PNC Financial Services Group Inc. Acquires 3,513 Shares of Mercury Systems Inc (NASDAQ:MRCY)

PNC Financial Services Group Inc. raised its holdings in shares of Mercury Systems Inc (NASDAQ:MRCY) by 143.2% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,966 shares of the technology company’s stock after purchasing an additional 3,513 shares during the period. PNC Financial Services Group Inc.’s holdings in Mercury Systems were worth $257,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of MRCY. Neo Ivy Capital Management bought a new position in Mercury Systems during the 4th quarter valued at approximately $33,000. GAMMA Investing LLC raised its position in Mercury Systems by 59.6% during the 1st quarter. GAMMA Investing LLC now owns 1,058 shares of the technology company’s stock valued at $46,000 after purchasing an additional 395 shares during the last quarter. Fifth Third Bancorp raised its position in Mercury Systems by 53.8% during the 1st quarter. Fifth Third Bancorp now owns 1,290 shares of the technology company’s stock valued at $56,000 after purchasing an additional 451 shares during the last quarter. Sterling Capital Management LLC raised its position in Mercury Systems by 762.6% during the 4th quarter. Sterling Capital Management LLC now owns 1,639 shares of the technology company’s stock valued at $69,000 after purchasing an additional 1,449 shares during the last quarter. Finally, Nkcfo LLC bought a new position in Mercury Systems during the 1st quarter valued at approximately $72,000. Institutional investors own 95.99% of the company’s stock.

Mercury Systems Stock Down 0.2%

MRCY stock opened at $66.70 on Friday. Mercury Systems Inc has a twelve month low of $32.32 and a twelve month high of $69.95. The company has a quick ratio of 2.25, a current ratio of 3.52 and a debt-to-equity ratio of 0.40. The firm has a market cap of $4.00 billion, a PE ratio of -101.06, a price-to-earnings-growth ratio of 3.13 and a beta of 0.72. The business has a 50 day moving average of $53.25 and a 200 day moving average of $48.59.

Mercury Systems (NASDAQ:MRCY) last posted its quarterly earnings data on Monday, August 11th. The technology company reported $0.47 earnings per share for the quarter, beating analysts’ consensus estimates of $0.21 by $0.26. Mercury Systems had a positive return on equity of 0.58% and a negative net margin of 4.16%. The company had revenue of $273.11 million during the quarter, compared to analyst estimates of $244.56 million. During the same quarter last year, the company earned $0.23 EPS. The firm’s revenue for the quarter was up 9.9% on a year-over-year basis. On average, research analysts forecast that Mercury Systems Inc will post -0.08 EPS for the current fiscal year.

Insider Buying and Selling

In other Mercury Systems news, EVP Steven Ratner sold 1,839 shares of the stock in a transaction on Monday, June 16th. The stock was sold at an average price of $53.48, for a total transaction of $98,349.72. Following the sale, the executive vice president directly owned 35,174 shares in the company, valued at approximately $1,881,105.52. This trade represents a 4.97% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Jana Partners Management, Lp sold 797,000 shares of the stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $65.42, for a total value of $52,139,740.00. Following the sale, the director owned 5,964,313 shares in the company, valued at approximately $390,185,356.46. This represents a 11.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.60% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on MRCY. Raymond James Financial raised Mercury Systems from an “outperform” rating to a “strong-buy” rating and increased their target price for the stock from $55.00 to $80.00 in a research report on Tuesday, August 12th. JPMorgan Chase & Co. increased their target price on Mercury Systems from $56.00 to $68.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 12th. Truist Financial increased their target price on Mercury Systems from $60.00 to $71.00 and gave the stock a “buy” rating in a research report on Tuesday, August 12th. The Goldman Sachs Group increased their target price on Mercury Systems from $35.00 to $39.00 and gave the stock a “sell” rating in a research report on Wednesday. Finally, Robert W. Baird increased their target price on Mercury Systems from $58.00 to $70.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 12th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, three have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, Mercury Systems has a consensus rating of “Moderate Buy” and an average target price of $59.13.

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.