Renaissance Technologies LLC Acquires New Position in Mayville Engineering Company, Inc. (NYSE:MEC)

Renaissance Technologies LLC bought a new position in shares of Mayville Engineering Company, Inc. (NYSE:MEC) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 22,300 shares of the company’s stock, valued at approximately $372,000. Renaissance Technologies LLC owned 0.11% of Mayville Engineering at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the business. Lazard Asset Management LLC acquired a new stake in Mayville Engineering in the first quarter valued at approximately $73,000. BNP Paribas Financial Markets grew its position in Mayville Engineering by 49.6% in the 1st quarter. BNP Paribas Financial Markets now owns 5,426 shares of the company’s stock valued at $78,000 after buying an additional 1,799 shares during the last quarter. Janney Montgomery Scott LLC purchased a new position in Mayville Engineering in the 1st quarter valued at $147,000. Ritholtz Wealth Management purchased a new position in Mayville Engineering in the 2nd quarter valued at $191,000. Finally, Rhumbline Advisers boosted its position in shares of Mayville Engineering by 49.1% during the 2nd 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. Institutional investors and hedge funds own 45.44% of the company’s stock.

Analysts Set New Price Targets

Separately, Northland Securities reaffirmed an “outperform” rating and set a $30.00 price target on shares of Mayville Engineering in a research note on Tuesday.

Mayville Engineering Stock Up 5.7 %

Shares of NYSE:MEC opened at $21.00 on Friday. The stock has a market capitalization of $433.02 million, a P/E ratio of 40.39 and a beta of 0.95. Mayville Engineering Company, Inc. has a 1 year low of $9.72 and a 1 year high of $22.07. The stock has a 50-day simple moving average of $19.33 and a 200-day simple moving average of $17.02. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.97 and a current ratio of 1.71.

Mayville Engineering (NYSE:MEC) last posted its quarterly 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 business had revenue of $163.64 million for the quarter, compared to analyst estimates of $160.38 million. Mayville Engineering had a return on equity of 5.81% and a net margin of 1.69%. Equities analysts forecast that Mayville Engineering Company, Inc. will post 0.68 earnings per share for the current year.

Insider Transactions at Mayville Engineering

In related news, EVP Ryan F. Raber sold 21,508 shares of the firm’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $19.15, for a total transaction of $411,878.20. Following the completion of the transaction, the executive vice president now owns 97,053 shares of the company’s stock, valued at $1,858,564.95. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 6.40% of the company’s stock.

Mayville Engineering 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.