M&T Bank Corp Cuts Stake in Mercury Systems Inc (NASDAQ:MRCY)

M&T Bank Corp trimmed its stake in Mercury Systems Inc (NASDAQ:MRCY - Free Report) by 67.9% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 22,440 shares of the technology company's stock after selling 47,417 shares during the quarter. M&T Bank Corp's holdings in Mercury Systems were worth $967,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of MRCY. Neo Ivy Capital Management acquired a new stake in Mercury Systems in the fourth quarter worth $33,000. GAMMA Investing LLC grew its holdings in shares of Mercury Systems by 59.6% during the first quarter. GAMMA Investing LLC now owns 1,058 shares of the technology company's stock valued at $46,000 after buying an additional 395 shares during the last quarter. Fifth Third Bancorp grew its holdings in shares of Mercury Systems by 53.8% during the first quarter. Fifth Third Bancorp now owns 1,290 shares of the technology company's stock valued at $56,000 after buying an additional 451 shares during the last quarter. Sterling Capital Management LLC grew its holdings in shares of Mercury Systems by 762.6% during the fourth quarter. Sterling Capital Management LLC now owns 1,639 shares of the technology company's stock valued at $69,000 after buying an additional 1,449 shares during the last quarter. Finally, Cibc World Markets Corp acquired a new position in shares of Mercury Systems during the fourth quarter valued at about $204,000. 95.99% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Mercury Systems news, EVP Steven Ratner sold 3,892 shares of the business's stock in a transaction that occurred on Thursday, May 8th. The shares were sold at an average price of $47.70, for a total value of $185,648.40. Following the completion of the transaction, the executive vice president owned 56,187 shares of the company's stock, valued at $2,680,119.90. The trade was a 6.48% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Jana Partners Management, Lp sold 88,152 shares of the business's stock in a transaction that occurred on Thursday, May 8th. The stock was sold at an average price of $46.27, for a total transaction of $4,078,793.04. Following the completion of the transaction, the director directly owned 6,861,313 shares of the company's stock, valued at approximately $317,472,952.51. This represents a 1.27% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 93,883 shares of company stock valued at $4,362,791. Corporate insiders own 1.60% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on MRCY shares. Royal Bank Of Canada raised their price target on shares of Mercury Systems from $50.00 to $55.00 and gave the company a "sector perform" rating in a research report on Thursday, July 3rd. The Goldman Sachs Group raised their price target on shares of Mercury Systems from $30.00 to $33.00 and gave the company a "sell" rating in a research report on Monday, May 12th. Truist Financial raised their price target on shares of Mercury Systems from $56.00 to $60.00 and gave the company a "buy" rating in a research report on Monday, June 2nd. Finally, JPMorgan Chase & Co. raised their price target on shares of Mercury Systems from $48.00 to $56.00 and gave the company a "neutral" rating in a research report on Monday, June 16th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Mercury Systems presently has an average rating of "Hold" and a consensus price target of $50.29.

Mercury Systems Stock Performance

MRCY stock traded down $0.15 during mid-day trading on Friday, hitting $52.05. The company had a trading volume of 226,523 shares, compared to its average volume of 575,455. The firm has a market cap of $3.11 billion, a PE ratio of -46.45, a price-to-earnings-growth ratio of 10.69 and a beta of 0.71. The company has a debt-to-equity ratio of 0.41, a quick ratio of 2.25 and a current ratio of 3.44. Mercury Systems Inc has a 12 month low of $31.66 and a 12 month high of $54.32. The stock's fifty day moving average price is $50.15 and its two-hundred day moving average price is $46.65.

Mercury Systems (NASDAQ:MRCY - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.06 EPS for the quarter, meeting the consensus estimate of $0.06. The company had revenue of $211.36 million during the quarter, compared to analysts' expectations of $204.25 million. Mercury Systems had a negative net margin of 7.33% and a negative return on equity of 0.77%. Mercury Systems's revenue for the quarter was up 1.5% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.26) earnings per share. On average, analysts forecast that Mercury Systems Inc will post -0.08 earnings per share for the current fiscal year.

Mercury Systems 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.