Cornercap Investment Counsel Inc. Purchases New Stake in Mayville Engineering Company, Inc. (NYSE:MEC)

Cornercap Investment Counsel Inc. bought a new position in shares of Mayville Engineering Company, Inc. (NYSE:MEC) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 13,170 shares of the company’s stock, valued at approximately $278,000. Cornercap Investment Counsel Inc. owned approximately 0.06% of Mayville Engineering at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Ancora Advisors LLC boosted its holdings in Mayville Engineering by 0.4% in the first quarter. Ancora Advisors LLC now owns 248,280 shares of the company’s stock valued at $3,558,000 after acquiring an additional 1,100 shares during the last quarter. Pullen Investment Management LLC lifted its holdings in shares of Mayville Engineering by 4.1% in the 2nd quarter. Pullen Investment Management LLC now owns 39,686 shares of the company’s stock worth $661,000 after purchasing an additional 1,578 shares in the last quarter. BNP Paribas Financial Markets lifted its holdings in shares of Mayville Engineering by 49.6% in the 1st quarter. BNP Paribas Financial Markets now owns 5,426 shares of the company’s stock worth $78,000 after purchasing an additional 1,799 shares in the last quarter. Kennedy Capital Management LLC lifted its holdings in shares of Mayville Engineering by 2.1% in the 1st quarter. Kennedy Capital Management LLC now owns 96,831 shares of the company’s stock worth $1,388,000 after purchasing an additional 1,980 shares in the last quarter. Finally, US Bancorp DE bought a new position in shares of Mayville Engineering in the 3rd quarter worth $60,000. Institutional investors and hedge funds own 45.44% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Jagadeesh A. Reddy purchased 5,903 shares of the company’s stock in a transaction that occurred on Thursday, November 7th. The stock was bought at an average cost of $16.72 per share, with a total value of $98,698.16. Following the completion of the purchase, the chief executive officer now owns 89,052 shares in the company, valued at approximately $1,488,949.44. This represents a 7.10 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Ryan F. Raber sold 21,508 shares of the stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $19.15, for a total value of $411,878.20. Following the transaction, the executive vice president now directly owns 97,053 shares of the company’s stock, valued at approximately $1,858,564.95. The trade was a 18.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 6.40% of the company’s stock.

Mayville Engineering Trading Down 2.4 %

Mayville Engineering stock opened at $16.81 on Monday. The company has a current ratio of 1.77, a quick ratio of 0.91 and a debt-to-equity ratio of 0.47. The business’s fifty day simple moving average is $19.75 and its two-hundred day simple moving average is $18.09. Mayville Engineering Company, Inc. has a 12 month low of $11.07 and a 12 month high of $23.02. The company has a market capitalization of $346.96 million, a price-to-earnings ratio of 28.49 and a beta of 0.97.

Mayville Engineering (NYSE:MEC) last posted its quarterly earnings data on Tuesday, November 5th. The company reported $0.14 EPS for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.05). The firm had revenue of $135.39 million for the quarter, compared to analysts’ expectations of $157.22 million. Mayville Engineering had a net margin of 2.01% and a return on equity of 5.20%. During the same quarter last year, the company posted $0.21 EPS. As a group, equities analysts predict that Mayville Engineering Company, Inc. will post 0.31 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on MEC. Northland Securities lowered Mayville Engineering from an “outperform” rating to a “market perform” rating and decreased their target price for the company from $30.00 to $20.00 in a research report on Thursday, November 7th. Northland Capmk downgraded Mayville Engineering from a “strong-buy” rating to a “hold” rating in a research note 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.