Fifth Third Bancorp Acquires 265,905 Shares of Mercury Systems Inc $MRCY

Key Points

• Fifth Third Bancorp dramatically increased its stake in Mercury Systems during the first quarter, buying 265,905 additional shares and lifting its holdings to 267,101 shares worth about $19.5 million.
• Mercury Systems reported better-than-expected quarterly results, posting EPS of $0.27 versus the $0.06 estimate and revenue of $235.76 million, up 11.5% year over year.
• Insiders have been selling shares, including recent sales by EVP Steven Ratner and Director Howard L. Lance, while analysts currently hold a Moderate Buy consensus rating with a $95.78 price target.

Fifth Third Bancorp grew its holdings in Mercury Systems Inc (NASDAQ:MRCY - Free Report) by 22,232.9% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 267,101 shares of the technology company's stock after buying an additional 265,905 shares during the quarter. Fifth Third Bancorp owned approximately 0.45% of Mercury Systems worth $19,474,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Osaic Holdings Inc. raised its holdings in shares of Mercury Systems by 53.2% during the second quarter. Osaic Holdings Inc. now owns 599 shares of the technology company's stock valued at $32,000 after acquiring an additional 208 shares in the last quarter. Leonteq Securities AG purchased a new stake in Mercury Systems in the fourth quarter worth $35,000. Hollencrest Capital Management bought a new stake in Mercury Systems in the fourth quarter valued at $37,000. Federated Hermes Inc. bought a new stake in Mercury Systems in the second quarter valued at $43,000. Finally, Rockefeller Capital Management L.P. increased its position in Mercury Systems by 53.6% during the 4th quarter. Rockefeller Capital Management L.P. now owns 653 shares of the technology company's stock valued at $48,000 after purchasing an additional 228 shares during the period. 95.99% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, EVP Steven Ratner sold 2,000 shares of the stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $92.46, for a total transaction of $184,920.00. Following the sale, the executive vice president directly owned 32,238 shares of the company's stock, valued at approximately $2,980,725.48. This represents a 5.84% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Howard L. Lance sold 9,250 shares of the firm's stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $99.76, for a total transaction of $922,780.00. The disclosure for this sale is available in the SEC filing. Insiders have sold 21,875 shares of company stock valued at $2,040,874 over the last ninety days. Insiders own 1.40% of the company's stock.

Mercury Systems Stock Performance

Mercury Systems stock opened at $98.26 on Tuesday. The company has a quick ratio of 2.15, a current ratio of 3.19 and a debt-to-equity ratio of 0.40. The company has a market capitalization of $5.90 billion, a P/E ratio of -409.42 and a beta of 0.93. The stock's 50 day moving average is $106.64 and its 200 day moving average is $92.25. Mercury Systems Inc has a twelve month low of $49.86 and a twelve month high of $128.45.

Mercury Systems (NASDAQ:MRCY - Get Free Report) last posted its quarterly earnings data on Tuesday, May 5th. The technology company reported $0.27 earnings per share for the quarter, beating analysts' consensus estimates of $0.06 by $0.21. Mercury Systems had a positive return on equity of 2.22% and a negative net margin of 1.46%.The company had revenue of $235.76 million during the quarter, compared to analyst estimates of $208.56 million. During the same quarter last year, the company earned $0.06 EPS. The firm's revenue for the quarter was up 11.5% on a year-over-year basis. On average, equities research analysts predict that Mercury Systems Inc will post 0.3 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have commented on MRCY shares. Truist Financial upgraded shares of Mercury Systems to a "strong-buy" rating in a report on Friday, May 1st. Canaccord Genuity Group lifted their target price on shares of Mercury Systems from $102.00 to $106.00 and gave the company a "buy" rating in a research note on Thursday, May 7th. JPMorgan Chase & Co. boosted their price target on shares of Mercury Systems from $99.00 to $101.00 and gave the company a "neutral" rating in a research report on Monday. The Goldman Sachs Group increased their price target on shares of Mercury Systems from $60.00 to $68.00 and gave the stock a "sell" rating in a research note on Monday, May 11th. Finally, Wall Street Zen upgraded shares of Mercury Systems from a "hold" rating to a "buy" rating in a report on Saturday, July 4th. Three investment analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, two have given a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $95.78.

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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