First Eagle Investment Management LLC Purchases 201,047 Shares of Mayville Engineering Company, Inc. (NYSE:MEC)

First Eagle Investment Management LLC increased its holdings in shares of Mayville Engineering Company, Inc. (NYSE:MEC) by 404.2% during the second quarter, Holdings Channel reports. The fund owned 250,785 shares of the company’s stock after purchasing an additional 201,047 shares during the period. First Eagle Investment Management LLC’s holdings in Mayville Engineering were worth $4,178,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Lazard Asset Management LLC bought a new stake in shares of Mayville Engineering during the first quarter worth $73,000. BNP Paribas Financial Markets grew its holdings in Mayville Engineering by 49.6% during the 1st quarter. BNP Paribas Financial Markets now owns 5,426 shares of the company’s stock worth $78,000 after acquiring an additional 1,799 shares during the last quarter. Janney Montgomery Scott LLC bought a new stake in Mayville Engineering during the 1st quarter worth about $147,000. Ritholtz Wealth Management bought a new position in shares of Mayville Engineering in the second quarter worth about $191,000. Finally, Rhumbline Advisers lifted its position in shares of Mayville Engineering by 49.1% during the second quarter. Rhumbline Advisers now owns 19,281 shares of the company’s stock worth $321,000 after purchasing an additional 6,348 shares in the last quarter. 45.44% of the stock is owned by institutional investors and hedge funds.

Mayville Engineering Price Performance

Mayville Engineering stock opened at $19.94 on Friday. The business’s 50-day simple moving average is $18.91 and its 200 day simple moving average is $16.34. The company has a quick ratio of 0.97, a current ratio of 1.71 and a debt-to-equity ratio of 0.51. The stock has a market cap of $409.31 million, a price-to-earnings ratio of 47.48 and a beta of 0.94. Mayville Engineering Company, Inc. has a 12-month low of $9.72 and a 12-month high of $20.47.

Mayville Engineering (NYSE:MEC) last issued its earnings results on Tuesday, August 6th. The company reported $0.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.01. The company had revenue of $163.64 million for the quarter, compared to analyst estimates of $160.38 million. Mayville Engineering had a net margin of 1.69% and a return on equity of 5.81%. As a group, research analysts anticipate that Mayville Engineering Company, Inc. will post 0.68 earnings per share for the current year.

Insiders Place Their Bets

In other news, EVP Ryan F. Raber sold 21,508 shares of the firm’s stock in a transaction on Friday, August 23rd. The stock was 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 in the company, valued at approximately $1,858,564.95. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 6.40% of the company’s stock.

Analyst Ratings Changes

Separately, Northland Securities raised their price target on shares of Mayville Engineering from $20.00 to $30.00 and gave the company an “outperform” rating in a report on Friday, June 14th.

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.