Matrix Service Co (NASDAQ:MTRX) Short Interest Down 9.7% in August

Matrix Service Co (NASDAQ:MTRX) was the target of a large decrease in short interest during the month of August. As of August 15th, there was short interest totalling 467,800 shares, a decrease of 9.7% from the July 15th total of 518,300 shares. Currently, 1.8% of the company’s stock are short sold. Based on an average trading volume of 120,300 shares, the short-interest ratio is currently 3.9 days.

NASDAQ:MTRX traded up $2.70 during mid-day trading on Thursday, hitting $21.81. 623,928 shares of the company’s stock traded hands, compared to its average volume of 138,710. The firm has a 50 day moving average of $18.77 and a two-hundred day moving average of $19.72. Matrix Service has a 12 month low of $15.43 and a 12 month high of $25.75. The firm has a market capitalization of $584.66 million, a price-to-earnings ratio of 145.40 and a beta of 1.05. The company has a current ratio of 1.43, a quick ratio of 1.40 and a debt-to-equity ratio of 0.01.

Matrix Service (NASDAQ:MTRX) last announced its earnings results on Wednesday, August 28th. The oil and gas company reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.04. Matrix Service had a return on equity of 4.93% and a net margin of 0.04%. The firm had revenue of $398.71 million during the quarter, compared to the consensus estimate of $376.60 million. During the same quarter in the prior year, the company earned $0.03 EPS. The firm’s revenue for the quarter was up 36.0% compared to the same quarter last year. As a group, equities research analysts expect that Matrix Service will post 0.98 earnings per share for the current year.

A number of research analysts have recently commented on MTRX shares. Zacks Investment Research lowered Matrix Service from a “hold” rating to a “sell” rating in a report on Saturday, July 27th. DA Davidson upgraded Matrix Service from a “neutral” rating to a “buy” rating and set a $25.00 target price for the company in a research note on Wednesday, August 7th. BidaskClub upgraded Matrix Service from a “sell” rating to a “hold” rating in a research note on Wednesday, August 14th. Finally, ValuEngine downgraded Matrix Service from a “hold” rating to a “sell” rating in a research note on Thursday, August 1st.

Large investors have recently made changes to their positions in the stock. Bank of America Corp DE lifted its position in shares of Matrix Service by 109.5% in the 4th quarter. Bank of America Corp DE now owns 45,387 shares of the oil and gas company’s stock worth $814,000 after acquiring an additional 23,724 shares during the period. Alambic Investment Management L.P. bought a new stake in shares of Matrix Service in the 1st quarter worth approximately $264,000. GSA Capital Partners LLP lifted its position in shares of Matrix Service by 147.3% in the 2nd quarter. GSA Capital Partners LLP now owns 49,041 shares of the oil and gas company’s stock worth $994,000 after acquiring an additional 29,213 shares during the period. Victory Capital Management Inc. lifted its position in shares of Matrix Service by 19.3% in the 1st quarter. Victory Capital Management Inc. now owns 77,835 shares of the oil and gas company’s stock worth $1,524,000 after acquiring an additional 12,586 shares during the period. Finally, Virginia Retirement Systems ET AL lifted its position in shares of Matrix Service by 11.9% in the 1st quarter. Virginia Retirement Systems ET AL now owns 30,000 shares of the oil and gas company’s stock worth $587,000 after acquiring an additional 3,200 shares during the period. Hedge funds and other institutional investors own 95.68% of the company’s stock.

Matrix Service Company 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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