Granahan Investment Management LLC Sells 149,038 Shares of Mayville Engineering Company, Inc. $MEC

Granahan Investment Management LLC decreased its position in shares of Mayville Engineering Company, Inc. (NYSE:MEC) by 29.9% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 349,267 shares of the company’s stock after selling 149,038 shares during the quarter. Granahan Investment Management LLC owned about 1.72% of Mayville Engineering worth $4,806,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Dimensional Fund Advisors LP boosted its stake in shares of Mayville Engineering by 4.1% in the 3rd quarter. Dimensional Fund Advisors LP now owns 847,123 shares of the company’s stock valued at $11,656,000 after purchasing an additional 33,089 shares during the last quarter. Royce & Associates LP raised its stake in Mayville Engineering by 1.4% during the third quarter. Royce & Associates LP now owns 566,717 shares of the company’s stock worth $7,798,000 after buying an additional 7,868 shares during the last quarter. 22NW LP raised its stake in Mayville Engineering by 157.2% during the third quarter. 22NW LP now owns 399,890 shares of the company’s stock worth $5,502,000 after buying an additional 244,440 shares during the last quarter. Ameriprise Financial Inc. lifted its holdings in Mayville Engineering by 894.2% in the third quarter. Ameriprise Financial Inc. now owns 394,161 shares of the company’s stock valued at $5,424,000 after buying an additional 354,514 shares during the period. Finally, Blair William & Co. IL lifted its holdings in Mayville Engineering by 1.0% in the third quarter. Blair William & Co. IL now owns 377,210 shares of the company’s stock valued at $5,190,000 after buying an additional 3,762 shares during the period. Institutional investors and hedge funds own 45.44% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. DA Davidson increased their price target on Mayville Engineering from $21.00 to $23.00 and gave the stock a “buy” rating in a report on Monday, March 9th. Northland Securities raised Mayville Engineering from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $20.00 to $25.00 in a research note on Thursday, March 5th. Weiss Ratings lowered Mayville Engineering from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Thursday, March 5th. Citigroup raised their target price on Mayville Engineering from $24.00 to $25.00 and gave the stock a “buy” rating in a research note on Thursday, March 5th. Finally, Zacks Research upgraded Mayville Engineering from a “strong sell” rating to a “hold” rating in a report on Friday, March 6th. Four investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Mayville Engineering has a consensus rating of “Moderate Buy” and a consensus price target of $24.25.

Insider Buying and Selling

In related news, insider Sean P. Leuba sold 2,500 shares of the company’s stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $20.07, for a total transaction of $50,175.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 5.60% of the stock is owned by insiders.

Mayville Engineering Trading Down 3.2%

NYSE:MEC opened at $16.70 on Monday. Mayville Engineering Company, Inc. has a 12 month low of $11.72 and a 12 month high of $22.36. The company has a current ratio of 1.72, a quick ratio of 0.92 and a debt-to-equity ratio of 0.84. The stock has a market capitalization of $339.36 million, a price-to-earnings ratio of -41.75 and a beta of 1.08. The firm has a fifty day simple moving average of $19.71 and a two-hundred day simple moving average of $17.22.

Mayville Engineering (NYSE:MEC) last announced its quarterly earnings data on Tuesday, March 3rd. The company reported ($0.08) earnings per share for the quarter, beating the consensus estimate of ($0.16) by $0.08. The firm had revenue of $134.27 million for the quarter, compared to analyst estimates of $132.51 million. Mayville Engineering had a negative net margin of 1.48% and a negative return on equity of 2.33%. Analysts expect that Mayville Engineering Company, Inc. will post 0.31 EPS for the current fiscal year.

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.