M&T Bank Corp Sells 47,417 Shares of Mercury Systems Inc (NASDAQ:MRCY)

M&T Bank Corp lowered its stake in shares of Mercury Systems Inc (NASDAQ:MRCY) by 67.9% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor 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 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Envestnet Asset Management Inc. raised its holdings in shares of Mercury Systems by 56.9% during the 1st quarter. Envestnet Asset Management Inc. now owns 15,283 shares of the technology company’s stock valued at $659,000 after buying an additional 5,545 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. grew its position in Mercury Systems by 37.8% during the first quarter. Harel Insurance Investments & Financial Services Ltd. now owns 6,204 shares of the technology company’s stock valued at $267,000 after acquiring an additional 1,702 shares during the last quarter. Calamos Advisors LLC purchased a new position in shares of Mercury Systems during the first quarter worth approximately $848,000. Principal Financial Group Inc. raised its stake in shares of Mercury Systems by 11.8% during the first quarter. Principal Financial Group Inc. now owns 274,954 shares of the technology company’s stock worth $11,848,000 after acquiring an additional 29,074 shares in the last quarter. Finally, Teacher Retirement System of Texas bought a new stake in shares of Mercury Systems in the 1st quarter worth approximately $319,000. 95.99% of the stock is owned by institutional investors.

Mercury Systems Stock Performance

Shares of NASDAQ:MRCY opened at $51.27 on Tuesday. The company has a current ratio of 3.44, a quick ratio of 2.25 and a debt-to-equity ratio of 0.41. The company has a market cap of $3.06 billion, a price-to-earnings ratio of -45.78, a price-to-earnings-growth ratio of 10.54 and a beta of 0.71. Mercury Systems Inc has a 12 month low of $30.77 and a 12 month high of $54.32. The company has a 50-day moving average price of $49.96 and a 200-day moving average price of $46.52.

Mercury Systems (NASDAQ:MRCY) last released its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.06 EPS for the quarter, meeting analysts’ consensus estimates of $0.06. The business had revenue of $211.36 million during the quarter, compared to analyst estimates of $204.25 million. Mercury Systems had a negative return on equity of 0.77% and a negative net margin of 7.33%. Mercury Systems’s quarterly revenue was up 1.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.26) EPS. As a group, equities analysts anticipate that Mercury Systems Inc will post -0.08 EPS for the current year.

Wall Street Analyst Weigh In

MRCY has been the topic of several recent research reports. Truist Financial increased their target price on shares of Mercury Systems from $56.00 to $60.00 and gave the company a “buy” rating in a report on Monday, June 2nd. JPMorgan Chase & Co. upped 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. Royal Bank Of Canada lifted their price objective on Mercury Systems from $50.00 to $55.00 and gave the stock a “sector perform” rating in a report on Thursday, July 3rd. Finally, The Goldman Sachs Group increased their target price on Mercury Systems from $30.00 to $33.00 and gave the company a “sell” rating in a report on Monday, May 12th. One analyst has rated the stock with a sell rating, four have given a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Mercury Systems currently has a consensus rating of “Hold” and an average price target of $50.29.

Insider Activity

In other Mercury Systems news, Director Jana Partners Management, Lp sold 88,152 shares of the company’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 transaction, the director owned 6,861,313 shares in the company, valued at approximately $317,472,952.51. This represents a 1.27% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Steven Ratner sold 1,839 shares of the firm’s stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $53.48, for a total value of $98,349.72. Following the completion of the transaction, the executive vice president owned 35,174 shares of the company’s stock, valued at approximately $1,881,105.52. The trade was a 4.97% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 93,883 shares of company stock valued at $4,362,791. Corporate insiders own 1.60% of the company’s stock.

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.