Harvest Fund Management Co. Ltd Makes New $62,000 Investment in Mayville Engineering Company, Inc. (NYSE:MEC)

Harvest Fund Management Co. Ltd acquired a new stake in Mayville Engineering Company, Inc. (NYSE:MEC) in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 2,956 shares of the company’s stock, valued at approximately $62,000.

Several other large investors have also recently made changes to their positions in the business. Pullen Investment Management LLC boosted 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 buying an additional 1,578 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Mayville Engineering by 5.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 34,252 shares of the company’s stock valued at $722,000 after acquiring an additional 1,760 shares during the last quarter. Kennedy Capital Management LLC boosted its stake in Mayville Engineering by 2.1% in the first quarter. Kennedy Capital Management LLC now owns 96,831 shares of the company’s stock valued at $1,388,000 after acquiring an additional 1,980 shares during the last quarter. US Bancorp DE bought a new position in shares of Mayville Engineering during the 3rd quarter valued at approximately $60,000. Finally, Anchor Capital Advisors LLC increased its stake in shares of Mayville Engineering by 3.1% during the 2nd quarter. Anchor Capital Advisors LLC now owns 122,012 shares of the company’s stock worth $2,033,000 after purchasing an additional 3,687 shares during the last quarter. 45.44% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts recently commented on MEC shares. Northland Securities downgraded Mayville Engineering from an “outperform” rating to a “market perform” rating and dropped their price objective for the company from $30.00 to $20.00 in a research note on Thursday, November 7th. Northland Capmk cut Mayville Engineering from a “strong-buy” rating to a “hold” rating in a research report on Thursday, November 7th.

Insider Buying and Selling

In related news, CEO Jagadeesh A. Reddy purchased 5,903 shares of the firm’s stock in a transaction dated Thursday, November 7th. The shares were purchased at an average cost of $16.72 per share, for a total transaction of $98,698.16. Following the completion of the transaction, the chief executive officer now directly owns 89,052 shares in the company, valued at approximately $1,488,949.44. This represents a 7.10 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. 6.40% of the stock is currently owned by insiders.

Mayville Engineering Stock Performance

NYSE MEC opened at $16.74 on Thursday. The firm has a market cap of $345.58 million, a P/E ratio of 28.37 and a beta of 0.97. The company has a quick ratio of 0.91, a current ratio of 1.77 and a debt-to-equity ratio of 0.47. The company’s 50 day moving average is $19.37 and its 200-day moving average is $18.21. Mayville Engineering Company, Inc. has a 12-month low of $11.07 and a 12-month high of $23.02.

Mayville Engineering (NYSE:MEC) last issued its earnings results on Tuesday, November 5th. The company reported $0.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.05). Mayville Engineering had a net margin of 2.01% and a return on equity of 5.20%. The business had revenue of $135.39 million for the quarter, compared to the consensus estimate of $157.22 million. During the same period in the previous year, the firm earned $0.21 EPS. Sell-side analysts predict that Mayville Engineering Company, Inc. will post 0.31 earnings per share for the current year.

Mayville Engineering Company Profile

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.