North Star Investment Management Corp. Makes New $538,000 Investment in Mayville Engineering Company, Inc. $MEC

North Star Investment Management Corp. purchased a new stake in shares of Mayville Engineering Company, Inc. (NYSE:MEC) during the first quarter, Holdings Channel.com reports. The firm purchased 30,000 shares of the company’s stock, valued at approximately $538,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. BNP Paribas Financial Markets raised its stake in Mayville Engineering by 109.0% during 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. Clearstead Advisors LLC raised its position in Mayville Engineering by 194.9% during the fourth quarter. Clearstead Advisors LLC now owns 2,094 shares of the company’s stock valued at $39,000 after buying an additional 1,384 shares during the period. State of Alaska Department of Revenue purchased a new stake in Mayville Engineering in the 4th quarter worth about $73,000. Picton Mahoney Asset Management acquired a new stake in Mayville Engineering during the 4th quarter worth about $109,000. Finally, JPMorgan Chase & Co. grew its stake in Mayville Engineering by 20.7% during the 2nd quarter. JPMorgan Chase & Co. now owns 7,936 shares of the company’s stock valued at $127,000 after acquiring an additional 1,359 shares in the last quarter. Institutional investors and hedge funds own 45.44% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on MEC shares. Northland Securities set a $30.00 price target on shares of Mayville Engineering in a report on Thursday, May 7th. DA Davidson upped their price target on shares of Mayville Engineering from $23.00 to $32.00 and gave the stock a “buy” rating in a research note on Monday, May 11th. Zacks Research raised Mayville Engineering from a “strong sell” rating to a “hold” rating in a research report on Friday, March 6th. Citigroup boosted their target price on Mayville Engineering from $25.00 to $33.00 and gave the company a “buy” rating in a research note on Friday, May 8th. Finally, Weiss Ratings downgraded Mayville Engineering from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Thursday, March 5th. Four 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 stock. Based on data from MarketBeat.com, Mayville Engineering presently has a consensus rating of “Moderate Buy” and a consensus price target of $29.75.

Insiders Place Their Bets

In other Mayville Engineering news, EVP Ryan F. Raber sold 20,000 shares of the stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $26.00, for a total transaction of $520,000.00. Following the transaction, the executive vice president owned 86,970 shares in the company, valued at $2,261,220. This trade represents a 18.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Craig D. Nichols sold 4,000 shares of the stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $23.24, for a total value of $92,960.00. Following the transaction, the senior vice president owned 146 shares in the company, valued at approximately $3,393.04. This trade represents a 96.48% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 80,726 shares of company stock valued at $2,311,768 over the last 90 days. 5.60% of the stock is currently owned by company insiders.

Mayville Engineering Trading Down 0.2%

Mayville Engineering stock opened at $37.45 on Wednesday. Mayville Engineering Company, Inc. has a one year low of $12.10 and a one year high of $38.76. The company’s fifty day moving average price is $28.72 and its two-hundred day moving average price is $22.56. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.64 and a quick ratio of 0.91. The company has a market capitalization of $767.41 million, a price-to-earnings ratio of -46.82 and a beta of 1.29.

Mayville Engineering (NYSE:MEC) last issued its quarterly earnings data on Tuesday, May 5th. The company reported ($0.15) EPS for the quarter, beating 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 analyst estimates of $139.18 million. On average, analysts forecast that Mayville Engineering Company, Inc. will post -0.08 earnings per share for the current fiscal year.

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.