Jennison Associates LLC Has $50.17 Million Holdings in Mercury Systems Inc $MRCY

Key Points

• Jennison Associates boosted its stake in Mercury Systems by 52.9% in Q1, ending with 688,114 shares valued at about $50.17 million.
• Institutional ownership remains very high, with 95.99% of Mercury Systems stock held by institutions and hedge funds; several major investors, including State Street and Invesco, also raised their positions.
• 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.

Jennison Associates LLC increased its position in shares of Mercury Systems Inc (NASDAQ:MRCY - Free Report) by 52.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 688,114 shares of the technology company's stock after purchasing an additional 238,147 shares during the quarter. Jennison Associates LLC owned 1.15% of Mercury Systems worth $50,170,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the company. State Street Corp raised its position in shares of Mercury Systems by 12.1% in the 4th quarter. State Street Corp now owns 3,423,600 shares of the technology company's stock valued at $249,957,000 after buying an additional 368,242 shares in the last quarter. Invesco Ltd. boosted its position in shares of Mercury Systems by 25.1% during the 4th quarter. Invesco Ltd. now owns 1,910,742 shares of the technology company's stock worth $139,503,000 after acquiring an additional 383,299 shares in the last quarter. T. Rowe Price Investment Management Inc. boosted its position in shares of Mercury Systems by 1.4% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,542,851 shares of the technology company's stock worth $112,644,000 after acquiring an additional 21,182 shares in the last quarter. Geode Capital Management LLC increased its stake 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 valued at $99,940,000 after acquiring an additional 47,174 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its stake in Mercury Systems by 51.6% in the first quarter. Goldman Sachs Group Inc. now owns 855,441 shares of the technology company's stock valued at $36,861,000 after acquiring an additional 290,989 shares during the last quarter. 95.99% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have weighed in on MRCY shares. Wall Street Zen cut Mercury Systems from a "buy" rating to a "hold" rating in a research note on Saturday. Weiss Ratings reissued a "sell (d-)" rating on shares of Mercury Systems in a report on Tuesday, April 21st. Zacks Research upgraded Mercury Systems from a "hold" rating to a "strong-buy" rating in a research report on Monday, July 6th. Jefferies Financial Group reaffirmed a "hold" rating and issued a $115.00 price objective on shares of Mercury Systems in a research note on Friday, July 10th. Finally, JPMorgan Chase & Co. lifted their target price on Mercury Systems from $99.00 to $101.00 and gave the company a "neutral" rating in a research report on Monday, July 13th. Three research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $95.78.

Insiders Place Their Bets

In other news, EVP Steven Ratner sold 2,000 shares of Mercury Systems stock in a transaction dated Monday, May 11th. The stock was 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 trade represents a 5.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Howard L. Lance sold 9,250 shares of the business's stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $99.76, for a total value of $922,780.00. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 18,250 shares of company stock valued at $1,733,220 in the last 90 days. Corporate insiders own 1.40% of the company's stock.

Mercury Systems Stock Performance

Shares of Mercury Systems stock opened at $96.08 on Monday. Mercury Systems Inc has a fifty-two week low of $50.13 and a fifty-two week high of $128.45. The company has a debt-to-equity ratio of 0.40, a current ratio of 3.19 and a quick ratio of 2.15. The firm has a market capitalization of $5.77 billion, a P/E ratio of -400.33 and a beta of 0.93. The company's 50 day moving average price is $107.49 and its two-hundred day moving average price is $92.93.

Mercury Systems (NASDAQ:MRCY - Get Free Report) last announced its quarterly earnings results on Tuesday, May 5th. The technology company reported $0.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.06 by $0.21. Mercury Systems had a negative net margin of 1.46% and a positive return on equity of 2.22%. The company had revenue of $235.76 million during the quarter, compared to the consensus estimate of $208.56 million. During the same period in the prior year, the business earned $0.06 earnings per share. The company's revenue for the quarter was up 11.5% compared to the same quarter last year. On average, equities analysts forecast that Mercury Systems Inc will post 0.35 earnings per share for the current fiscal year.

Mercury Systems Company Profile

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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