Assenagon Asset Management S.A. bought a new stake in Matrix Service Co (NASDAQ:MTRX) during the third quarter, HoldingsChannel.com reports. The fund bought 157,717 shares of the oil and gas company’s stock, valued at approximately $3,888,000.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Piedmont Investment Advisors LLC purchased a new stake in Matrix Service in the second quarter valued at approximately $115,000. Public Employees Retirement System of Ohio raised its stake in Matrix Service by 78.5% in the second quarter. Public Employees Retirement System of Ohio now owns 7,303 shares of the oil and gas company’s stock valued at $134,000 after purchasing an additional 3,211 shares in the last quarter. Meeder Asset Management Inc. raised its stake in Matrix Service by 83.0% in the second quarter. Meeder Asset Management Inc. now owns 8,436 shares of the oil and gas company’s stock valued at $155,000 after purchasing an additional 3,825 shares in the last quarter. Sun Life Financial INC purchased a new stake in Matrix Service in the second quarter valued at approximately $189,000. Finally, First Quadrant L P CA purchased a new position in shares of Matrix Service during the third quarter worth approximately $285,000. 92.71% of the stock is currently owned by institutional investors and hedge funds.
MTRX stock opened at $20.58 on Monday. The company has a market cap of $555.85 million, a price-to-earnings ratio of 137.20 and a beta of 1.01. Matrix Service Co has a one year low of $13.00 and a one year high of $25.75.
Matrix Service (NASDAQ:MTRX) last posted its quarterly earnings results on Monday, September 10th. The oil and gas company reported $0.03 EPS for the quarter, missing the consensus estimate of $0.07 by ($0.04). The business had revenue of $293.10 million for the quarter, compared to analysts’ expectations of $292.69 million. Matrix Service had a positive return on equity of 1.58% and a negative net margin of 1.05%. The company’s revenue was up .4% compared to the same quarter last year. During the same period last year, the business posted ($0.04) earnings per share. As a group, sell-side analysts predict that Matrix Service Co will post 1.01 EPS for the current fiscal year.
In other Matrix Service news, insider Bradley J. Rinehart sold 12,647 shares of Matrix Service stock in a transaction that occurred on Friday, September 28th. The shares were sold at an average price of $24.06, for a total transaction of $304,286.82. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Joseph F. Montalbano sold 34,785 shares of Matrix Service stock in a transaction that occurred on Wednesday, September 12th. The stock was sold at an average price of $22.66, for a total transaction of $788,228.10. The disclosure for this sale can be found here. Insiders have sold 98,266 shares of company stock worth $2,369,773 over the last three months. Insiders own 1.90% of the company’s stock.
MTRX has been the topic of several research reports. BidaskClub downgraded shares of Matrix Service from a “strong-buy” rating to a “buy” rating in a research note on Thursday, September 6th. Zacks Investment Research downgraded shares of Matrix Service from a “hold” rating to a “strong sell” rating in a research note on Saturday, September 15th. Finally, ValuEngine downgraded shares of Matrix Service from a “strong-buy” rating to a “buy” rating in a research note on Thursday, August 2nd.
Matrix Service Profile
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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