Squarepoint Ops LLC Acquires 128,197 Shares of Mayville Engineering Company, Inc. $MEC

Squarepoint Ops LLC grew its holdings in shares of Mayville Engineering Company, Inc. (NYSE:MEC) by 115.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 238,766 shares of the company’s stock after buying an additional 128,197 shares during the quarter. Squarepoint Ops LLC’s holdings in Mayville Engineering were worth $8,944,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. BlackRock Inc. bought a new stake in Mayville Engineering during the second quarter worth approximately $44,332,000. EVR Research LP bought a new stake in shares of Mayville Engineering in the 4th quarter valued at approximately $11,326,000. Jupiter Topco LLC bought a new stake in shares of Mayville Engineering in the 2nd quarter valued at approximately $21,550,000. Wellington Management Group LLP purchased a new position in shares of Mayville Engineering in the 2nd quarter worth approximately $17,890,000. Finally, Ameriprise Financial Inc. boosted its holdings in shares of Mayville Engineering by 894.2% in the 3rd quarter. Ameriprise Financial Inc. now owns 394,161 shares of the company’s stock worth $5,424,000 after purchasing an additional 354,514 shares during the period. Institutional investors own 45.44% of the company’s stock.

Mayville Engineering Stock Down 4.0%

Shares of NYSE:MEC opened at $18.88 on Friday. The firm has a market capitalization of $481.31 million, a PE ratio of -22.47 and a beta of 1.26. The business has a 50 day simple moving average of $25.71 and a two-hundred day simple moving average of $25.01. Mayville Engineering Company, Inc. has a 1 year low of $12.25 and a 1 year high of $38.76. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.70 and a quick ratio of 0.96.

Mayville Engineering (NYSE:MEC) last issued its quarterly earnings results on Tuesday, August 4th. The company reported $0.07 earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.12. Mayville Engineering had a negative return on equity of 6.63% and a negative net margin of 2.95%.The firm had revenue of $162.98 million for the quarter, compared to the consensus estimate of $150.59 million. On average, equities analysts predict that Mayville Engineering Company, Inc. will post -0.22 EPS for the current year.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Weiss Ratings restated a “sell (d+)” rating on shares of Mayville Engineering in a report on Friday, July 10th. DA Davidson lifted their price objective on shares of Mayville Engineering from $32.00 to $36.00 and gave the stock a “buy” rating in a research note on Wednesday, July 22nd. Citigroup boosted their price objective on shares of Mayville Engineering from $33.00 to $43.00 and gave the company a “buy” rating in a research report on Monday, July 13th. Finally, Northland Securities set a $40.00 target price on shares of Mayville Engineering in a research note on Thursday, August 6th. Four equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $35.75.

Insider Buying and Selling

In other Mayville Engineering news, SVP Sean Leuba sold 12,855 shares of the stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $25.44, for a total value of $327,031.20. Following the sale, the senior vice president owned 6,633 shares in the company, valued at $168,743.52. This trade represents a 65.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 5.60% of the stock is owned by company insiders.

Mayville Engineering Profile

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.