Connor Clark & Lunn Investment Management Ltd. Buys 11,137 Shares of Mayville Engineering Company, Inc. (NYSE:MEC)

Connor Clark & Lunn Investment Management Ltd. raised its stake in Mayville Engineering Company, Inc. (NYSE:MEC) by 37.1% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 41,130 shares of the company’s stock after buying an additional 11,137 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned about 0.20% of Mayville Engineering worth $867,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also added to or reduced their stakes in the company. US Bancorp DE bought a new position in Mayville Engineering in the third quarter worth approximately $60,000. Lazard Asset Management LLC bought a new position in shares of Mayville Engineering during the 1st quarter worth $73,000. Net Worth Advisory Group purchased a new position in shares of Mayville Engineering during the third quarter valued at $237,000. Cubist Systematic Strategies LLC bought a new stake in shares of Mayville Engineering in the second quarter valued at about $189,000. Finally, Ritholtz Wealth Management purchased a new stake in Mayville Engineering in the second quarter worth about $191,000. 45.44% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Mayville Engineering

In other news, CEO Jagadeesh A. Reddy bought 5,903 shares of the stock in a transaction on Thursday, November 7th. The stock was bought at an average cost of $16.72 per share, for a total transaction of $98,698.16. Following the completion of the purchase, the chief executive officer now directly owns 89,052 shares in the company, valued at approximately $1,488,949.44. The trade was a 7.10 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 6.40% of the stock is owned by insiders.

Mayville Engineering Stock Performance

Shares of MEC stock opened at $16.74 on Thursday. The firm has a market cap of $345.58 million, a price-to-earnings ratio of 28.37 and a beta of 0.97. The company’s 50 day moving average is $19.37 and its 200 day moving average is $18.21. The company has a quick ratio of 0.91, a current ratio of 1.77 and a debt-to-equity ratio of 0.47. Mayville Engineering Company, Inc. has a 52-week low of $11.07 and a 52-week high of $23.02.

Mayville Engineering (NYSE:MEC) last issued its quarterly earnings data on Tuesday, November 5th. The company reported $0.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.19 by ($0.05). The business 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 period in the previous year, the business earned $0.21 earnings per share. On average, sell-side analysts anticipate that Mayville Engineering Company, Inc. will post 0.31 EPS for the current fiscal year.

Analyst Ratings Changes

Several research analysts have issued reports on MEC shares. Northland Securities cut shares of Mayville Engineering from an “outperform” rating to a “market perform” rating and dropped their target price for the stock from $30.00 to $20.00 in a report on Thursday, November 7th. Northland Capmk lowered shares of Mayville Engineering from a “strong-buy” rating to a “hold” rating in a report on Thursday, November 7th.

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.