Palouse Capital Management Inc. decreased its position in Matrix Service Co. (NASDAQ:MTRX) by 3.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,571 shares of the company’s stock after selling 393 shares during the period. Palouse Capital Management Inc.’s holdings in Matrix Service were worth $207,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently made changes to their positions in the company. BNP Paribas Arbitrage SA raised its stake in shares of Matrix Service by 93.2% in the second quarter. BNP Paribas Arbitrage SA now owns 8,641 shares of the company’s stock worth $142,000 after buying an additional 4,168 shares during the period. Royal Bank of Canada raised its stake in shares of Matrix Service by 41.2% in the first quarter. Royal Bank of Canada now owns 13,737 shares of the company’s stock worth $243,000 after buying an additional 4,007 shares during the period. Arizona State Retirement System raised its stake in shares of Matrix Service by 6.2% in the first quarter. Arizona State Retirement System now owns 13,748 shares of the company’s stock worth $243,000 after buying an additional 800 shares during the period. Foundry Partners LLC raised its stake in shares of Matrix Service by 18.8% in the second quarter. Foundry Partners LLC now owns 13,873 shares of the company’s stock worth $229,000 after buying an additional 2,200 shares during the period. Finally, Independent Portfolio Consultants Inc. raised its stake in shares of Matrix Service by 54.9% in the second quarter. Independent Portfolio Consultants Inc. now owns 20,550 shares of the company’s stock worth $339,000 after buying an additional 7,285 shares during the period. Hedge funds and other institutional investors own 91.96% of the company’s stock.
Shares of Matrix Service Co. (NASDAQ:MTRX) traded down 1.12% during trading on Tuesday, hitting $17.70. 94,683 shares of the company’s stock were exchanged. Matrix Service Co. has a 1-year low of $14.07 and a 1-year high of $26.22. The stock’s 50 day moving average is $17.82 and its 200 day moving average is $17.24. The firm has a market capitalization of $469.40 million, a PE ratio of 16.54 and a beta of 1.66.
Matrix Service (NASDAQ:MTRX) last issued its quarterly earnings results on Tuesday, August 30th. The company reported $0.34 earnings per share for the quarter, topping analysts’ consensus estimates of $0.30 by $0.04. The company earned $359.60 million during the quarter. Matrix Service had a net margin of 2.20% and a return on equity of 10.47%. The company’s revenue was down 1.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.40 earnings per share. On average, equities research analysts forecast that Matrix Service Co. will post $1.25 earnings per share for the current year.
A number of analysts recently issued reports on the stock. Zacks Investment Research upgraded shares of Matrix Service from a “strong sell” rating to a “hold” rating in a research report on Wednesday, July 13th. Barclays PLC decreased their target price on shares of Matrix Service from $41.00 to $27.00 and set an “overweight” rating on the stock in a research report on Monday, June 6th. TheStreet upgraded shares of Matrix Service from a “hold” rating to a “buy” rating in a research report on Friday, September 16th. Finally, DA Davidson restated a “buy” rating and set a $20.00 target price on shares of Matrix Service in a research report on Friday, August 26th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $24.33.
In related news, insider James P. Ryan sold 5,416 shares of the business’s stock in a transaction that occurred on Friday, September 16th. The shares were sold at an average price of $18.30, for a total value of $99,112.80. Following the sale, the insider now directly owns 84,541 shares in the company, valued at approximately $1,547,100.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Kevin S. Cavanah sold 2,600 shares of the business’s stock in a transaction that occurred on Monday, September 12th. The stock was sold at an average price of $18.97, for a total transaction of $49,322.00. The disclosure for this sale can be found here. 1.60% of the stock is currently owned by corporate insiders.
About Matrix Service
Matrix Service Company provides engineering, fabrication, infrastructure, construction and maintenance services primarily to the oil, gas, power, petrochemical, industrial, mining and minerals markets. The Company’s Electrical Infrastructure segment primarily provides construction and maintenance services to a range of power generation facilities, such as combined cycle plants and renewable energy installations.
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