Perritt Capital Management Inc. trimmed its stake in shares of Matrix Service Co (NASDAQ:MTRX) by 11.3% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 67,476 shares of the oil and gas company’s stock after selling 8,624 shares during the quarter. Perritt Capital Management Inc. owned about 0.25% of Matrix Service worth $1,367,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors also recently bought and sold shares of the company. GSA Capital Partners LLP raised its position in Matrix Service by 147.3% during the 2nd quarter. GSA Capital Partners LLP now owns 49,041 shares of the oil and gas company’s stock worth $994,000 after buying an additional 29,213 shares during the last quarter. Bank of America Corp DE increased its stake in shares of Matrix Service by 109.5% during the fourth 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. purchased a new position in Matrix Service during the first quarter worth about $264,000. Victory Capital Management Inc. raised its holdings in Matrix Service by 19.3% during the first quarter. Victory Capital Management Inc. now owns 77,835 shares of the oil and gas company’s stock worth $1,524,000 after purchasing an additional 12,586 shares in the last quarter. Finally, Comerica Bank raised its holdings in Matrix Service by 3.3% during the first quarter. Comerica Bank now owns 26,769 shares of the oil and gas company’s stock worth $534,000 after purchasing an additional 853 shares in the last quarter. 95.52% of the stock is owned by institutional investors.
Shares of NASDAQ:MTRX traded up $0.06 on Wednesday, reaching $19.01. 13,044 shares of the company were exchanged, compared to its average volume of 170,794. The company has a current ratio of 1.51, a quick ratio of 1.49 and a debt-to-equity ratio of 0.02. Matrix Service Co has a 1-year low of $15.43 and a 1-year high of $25.75. The firm has a market cap of $522.25 million, a price-to-earnings ratio of 18.85 and a beta of 1.01. The company has a 50-day moving average of $18.90 and a 200-day moving average of $19.65.
Matrix Service (NASDAQ:MTRX) last posted its quarterly earnings results on Wednesday, August 28th. The oil and gas company reported $0.47 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.43 by $0.04. The company had revenue of $398.71 million during the quarter, compared to the consensus estimate of $376.60 million. Matrix Service had a net margin of 1.98% and a return on equity of 8.39%. The company’s revenue for the quarter was up 36.0% on a year-over-year basis. During the same period last year, the firm earned $0.03 EPS. As a group, analysts forecast that Matrix Service Co will post 1.6 earnings per share for the current year.
In other news, COO Joseph F. Montalbano sold 10,275 shares of the stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $20.36, for a total value of $209,199.00. Following the sale, the chief operating officer now directly owns 52,546 shares in the company, valued at $1,069,836.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Joseph F. Montalbano sold 6,036 shares of the firm’s stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $20.00, for a total transaction of $120,720.00. The disclosure for this sale can be found here. 1.90% of the stock is currently owned by corporate insiders.
A number of brokerages have weighed in on MTRX. BidaskClub lowered Matrix Service from a “hold” rating to a “sell” rating in a report on Wednesday. Zacks Investment Research raised Matrix Service from a “sell” rating to a “strong-buy” rating and set a $22.00 price target for the company in a report on Thursday, September 5th. ValuEngine downgraded Matrix Service from a “hold” rating to a “sell” rating in a research note on Thursday, August 1st. Finally, DA Davidson upgraded Matrix Service from a “neutral” rating to a “buy” rating and set a $25.00 price target on the stock in a research note on Wednesday, August 7th.
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.
Further Reading: Dead Cat Bounce
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