Connor Clark & Lunn Investment Management Ltd. Purchases New Shares in Matrix Service Company $MTRX

Key Points

• Connor Clark & Lunn Investment Management bought 295,422 Matrix Service shares worth approximately $4.05 million, giving it a 1.05% stake. Institutional investors collectively own 78.38% of MTRX, with BlackRock also reporting a new position valued at about $29.3 million.
• Matrix Service shares opened at $10.91, near the lower end of their $9.88–$15.97 yearly range. The stock’s market capitalization is approximately $306.9 million, with its 50-day and 200-day moving averages at $12.24 and $12.11, respectively.
• Analyst sentiment is mixed: Weiss Ratings reaffirmed a “sell (D-)” rating, while MarketBeat reports a consensus “Moderate Buy” rating and a $20.50 price target.

Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Matrix Service Company (NASDAQ:MTRX - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 295,422 shares of the company's stock, valued at approximately $4,047,000. Connor Clark & Lunn Investment Management Ltd. owned 1.05% of Matrix Service at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of MTRX. BlackRock Inc. purchased a new stake in shares of Matrix Service in the second quarter valued at about $29,311,000. Vanguard Group Inc. grew its holdings in shares of Matrix Service by 4.2% during the third quarter. Vanguard Group Inc. now owns 1,522,943 shares of the company's stock worth $19,920,000 after buying an additional 60,955 shares during the last quarter. Westerly Capital Management LLC grew its holdings 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 worth $14,388,000 after buying an additional 280,000 shares during the last quarter. Gendell Jeffrey L increased its position in Matrix Service by 11.7% in the 4th quarter. Gendell Jeffrey L now owns 1,057,561 shares of the company's stock valued at $12,373,000 after acquiring an additional 111,087 shares during the period. Finally, Azarias Capital Management L.P. increased its position in Matrix Service by 11.8% in the 1st quarter. Azarias Capital Management L.P. now owns 817,021 shares of the company's stock valued at $9,379,000 after acquiring an additional 86,254 shares during the period. 78.38% of the stock is owned by hedge funds and other institutional investors.

Matrix Service Stock Performance

Shares of Matrix Service stock opened at $10.91 on Friday. Matrix Service Company has a one year low of $9.88 and a one year high of $15.97. The company has a market cap of $306.94 million, a P/E ratio of -20.58, a PEG ratio of 0.86 and a beta of 1.00. The firm has a fifty day moving average of $12.24 and a two-hundred day moving average of $12.11.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Matrix Service in a research note on Friday, July 17th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Matrix Service currently has an average rating of "Moderate Buy" and a consensus price target of $20.50.

About Matrix Service

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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