Connor Clark & Lunn Investment Management Ltd. Buys 51,433 Shares of Matrix Service (NASDAQ:MTRX)

Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of Matrix Service (NASDAQ:MTRX) by 44.8% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 166,302 shares of the company’s stock after acquiring an additional 51,433 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned 0.60% of Matrix Service worth $1,917,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Quest Partners LLC bought a new position in shares of Matrix Service in the second quarter worth $83,000. SG Americas Securities LLC bought a new position in Matrix Service in the 3rd quarter valued at about $108,000. Net Worth Advisory Group acquired a new position in shares of Matrix Service in the 3rd quarter valued at approximately $125,000. The Manufacturers Life Insurance Company bought a new stake in shares of Matrix Service during the 2nd quarter worth approximately $110,000. Finally, XTX Topco Ltd boosted its position in shares of Matrix Service by 66.3% during the 2nd quarter. XTX Topco Ltd now owns 20,932 shares of the company’s stock worth $208,000 after acquiring an additional 8,344 shares in the last quarter. 78.38% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have commented on the stock. StockNews.com downgraded shares of Matrix Service from a “buy” rating to a “hold” rating in a research report on Friday, November 8th. DA Davidson reissued a “buy” rating and set a $18.00 price target on shares of Matrix Service in a report on Thursday, September 26th.

Matrix Service Trading Up 1.0 %

MTRX opened at $13.45 on Tuesday. The company has a market cap of $370.61 million, a P/E ratio of -11.89 and a beta of 1.25. The company’s 50 day moving average is $11.75 and its 200-day moving average is $10.73. Matrix Service has a 1-year low of $8.61 and a 1-year high of $13.90.

Matrix Service (NASDAQ:MTRX) last posted its earnings results on Wednesday, November 6th. The company reported ($0.33) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.32) by ($0.01). Matrix Service had a negative return on equity of 19.56% and a negative net margin of 4.46%. The company had revenue of $165.58 million for the quarter, compared to the consensus estimate of $183.90 million. During the same period in the previous year, the firm posted ($0.21) EPS. On average, equities analysts forecast that Matrix Service will post -0.04 EPS for the current year.

Matrix Service Profile

Matrix Service Company provides engineering, fabrication, construction, and maintenance services to support critical energy infrastructure and industrial markets in the United States, Canada, and internationally. It operates through three segments: Utility and Power Infrastructure; Process and Industrial Facilities; and Storage and Terminal Solutions.