Published On: Sat, Sep 17th, 2016

Short Interest in Matrix Service Co. (MTRX) Declines By 41.8%

Matrix Service Co. (NASDAQ:MTRX) was the recipient of a large decrease in short interest during the month of August. As of August 31st, there was short interest totalling 379,663 shares, a decrease of 41.8% from the August 15th total of 651,816 shares. Approximately 1.5% of the shares of the company are sold short. Based on an average trading volume of 306,457 shares, the short-interest ratio is presently 1.2 days.
Matrix Service (NASDAQ:MTRX) opened at 18.20 on Friday. The company has a 50-day moving average price of $17.62 and a 200 day moving average price of $17.30. Matrix Service has a 1-year low of $14.07 and a 1-year high of $26.22. The stock has a market capitalization of $482.66 million, a P/E ratio of 17.01 and a beta of 1.66.
Matrix Service (NASDAQ:MTRX) last issued its earnings results on Tuesday, August 30th. The company reported $0.34 EPS for the quarter, beating the Zacks’ consensus estimate of $0.30 by $0.04. Matrix Service had a return on equity of 10.47% and a net margin of 2.20%. The company earned $359.60 million during the quarter. During the same quarter in the previous year, the firm earned $0.40 earnings per share. The business’s revenue was down 1.3% on a year-over-year basis. On average, equities analysts predict that Matrix Service will post $1.26 EPS for the current year.

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MTRX has been the subject of several analyst reports. Zacks Investment Research raised Matrix Service from a “strong sell” rating to a “hold” rating in a research note on Wednesday, July 13th. DA Davidson reissued a “buy” rating and set a $20.00 target price on shares of Matrix Service in a research note on Friday, August 26th. Finally, Barclays PLC cut their target price on Matrix Service from $41.00 to $27.00 and set an “overweight” rating for the company in a research note on Monday, June 6th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $24.33.
In other Matrix Service news, CEO John R. Hewitt sold 15,957 shares of the company’s stock in a transaction that occurred on Monday, September 12th. The stock was sold at an average price of $19.02, for a total transaction of $303,502.14. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Kevin S. Cavanah sold 2,600 shares of the company’s stock in a transaction that occurred on Monday, September 12th. The shares were sold at an average price of $18.97, for a total value of $49,322.00. The disclosure for this sale can be found here. Company insiders own 1.60% of the company’s stock.
A number of institutional investors have recently modified their holdings of MTRX. BNP Paribas Arbitrage SA increased its position in shares of Matrix Service by 93.2% in the second quarter. BNP Paribas Arbitrage SA now owns 8,641 shares of the company’s stock worth $142,000 after buying an additional 4,168 shares during the last quarter. Virginia Retirement Systems ET AL bought a new position in shares of Matrix Service during the second quarter worth approximately $180,000. BlackRock Inc. increased its position in shares of Matrix Service by 545.5% in the second quarter. BlackRock Inc. now owns 11,961 shares of the company’s stock worth $197,000 after buying an additional 10,108 shares during the last quarter. Thrivent Financial for Lutherans increased its position in shares of Matrix Service by 5.2% in the second quarter. Thrivent Financial for Lutherans now owns 12,980 shares of the company’s stock worth $214,000 after buying an additional 640 shares during the last quarter. Finally, Arizona State Retirement System increased its position in shares of Matrix Service by 0.7% in the second quarter. Arizona State Retirement System now owns 13,848 shares of the company’s stock worth $228,000 after buying an additional 100 shares during the last quarter. Institutional investors own 92.77% of the company’s stock.
Matrix Service Company Profile
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 Electrical Infrastructure segment primarily provides construction and maintenance services to a range of power generation facilities, such as combined cycle plants and renewable energy installations.

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