2,139,456 Shares in Matrix Service Company $MTRX Bought by BlackRock Inc.

Key Points

• BlackRock acquired 2.14 million Matrix Service shares during the second quarter, valued at approximately $29.3 million, giving it a 7.6% stake. Institutional investors collectively own 78.38% of the company.
• Matrix Service shares opened at $10.70, down 1%, and remain below their 50-day and 200-day moving averages of roughly $12.06 and $12.10, respectively. The stock has traded between $9.88 and $15.97 over the past year.
• Analyst sentiment is mixed but leans positive, with a consensus “Moderate Buy” rating and an average price target of $20.50; Weiss Ratings separately reaffirmed a “sell (D-)” rating.

BlackRock Inc. bought a new stake in Matrix Service Company (NASDAQ:MTRX - Free Report) during the second quarter, according to its most recent filing with the SEC. The firm bought 2,139,456 shares of the company's stock, valued at approximately $29,311,000. BlackRock Inc. owned about 7.60% of Matrix Service at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Quarry LP acquired a new position in Matrix Service during the 3rd quarter worth $28,000. BNP Paribas Financial Markets grew its position in shares of Matrix Service by 68.9% in the second 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 during the last quarter. Tower Research Capital LLC TRC increased its stake in shares of Matrix Service by 133.9% in the second quarter. Tower Research Capital LLC TRC now owns 3,307 shares of the company's stock worth $45,000 after purchasing an additional 1,893 shares during the period. Aquatic Capital Management LLC acquired a new position in shares of Matrix Service during the 3rd quarter worth about $67,000. Finally, Raymond James Financial Inc. acquired a new position in shares of Matrix Service during the 2nd quarter worth about $101,000. Institutional investors own 78.38% of the company's stock.

Matrix Service Stock Down 1.0%

Shares of MTRX opened at $10.70 on Wednesday. The company has a 50-day moving average price of $12.06 and a two-hundred day moving average price of $12.10. The stock has a market cap of $300.99 million, a price-to-earnings ratio of -20.19, a P/E/G ratio of 0.86 and a beta of 0.98. Matrix Service Company has a 12 month low of $9.88 and a 12 month high of $15.97.

Analyst Ratings Changes

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 assigned a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $20.50.

Matrix Service Company 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.

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