Geode Capital Management LLC Raises Stock Position in Matrix Service (NASDAQ:MTRX)

Geode Capital Management LLC boosted its holdings in shares of Matrix Service (NASDAQ:MTRX) by 0.8% in the third quarter, HoldingsChannel reports. The firm owned 598,103 shares of the company’s stock after buying an additional 4,709 shares during the period. Geode Capital Management LLC’s holdings in Matrix Service were worth $6,898,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. Needham Investment Management LLC lifted its position in shares of Matrix Service by 38.5% during the 3rd quarter. Needham Investment Management LLC now owns 1,420,000 shares of the company’s stock valued at $16,373,000 after buying an additional 395,000 shares in the last quarter. Portolan Capital Management LLC raised its position in Matrix Service by 34.3% during the third quarter. Portolan Capital Management LLC now owns 509,059 shares of the company’s stock worth $5,869,000 after acquiring an additional 129,989 shares during the period. Harvey Partners LLC lifted its holdings in Matrix Service by 8.2% during the third quarter. Harvey Partners LLC now owns 1,515,000 shares of the company’s stock valued at $17,468,000 after purchasing an additional 115,000 shares in the last quarter. Royce & Associates LP grew its position in shares of Matrix Service by 14.3% in the third quarter. Royce & Associates LP now owns 863,262 shares of the company’s stock valued at $9,953,000 after purchasing an additional 107,820 shares during the period. Finally, Bank of New York Mellon Corp grew its position in shares of Matrix Service by 12.9% in the second quarter. Bank of New York Mellon Corp now owns 575,428 shares of the company’s stock valued at $5,714,000 after purchasing an additional 65,902 shares during the period. 78.38% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. DA Davidson reaffirmed a “buy” rating and issued a $18.00 price target on shares of Matrix Service in a research note on Thursday, September 26th. StockNews.com raised Matrix Service from a “hold” rating to a “buy” rating in a report on Tuesday, December 10th.

Matrix Service Trading Up 4.2 %

Shares of MTRX stock opened at $12.55 on Friday. Matrix Service has a twelve month low of $8.61 and a twelve month high of $13.90. The company’s 50-day moving average price is $12.56 and its 200-day moving average price is $11.05. The stock has a market cap of $345.82 million, a price-to-earnings ratio of -11.21 and a beta of 1.28.

Matrix Service (NASDAQ:MTRX) last released its quarterly earnings data on Wednesday, November 6th. The company reported ($0.33) EPS for the quarter, missing analysts’ consensus estimates of ($0.32) by ($0.01). The business had revenue of $165.58 million during the quarter, compared to analyst estimates of $183.90 million. Matrix Service had a negative net margin of 4.46% and a negative return on equity of 19.56%. During the same quarter in the prior year, the company posted ($0.21) earnings per share. As a group, equities research analysts predict that Matrix Service will post -0.04 EPS for the current year.

Matrix Service Company 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.