Royce & Associates LP Sells 430,000 Shares of Matrix Service Company $MTRX

Royce & Associates LP decreased its stake in shares of Matrix Service Company (NASDAQ:MTRX) by 78.1% during the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 120,782 shares of the company’s stock after selling 430,000 shares during the quarter. Royce & Associates LP’s holdings in Matrix Service were worth $1,413,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Vanguard Group Inc. increased its holdings 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 during the period. Westerly Capital Management LLC increased its holdings 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. Azarias Capital Management L.P. increased its holdings in shares of Matrix Service by 15.1% during the 4th quarter. Azarias Capital Management L.P. now owns 730,767 shares of the company’s stock worth $8,550,000 after purchasing an additional 95,924 shares during the period. First Eagle Investment Management LLC increased its holdings in shares of Matrix Service by 10.0% during the 4th quarter. First Eagle Investment Management LLC now owns 640,083 shares of the company’s stock worth $7,489,000 after purchasing an additional 58,209 shares during the period. Finally, Millennium Management LLC increased its holdings in shares of Matrix Service by 46.5% during the 3rd quarter. Millennium Management LLC now owns 630,396 shares of the company’s stock worth $8,246,000 after purchasing an additional 200,189 shares during the period. Institutional investors own 78.38% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on MTRX. Weiss Ratings restated a “sell (d-)” rating on shares of Matrix Service in a report on Tuesday, April 21st. Northland Securities set a $24.00 price objective on shares of Matrix Service in a report on Wednesday, February 11th. Finally, DA Davidson restated a “buy” rating and set a $17.00 price objective on shares of Matrix Service in a report on Friday, February 6th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Matrix Service currently has a consensus rating of “Moderate Buy” and an average price target of $20.50.

Insider Buying and Selling

In other Matrix Service news, CEO John R. Hewitt sold 36,000 shares of the business’s stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $12.50, for a total value of $450,000.00. Following the transaction, the chief executive officer directly owned 581,806 shares in the company, valued at $7,272,575. The trade was a 5.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 4.40% of the stock is currently owned by company insiders.

Matrix Service Stock Performance

Shares of Matrix Service stock opened at $13.13 on Friday. The firm’s 50-day simple moving average is $12.17 and its 200-day simple moving average is $12.04. Matrix Service Company has a twelve month low of $9.88 and a twelve month high of $16.10. The firm has a market cap of $369.35 million, a P/E ratio of -24.77, a price-to-earnings-growth ratio of 2.92 and a beta of 1.02.

Matrix Service (NASDAQ:MTRX) last released its quarterly earnings results on Wednesday, May 6th. The company reported $0.13 EPS for the quarter, beating analysts’ consensus estimates of $0.07 by $0.06. The firm had revenue of $206.71 million for the quarter, compared to analyst estimates of $231.52 million. Matrix Service had a negative net margin of 1.77% and a negative return on equity of 3.60%. On average, equities analysts forecast that Matrix Service Company will post 0.25 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.