Polar Asset Management Partners Inc. Acquires New Position in Mayville Engineering Company, Inc. (NYSE:MEC)

Polar Asset Management Partners Inc. purchased a new position in Mayville Engineering Company, Inc. (NYSE:MEC - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 96,553 shares of the company's stock, valued at approximately $1,518,000. Polar Asset Management Partners Inc. owned about 0.47% of Mayville Engineering at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Ritholtz Wealth Management grew its holdings in Mayville Engineering by 8.3% during the 4th quarter. Ritholtz Wealth Management now owns 25,305 shares of the company's stock worth $398,000 after acquiring an additional 1,945 shares in the last quarter. Sheets Smith Wealth Management lifted its position in shares of Mayville Engineering by 3.2% during the fourth quarter. Sheets Smith Wealth Management now owns 36,525 shares of the company's stock valued at $574,000 after buying an additional 1,130 shares during the last quarter. Janney Montgomery Scott LLC purchased a new stake in shares of Mayville Engineering during the fourth quarter valued at about $545,000. R Squared Ltd purchased a new stake in shares of Mayville Engineering during the fourth quarter valued at about $40,000. Finally, Empowered Funds LLC lifted its position in shares of Mayville Engineering by 5.2% during the fourth quarter. Empowered Funds LLC now owns 91,513 shares of the company's stock valued at $1,439,000 after buying an additional 4,496 shares during the last quarter. 45.44% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Separately, Citigroup decreased their price target on shares of Mayville Engineering from $18.00 to $16.00 and set a "buy" rating for the company in a research report on Monday, April 14th.

Check Out Our Latest Research Report on MEC

Mayville Engineering Stock Performance

Shares of Mayville Engineering stock traded down $0.12 during midday trading on Thursday, hitting $15.38. The company had a trading volume of 15,279 shares, compared to its average volume of 112,862. The stock has a market cap of $314.59 million, a price-to-earnings ratio of 26.06 and a beta of 1.15. 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 has a fifty day simple moving average of $13.47 and a 200 day simple moving average of $15.13. Mayville Engineering Company, Inc. has a 12-month low of $11.72 and a 12-month high of $23.02.

Mayville Engineering (NYSE:MEC - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The company reported $0.04 EPS for the quarter, beating the consensus estimate of $0.01 by $0.03. The firm had revenue of $135.58 million during the quarter, compared to analyst estimates of $134.52 million. Mayville Engineering had a net margin of 2.01% and a return on equity of 5.20%. During the same period last year, the firm posted $0.22 EPS. As a group, analysts predict that Mayville Engineering Company, Inc. will post 0.31 earnings per share for the current fiscal year.

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.

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