Smith Graham & Co. Investment Advisors LP trimmed its position in Matrix Service Co (NASDAQ:MTRX) by 10.7% in the first quarter, HoldingsChannel reports. The firm owned 634,596 shares of the oil and gas company’s stock after selling 76,110 shares during the period. Matrix Service comprises 1.4% of Smith Graham & Co. Investment Advisors LP’s investment portfolio, making the stock its 3rd largest holding. Smith Graham & Co. Investment Advisors LP’s holdings in Matrix Service were worth $12,425,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. American Century Companies Inc. boosted its holdings in Matrix Service by 529.7% during the fourth quarter. American Century Companies Inc. now owns 290,557 shares of the oil and gas company’s stock worth $5,213,000 after buying an additional 244,412 shares during the last quarter. BlackRock Inc. raised its stake in shares of Matrix Service by 4.0% in the fourth quarter. BlackRock Inc. now owns 4,151,128 shares of the oil and gas company’s stock worth $74,471,000 after purchasing an additional 158,353 shares during the last quarter. Man Group plc raised its stake in shares of Matrix Service by 174.6% in the third quarter. Man Group plc now owns 243,090 shares of the oil and gas company’s stock worth $5,992,000 after purchasing an additional 154,552 shares during the last quarter. Renaissance Technologies LLC purchased a new stake in shares of Matrix Service in the third quarter worth approximately $2,987,000. Finally, Prudential Financial Inc. raised its stake in shares of Matrix Service by 20.0% in the fourth quarter. Prudential Financial Inc. now owns 558,255 shares of the oil and gas company’s stock worth $10,015,000 after purchasing an additional 93,014 shares during the last quarter. Institutional investors and hedge funds own 92.25% of the company’s stock.
MTRX has been the subject of several analyst reports. Zacks Investment Research raised Matrix Service from a “hold” rating to a “buy” rating and set a $22.00 price objective for the company in a research note on Tuesday, January 22nd. BidaskClub raised Matrix Service from a “hold” rating to a “buy” rating in a research note on Saturday, January 5th. Finally, DA Davidson initiated coverage on Matrix Service in a research note on Wednesday, March 13th. They issued a “neutral” rating and a $22.00 price objective for the company. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $36.67.
In related news, VP Rick J. Bennett sold 1,920 shares of Matrix Service stock in a transaction on Wednesday, February 27th. The stock was sold at an average price of $21.00, for a total transaction of $40,320.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Alan R. Updyke sold 3,000 shares of Matrix Service stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $21.46, for a total value of $64,380.00. The disclosure for this sale can be found here. Insiders have sold 10,104 shares of company stock valued at $213,622 over the last ninety days. 1.90% of the stock is currently owned by company insiders.
Shares of MTRX traded up $0.04 on Tuesday, reaching $20.07. 488 shares of the company’s stock traded hands, compared to its average volume of 150,222. The company has a market capitalization of $529.98 million, a price-to-earnings ratio of 132.61 and a beta of 1.09. Matrix Service Co has a 52-week low of $13.75 and a 52-week high of $25.75.
Matrix Service (NASDAQ:MTRX) last issued its quarterly earnings results on Wednesday, February 6th. The oil and gas company reported $0.14 EPS for the quarter, missing the Zacks’ consensus estimate of $0.16 by ($0.02). The business had revenue of $340.60 million for the quarter, compared to analysts’ expectations of $317.23 million. Matrix Service had a negative net margin of 1.14% and a positive return on equity of 0.94%. The business’s revenue was up 20.4% compared to the same quarter last year. During the same period in the previous year, the business posted $0.17 earnings per share. Sell-side analysts anticipate that Matrix Service Co will post 0.93 EPS for the current year.
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About Matrix Service
Matrix Service Company provides engineering, fabrication, infrastructure, construction, and maintenance services primarily to the oil, gas, power, petrochemical, industrial, agricultural, and mining and minerals markets in the United States, Canada, and internationally. The company's Electrical Infrastructure segment offers construction and maintenance services to various power generation facilities, such as combined cycle plants and natural gas fired power stations; and high voltage services comprising the construction of new substations, upgrading existing substations, short-run transmission line installations, distribution upgrades and maintenance, and emergency and storm restoration services to investor owned utilities.
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