consensus rating of “Moderate Buy” and an average price target of $29.75.

Insider Buying and Selling

In related news, CEO Jagadeesh A. Reddy sold 21,796 shares of the company’s stock in a transaction that occurred on Thursday, May 7th. The stock was sold at an average price of $25.93, for a total transaction of $565,170.28. Following the transaction, the chief executive officer directly owned 158,387 shares of the company’s stock, valued at approximately $4,106,974.91. This represents a 12.10% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Craig D. Nichols sold 4,000 shares of the business’s stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $23.24, for a total value of $92,960.00. Following the sale, the senior vice president directly owned 146 shares of the company’s stock, valued at $3,393.04. This represents a 96.48% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 80,726 shares of company stock valued at $2,311,768. 5.60% of the stock is owned by company insiders.

About Mayville Engineering

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.