Matrix Service Co (NASDAQ:MTRX) Position Cut by JPMorgan Chase & Co.
JPMorgan Chase & Co. decreased its stake in Matrix Service Co (NASDAQ:MTRX) by 16.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 181,634 shares of the oil and gas company’s stock after selling 36,868 shares during the period. JPMorgan Chase & Co. owned approximately 0.68% of Matrix Service worth $2,996,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Smith Graham & Co. Investment Advisors LP increased its position in Matrix Service by 31.3% in the first quarter. Smith Graham & Co. Investment Advisors LP now owns 462,612 shares of the oil and gas company’s stock valued at $7,633,000 after buying an additional 110,147 shares during the period. Louisiana State Employees Retirement System increased its position in Matrix Service by 0.9% in the first quarter. Louisiana State Employees Retirement System now owns 10,800 shares of the oil and gas company’s stock valued at $178,000 after buying an additional 100 shares during the period. Foundry Partners LLC increased its position in Matrix Service by 41.0% in the first quarter. Foundry Partners LLC now owns 16,665 shares of the oil and gas company’s stock valued at $275,000 after buying an additional 4,845 shares during the period. Teachers Advisors LLC increased its position in Matrix Service by 16.4% in the fourth quarter. Teachers Advisors LLC now owns 487,591 shares of the oil and gas company’s stock valued at $11,068,000 after buying an additional 68,646 shares during the period. Finally, Norges Bank bought a new position in Matrix Service during the fourth quarter valued at $11,799,000. Hedge funds and other institutional investors own 91.60% of the company’s stock.
Shares of Matrix Service Co (NASDAQ:MTRX) remained flat at $10.50 during mid-day trading on Tuesday. 265,601 shares of the stock were exchanged. The stock’s 50 day moving average is $9.37 and its 200-day moving average is $13.59. Matrix Service Co has a one year low of $7.80 and a one year high of $23.45. The company has a market capitalization of $279.30 million, a P/E ratio of 28.30 and a beta of 0.75.
Matrix Service (NASDAQ:MTRX) last released its earnings results on Tuesday, May 9th. The oil and gas company reported ($0.52) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.14 by $0.66. Matrix Service had a negative net margin of 5.37% and a negative return on equity of 17.03%. The company had revenue of $251.20 million during the quarter, compared to analysts’ expectations of $248.51 million. During the same quarter in the previous year, the firm posted $0.16 earnings per share. Matrix Service’s revenue for the quarter was down 18.8% compared to the same quarter last year. Equities analysts forecast that Matrix Service Co will post ($0.01) EPS for the current fiscal year.
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Several research analysts recently weighed in on the stock. Zacks Investment Research upgraded shares of Matrix Service from a “sell” rating to a “hold” rating in a research report on Saturday, April 15th. BidaskClub raised shares of Matrix Service from a “sell” rating to a “hold” rating in a research note on Saturday. Stephens reaffirmed a “hold” rating on shares of Matrix Service in a research note on Monday, May 15th. ValuEngine cut shares of Matrix Service from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Finally, TheStreet cut shares of Matrix Service from a “c-” rating to a “d+” rating in a research note on Wednesday, May 24th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $20.00.
About Matrix Service
Matrix Service Company provides engineering, fabrication, infrastructure, construction and maintenance services primarily to the oil, gas, power, petrochemical, industrial, mining and minerals markets. The Company’s segments include Electrical Infrastructure, Oil Gas & Chemical, Storage Solutions and Industrial.
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