Mercury Systems Inc (NASDAQ:MRCY) Stake Trimmed by King Luther Capital Management Corp

Key Points

• King Luther Capital Management Corp decreased its stake in Mercury Systems Inc by 26.9%, selling 28,000 shares in the first quarter and now owning approximately 76,074 shares worth $3.28 million.
• Several brokerages have raised their price targets for Mercury Systems, with Truist Financial increasing its target from $56 to $60, while Goldman Sachs lowered its target from $30 to $33, signaling mixed analyst sentiment.
• Mercury Systems reported earnings of $0.47 per share for the last quarter, significantly beating analysts' expectations of $0.21, and showed a 9.9% year-over-year revenue growth to $273.11 million.

King Luther Capital Management Corp lowered its stake in shares of Mercury Systems Inc (NASDAQ:MRCY - Free Report) by 26.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 76,074 shares of the technology company's stock after selling 28,000 shares during the quarter. King Luther Capital Management Corp owned about 0.13% of Mercury Systems worth $3,278,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. LPL Financial LLC increased its position in Mercury Systems by 11.4% during the 4th quarter. LPL Financial LLC now owns 52,746 shares of the technology company's stock worth $2,261,000 after purchasing an additional 5,388 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in Mercury Systems by 217.2% in the 4th quarter. JPMorgan Chase & Co. now owns 146,624 shares of the technology company's stock worth $6,158,000 after acquiring an additional 100,404 shares during the period. Wells Fargo & Company MN boosted its holdings in Mercury Systems by 12.7% in the 4th quarter. Wells Fargo & Company MN now owns 44,685 shares of the technology company's stock worth $1,877,000 after acquiring an additional 5,038 shares during the period. Russell Investments Group Ltd. boosted its holdings in Mercury Systems by 156,480.0% in the 4th quarter. Russell Investments Group Ltd. now owns 15,658 shares of the technology company's stock worth $658,000 after acquiring an additional 15,648 shares during the period. Finally, Bank of Montreal Can boosted its holdings in Mercury Systems by 5.0% in the 4th quarter. Bank of Montreal Can now owns 10,984 shares of the technology company's stock worth $461,000 after acquiring an additional 519 shares during the period. Institutional investors and hedge funds own 95.99% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on MRCY. JPMorgan Chase & Co. upped their price target on Mercury Systems from $56.00 to $68.00 and gave the stock a "neutral" rating in a report on Tuesday. Raymond James Financial upgraded Mercury Systems from an "outperform" rating to a "strong-buy" rating and raised their price objective for the stock from $55.00 to $80.00 in a research note on Tuesday. The Goldman Sachs Group raised their price objective on Mercury Systems from $35.00 to $39.00 and gave the stock a "sell" rating in a research note on Wednesday. Robert W. Baird raised their target price on Mercury Systems from $58.00 to $70.00 and gave the company an "outperform" rating in a research note on Tuesday. Finally, Royal Bank Of Canada raised their target price on Mercury Systems from $50.00 to $55.00 and gave the company a "sector perform" rating in a research note on Thursday, July 3rd. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, three have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, Mercury Systems currently has a consensus rating of "Moderate Buy" and a consensus target price of $59.13.

Insider Transactions at Mercury Systems

In related news, EVP Steven Ratner sold 1,839 shares of Mercury Systems stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $53.48, for a total transaction of $98,349.72. Following the transaction, the executive vice president directly owned 35,174 shares of the company's stock, valued at $1,881,105.52. The trade was a 4.97% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.60% of the stock is currently owned by insiders.

Mercury Systems Stock Performance

Shares of NASDAQ MRCY traded down $1.56 during midday trading on Thursday, reaching $66.83. 909,085 shares of the company traded hands, compared to its average volume of 616,705. The stock has a 50-day moving average price of $52.98 and a 200 day moving average price of $48.35. The company has a market cap of $4.00 billion, a price-to-earnings ratio of -101.26, a PEG ratio of 3.19 and a beta of 0.72. Mercury Systems Inc has a 52 week low of $32.32 and a 52 week high of $69.95. The company has a debt-to-equity ratio of 0.40, a current ratio of 3.52 and a quick ratio of 2.25.

Mercury Systems (NASDAQ:MRCY - Get Free Report) last released its earnings results on Monday, August 11th. The technology company reported $0.47 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.21 by $0.26. The firm had revenue of $273.11 million for the quarter, compared to analyst estimates of $244.56 million. Mercury Systems had a positive return on equity of 0.58% and a negative net margin of 4.16%. Mercury Systems's revenue was up 9.9% compared to the same quarter last year. During the same period in the previous year, the company earned $0.23 earnings per share. Sell-side analysts anticipate that Mercury Systems Inc will post -0.08 earnings per share for the current fiscal year.

Mercury Systems Company Profile

Mercury Systems, Inc, a technology company, manufactures and sells components, products, modules, and subsystems for aerospace and defense industries in the United States, Europe, and the Asia Pacific. Its products and solutions are deployed in approximately 300 programs with 25 defense contractors and commercial aviation customers.