Bank of New York Mellon Corp Acquires New Position in Matrix Service Company $MTRX

Key Points

• Bank of New York Mellon acquired 457,365 shares of Matrix Service, worth approximately $6.3 million and representing 1.63% of the company. Institutional investors collectively own 78.38% of MTRX.
• Matrix Service reported quarterly EPS of $0.16, slightly below the $0.17 consensus, while revenue of $244.5 million also missed estimates. The company posted a negative net margin of 0.30%.
• MTRX shares opened at $10.62, well below the analyst consensus price target of $16.50. Despite mixed analyst views, the stock carries a consensus “Moderate Buy” rating.

Bank of New York Mellon Corp acquired a new stake in Matrix Service Company (NASDAQ:MTRX - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 457,365 shares of the company's stock, valued at approximately $6,266,000. Bank of New York Mellon Corp owned 1.63% of Matrix Service at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Westerly Capital Management LLC boosted its stake in shares of Matrix Service by 34.1% during the third quarter. Westerly Capital Management LLC now owns 1,100,000 shares of the company's stock valued at $14,388,000 after purchasing an additional 280,000 shares in the last quarter. AQR Capital Management LLC raised its stake in Matrix Service by 601.5% in the first quarter. AQR Capital Management LLC now owns 291,804 shares of the company's stock worth $3,627,000 after buying an additional 250,206 shares in the last quarter. CenterBook Partners LP lifted its holdings in Matrix Service by 55.5% during the fourth quarter. CenterBook Partners LP now owns 634,046 shares of the company's stock worth $7,418,000 after buying an additional 226,325 shares during the period. Millennium Management LLC lifted its holdings in Matrix Service by 46.5% during the third quarter. Millennium Management LLC now owns 630,396 shares of the company's stock worth $8,246,000 after buying an additional 200,189 shares during the period. Finally, GSA Capital Partners LLP bought a new stake in Matrix Service during the 2nd quarter valued at $2,497,000. 78.38% of the stock is currently owned by institutional investors.

Matrix Service Trading Up 0.7%

NASDAQ MTRX opened at $10.62 on Friday. Matrix Service Company has a 12-month low of $9.70 and a 12-month high of $15.97. The company has a fifty day simple moving average of $11.88 and a two-hundred day simple moving average of $12.08. The stock has a market cap of $298.74 million, a P/E ratio of -118.00, a P/E/G ratio of 0.84 and a beta of 0.98.

Matrix Service (NASDAQ:MTRX - Get Free Report) last released its earnings results on Wednesday, September 2nd. The company reported $0.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.17 by ($0.01). The firm had revenue of $244.53 million during the quarter, compared to analyst estimates of $247.04 million. Matrix Service had a negative net margin of 0.30% and a positive return on equity of 5.32%. As a group, sell-side analysts forecast that Matrix Service Company will post 0.69 earnings per share for the current year.

Analyst Ratings Changes

MTRX has been the topic of a number of analyst reports. Weiss Ratings reiterated a "sell (d-)" rating on shares of Matrix Service in a report on Friday, July 17th. Northland Securities set a $16.00 target price on Matrix Service in a research note on Friday. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $16.50.

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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