223,533 Shares in Mercury Systems Inc $MRCY Bought by Bank of America Corp DE

Key Points

• Bank of America acquired 223,533 shares of Mercury Systems in the second quarter, valued at approximately $27.3 million, while institutional investors and hedge funds collectively owned 95.99% of the company.
• Analyst sentiment remains moderately positive, with a consensus rating of “Moderate Buy” and an average price target of $110.55; Canaccord Genuity and Piper Sandler recently raised their targets to $128 and $131, respectively.
• Mercury Systems reported quarterly revenue of $289.78 million, exceeding estimates, but earnings of $0.37 per share fell slightly short of expectations. The stock opened at $82.72, below its 50-day and 200-day moving averages, while insiders sold more than $41.8 million in shares over the past 90 days.

Bank of America Corp DE bought a new stake in shares of Mercury Systems Inc (NASDAQ:MRCY - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund bought 223,533 shares of the technology company's stock, valued at approximately $27,345,000. Bank of America Corp DE owned about 0.37% of Mercury Systems at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of MRCY. BlackRock Inc. bought a new stake in shares of Mercury Systems during the 2nd quarter valued at about $1,146,342,000. Geode Capital Management LLC lifted its holdings in Mercury Systems by 3.6% in the fourth quarter. Geode Capital Management LLC now owns 1,368,659 shares of the technology company's stock worth $99,940,000 after acquiring an additional 47,174 shares during the last quarter. Segall Bryant & Hamill LLC boosted its stake in Mercury Systems by 46.9% in the first quarter. Segall Bryant & Hamill LLC now owns 934,824 shares of the technology company's stock valued at $68,158,000 after acquiring an additional 298,298 shares during the period. American Capital Management Inc. acquired a new position in Mercury Systems in the second quarter valued at approximately $59,460,000. Finally, Jennison Associates LLC grew its holdings in shares of Mercury Systems by 52.9% during the first quarter. Jennison Associates LLC now owns 688,114 shares of the technology company's stock valued at $50,170,000 after purchasing an additional 238,147 shares during the last quarter. 95.99% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on MRCY. Canaccord Genuity Group upped their price objective on Mercury Systems from $106.00 to $128.00 and gave the stock a "buy" rating in a research note on Thursday, August 20th. JPMorgan Chase & Co. raised their target price on Mercury Systems from $99.00 to $101.00 and gave the company a "neutral" rating in a research note on Monday, July 13th. Piper Sandler reissued an "overweight" rating and set a $131.00 price target (up from $126.00) on shares of Mercury Systems in a report on Wednesday, August 19th. Deutsche Bank Aktiengesellschaft lowered shares of Mercury Systems to a "hold" rating in a research report on Wednesday, August 12th. Finally, Weiss Ratings raised shares of Mercury Systems from a "sell (d-)" rating to a "sell (d)" rating in a report on Monday, August 24th. Two investment analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $110.55.

Mercury Systems Trading Down 1.4%

Shares of MRCY stock opened at $82.72 on Thursday. Mercury Systems Inc has a 1 year low of $65.04 and a 1 year high of $128.45. The firm has a market capitalization of $5.03 billion, a PE ratio of -165.44 and a beta of 0.98. The stock has a fifty day moving average of $94.64 and a two-hundred day moving average of $94.69. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.85 and a current ratio of 2.96.

Mercury Systems (NASDAQ:MRCY - Get Free Report) last announced its earnings results on Tuesday, August 18th. The technology company reported $0.37 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.38 by ($0.01). The company had revenue of $289.78 million during the quarter, compared to the consensus estimate of $266.09 million. Mercury Systems had a negative net margin of 3.02% and a positive return on equity of 1.29%. The business's quarterly revenue was up 6.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.47 EPS. As a group, research analysts expect that Mercury Systems Inc will post 0.91 EPS for the current year.

Insider Transactions at Mercury Systems

In other news, EVP Steven Ratner sold 4,000 shares of the business's stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $84.51, for a total value of $338,040.00. Following the sale, the executive vice president owned 19,275 shares of the company's stock, valued at approximately $1,628,930.25. The trade was a 17.19% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP David E. Farnsworth sold 6,612 shares of the business's stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $97.67, for a total value of $645,794.04. Following the completion of the sale, the executive vice president directly owned 117,967 shares in the company, valued at $11,521,836.89. This represents a 5.31% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders have sold 451,186 shares of company stock valued at $41,857,170. 0.99% of the stock is currently owned by company insiders.

Mercury Systems Profile

Mercury Systems, Inc is a technology company that develops and manufactures secure, high-performance computing and sensor-processing solutions for the aerospace and defense industries. Its products are designed for use in mission-critical applications where ruggedness, rapid data processing, cybersecurity and long operational life are essential.

The company's offerings include embedded computing systems, digital signal processing technologies, radio-frequency and microwave components, avionics systems, sensor-processing solutions, electronic warfare technology and secure communications products.

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