Allspring Global Investments Holdings LLC Raises Holdings in Matrix Service Company $MTRX

Allspring Global Investments Holdings LLC boosted its position in Matrix Service Company (NASDAQ:MTRX) by 427.9% during the first quarter, Holdings Channel.com reports. The fund owned 81,919 shares of the company’s stock after purchasing an additional 66,400 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Matrix Service were worth $963,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in MTRX. Quarry LP purchased a new stake in shares of Matrix Service during the 3rd quarter worth about $28,000. BNP Paribas Financial Markets increased its holdings in Matrix Service by 68.9% in the 2nd quarter. BNP Paribas Financial Markets now owns 2,530 shares of the company’s stock valued at $34,000 after purchasing an additional 1,032 shares in the last quarter. Tower Research Capital LLC TRC raised its position in Matrix Service by 133.9% in the second quarter. Tower Research Capital LLC TRC now owns 3,307 shares of the company’s stock valued at $45,000 after purchasing an additional 1,893 shares during the period. Aquatic Capital Management LLC purchased a new position in Matrix Service in the third quarter valued at about $67,000. Finally, Daytona Street Capital LLC acquired a new position in shares of Matrix Service during the fourth quarter worth about $78,000. Hedge funds and other institutional investors own 78.38% of the company’s stock.

Matrix Service Stock Performance

MTRX opened at $12.34 on Monday. The company has a fifty day simple moving average of $13.08 and a 200 day simple moving average of $12.42. The firm has a market cap of $347.12 million, a price-to-earnings ratio of -23.28, a PEG ratio of 0.99 and a beta of 0.98. Matrix Service Company has a twelve month low of $9.88 and a twelve month high of $16.10.

Matrix Service (NASDAQ:MTRX) last released its quarterly earnings results on Wednesday, May 6th. The company reported $0.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.07 by $0.06. The firm had revenue of $206.71 million for the quarter, compared to the consensus estimate 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, analysts forecast that Matrix Service Company will post 0.25 earnings per share for the current fiscal year.

Insider Activity

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

Wall Street Analyst Weigh In

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

Matrix Service 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.