Connor Clark & Lunn Investment Management Ltd. Purchases New Stake in Matrix Service Company $MTRX

Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Matrix Service Company (NASDAQ:MTRX) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 295,422 shares of the company’s stock, valued at approximately $4,047,000.

Several other large investors have also recently bought and sold shares of MTRX. BlackRock Inc. acquired a new stake in Matrix Service in the second quarter valued at $29,311,000. Vanguard Group Inc. boosted its position in shares of Matrix Service by 4.2% during the 3rd quarter. Vanguard Group Inc. now owns 1,522,943 shares of the company’s stock worth $19,920,000 after purchasing an additional 60,955 shares in the last quarter. Westerly Capital Management LLC grew its stake in shares of Matrix Service by 34.1% during the 3rd quarter. Westerly Capital Management LLC now owns 1,100,000 shares of the company’s stock worth $14,388,000 after purchasing an additional 280,000 shares during the period. Gendell Jeffrey L grew its stake in shares of Matrix Service by 11.7% during the 4th quarter. Gendell Jeffrey L now owns 1,057,561 shares of the company’s stock worth $12,373,000 after purchasing an additional 111,087 shares during the period. Finally, Azarias Capital Management L.P. increased its holdings in shares of Matrix Service by 11.8% in the 1st quarter. Azarias Capital Management L.P. now owns 817,021 shares of the company’s stock valued at $9,379,000 after purchasing an additional 86,254 shares in the last quarter. Hedge funds and other institutional investors own 78.38% of the company’s stock.

Matrix Service Price Performance

MTRX opened at $10.91 on Friday. Matrix Service Company has a 1-year low of $9.88 and a 1-year high of $15.97. The stock has a market cap of $306.94 million, a P/E ratio of -20.58, a P/E/G ratio of 0.86 and a beta of 1.00. The stock’s 50 day simple moving average is $12.24 and its 200 day simple moving average is $12.11.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of Matrix Service in a research note on Friday, July 17th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $20.50.

Matrix Service Company Profile

Matrix Service Company (NASDAQ: MTRX) is a provider of engineered construction, fabrication and maintenance services to the energy, industrial and power markets. The firm offers a full suite of engineering, procurement and construction (EPC) solutions for clients in the oil and gas, petrochemical, refining, mining, fertilizer and power generation industries. Its capabilities span from front-end engineering design through plant commissioning, with specializations in modular process skid fabrication, structural steel erection and complex piping systems.

The company’s service portfolio includes onshore and offshore pipe fabrication, equipment setting, industrial maintenance and shutdown services, electrical and instrumentation installation, and skid-mount and modular construction.