Bank of New York Mellon Corp Takes Position in Mercury Systems Inc $MRCY

Key Points

• Bank of New York Mellon acquired 314,217 Mercury Systems shares worth approximately $38.4 million, taking a 0.52% stake. Institutional investors and hedge funds collectively own 95.99% of the company.
• Analyst sentiment remains mixed: Piper Sandler, Truist Financial and Robert W. Baird raised price targets and maintained positive ratings, while Zacks downgraded the stock to “hold.” The consensus rating is “Hold,” with a $110.10 target price.
• Mercury Systems reported quarterly revenue of $289.78 million, up 6.1% year over year and above estimates, but EPS of $0.37 narrowly missed expectations. Insiders sold 446,186 shares worth $41.4 million during the last quarter.

Bank of New York Mellon Corp bought a new position in shares of Mercury Systems Inc (NASDAQ:MRCY - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 314,217 shares of the technology company's stock, valued at approximately $38,438,000. Bank of New York Mellon Corp owned about 0.52% of Mercury Systems as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Invesco Ltd. boosted its stake in Mercury Systems by 161.7% during the third quarter. Invesco Ltd. now owns 1,527,443 shares of the technology company's stock worth $118,224,000 after buying an additional 943,736 shares during the last quarter. State Street Corp raised its position in Mercury Systems by 12.1% in the fourth quarter. State Street Corp now owns 3,423,600 shares of the technology company's stock valued at $249,957,000 after purchasing an additional 368,242 shares during the period. Segall Bryant & Hamill LLC lifted its stake in shares of Mercury Systems by 46.9% in the 1st quarter. Segall Bryant & Hamill LLC now owns 934,824 shares of the technology company's stock valued at $68,158,000 after purchasing an additional 298,298 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in shares of Mercury Systems by 51.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 855,441 shares of the technology company's stock valued at $36,861,000 after purchasing an additional 290,989 shares during the last quarter. Finally, Fifth Third Bancorp lifted its stake in shares of Mercury Systems by 22,232.9% in the 1st quarter. Fifth Third Bancorp now owns 267,101 shares of the technology company's stock valued at $19,474,000 after purchasing an additional 265,905 shares during the last quarter. 95.99% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on MRCY shares. Piper Sandler restated an "overweight" rating and issued a $131.00 price objective (up from $126.00) on shares of Mercury Systems in a report on Wednesday, August 19th. Jefferies Financial Group reaffirmed a "hold" rating and set a $115.00 target price on shares of Mercury Systems in a research note on Friday, July 10th. Truist Financial lifted their price target on shares of Mercury Systems from $109.00 to $120.00 and gave the company a "buy" rating in a research report on Thursday, August 20th. Robert W. Baird lifted their price target on shares of Mercury Systems from $120.00 to $130.00 and gave the company an "outperform" rating in a research report on Wednesday, August 19th. Finally, Zacks Research downgraded shares of Mercury Systems from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 4th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, four have given a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $110.10.

Insider Activity

In related news, EVP David E. Farnsworth sold 8,155 shares of the company's stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $100.31, for a total transaction of $818,028.05. Following the sale, the executive vice president directly owned 124,579 shares in the company, valued at approximately $12,496,519.49. This represents a 6.14% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO William L. Ballhaus sold 111,076 shares of the firm's stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $87.12, for a total transaction of $9,676,941.12. Following the completion of the sale, the chief executive officer directly owned 342,436 shares in the company, valued at approximately $29,833,024.32. This trade represents a 24.49% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 446,186 shares of company stock valued at $41,432,610 in the last quarter. Company insiders own 1.40% of the company's stock.

Mercury Systems Stock Performance

NASDAQ:MRCY opened at $88.54 on Friday. Mercury Systems Inc has a 52 week low of $65.04 and a 52 week high of $128.45. The company has a fifty day simple moving average of $105.02 and a two-hundred day simple moving average of $94.95. The company has a quick ratio of 1.85, a current ratio of 2.96 and a debt-to-equity ratio of 0.29. The company has a market cap of $5.32 billion, a price-to-earnings ratio of -177.08 and a beta of 0.95.

Mercury Systems (NASDAQ:MRCY - Get Free Report) last released 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). Mercury Systems had a negative net margin of 3.02% and a positive return on equity of 1.29%. The company had revenue of $289.78 million during the quarter, compared to analysts' expectations of $266.09 million. During the same quarter last year, the business posted $0.47 earnings per share. The company's revenue for the quarter was up 6.1% on a year-over-year basis. As a group, equities analysts anticipate that Mercury Systems Inc will post 0.88 earnings per share for the current fiscal year.

About Mercury Systems

Mercury Systems, Inc NASDAQ: MRCY is a technology company that designs, manufactures and markets secure processing subsystems for aerospace and defense applications. The company's products are built to address the stringent security, safety and reliability requirements of mission-critical programs, with a focus on radar, electronic warfare, intelligence and other sensor and processing functions. Mercury's offerings encompass rugged embedded computing modules, high-performance radio frequency (RF) and microwave components, digital signal processing subsystems and secure networking solutions.

Since its origins in advanced signal processing, Mercury Systems has expanded its capabilities through a combination of internal development and targeted acquisitions.

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