Matrix Service Company (NASDAQ:MTRX) Sees Significant Decrease in Short Interest

Matrix Service Company (NASDAQ:MTRX) was the recipient of a significant decrease in short interest in March. As of March 31st, there was short interest totaling 464,850 shares, a decrease of 33.6% from the March 15th total of 699,818 shares. Based on an average trading volume of 509,946 shares, the days-to-cover ratio is presently 0.9 days. Approximately 1.7% of the shares of the stock are short sold.

Insider Transactions at Matrix Service

In other news, VP Nancy E. Austin sold 4,193 shares of the firm’s stock in a transaction on Wednesday, February 18th. The stock was sold at an average price of $11.29, for a total value of $47,338.97. Following the completion of the sale, the vice president directly owned 106,138 shares in the company, valued at approximately $1,198,298.02. This trade represents a 3.80% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 4.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Matrix Service

Several hedge funds have recently added to or reduced their stakes in the company. State of Wyoming boosted its holdings in Matrix Service by 4.2% in the third quarter. State of Wyoming now owns 17,401 shares of the company’s stock valued at $228,000 after acquiring an additional 696 shares during the last quarter. Sei Investments Co. boosted its holdings in Matrix Service by 7.2% in the second quarter. Sei Investments Co. now owns 15,170 shares of the company’s stock valued at $205,000 after acquiring an additional 1,025 shares during the last quarter. BNP Paribas Financial Markets boosted its holdings in Matrix Service by 68.9% in the second quarter. BNP Paribas Financial Markets now owns 2,530 shares of the company’s stock valued at $34,000 after acquiring an additional 1,032 shares during the last quarter. Pacific Ridge Capital Partners LLC boosted its holdings in Matrix Service by 4.7% in the fourth quarter. Pacific Ridge Capital Partners LLC now owns 37,305 shares of the company’s stock valued at $436,000 after acquiring an additional 1,670 shares during the last quarter. Finally, Strs Ohio boosted its holdings in Matrix Service by 3.8% in the fourth quarter. Strs Ohio now owns 47,000 shares of the company’s stock valued at $550,000 after acquiring an additional 1,700 shares during the last quarter. Institutional investors own 78.38% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on MTRX. Northland Securities set a $24.00 target price on Matrix Service in a research note on Wednesday, February 11th. DA Davidson restated a “buy” rating and issued a $17.00 target price on shares of Matrix Service in a research note on Friday, February 6th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Matrix Service in a research note on Thursday, January 22nd. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, Matrix Service currently has a consensus rating of “Moderate Buy” and a consensus target price of $20.50.

Matrix Service Price Performance

Shares of NASDAQ:MTRX traded down $0.03 during midday trading on Tuesday, reaching $12.15. The company’s stock had a trading volume of 144,341 shares, compared to its average volume of 346,724. Matrix Service has a fifty-two week low of $9.88 and a fifty-two week high of $16.10. The company has a market capitalization of $341.78 million, a P/E ratio of -17.87, a P/E/G ratio of 2.82 and a beta of 0.94. The business’s fifty day simple moving average is $11.26 and its 200-day simple moving average is $12.23.

Matrix Service (NASDAQ:MTRX) last posted its quarterly earnings results on Wednesday, February 4th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.06). The firm had revenue of $210.51 million during the quarter, compared to the consensus estimate of $215.42 million. Matrix Service had a negative net margin of 2.30% and a negative return on equity of 8.56%. On average, analysts forecast that Matrix Service will post -0.26 earnings per share for the current fiscal year.

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.