Harvey Partners LLC Sells 369,381 Shares of Matrix Service Company $MTRX

Key Points

• Harvey Partners LLC cut its stake in Matrix Service by 30.2%, selling 369,381 shares and retaining 852,381 shares (about 3.03% of the company) valued at roughly $11.15 million.
• Matrix Service missed quarterly expectations, reporting EPS of ($0.02) versus a $0.04 consensus and revenue of $210.5M vs $215.4M, while posting a negative net margin (2.3%) and negative ROE (8.56%); analysts expect -$0.26 EPS for the fiscal year.
• The stock trades around $10.27—below its 50- and 200-day moving averages—with a market cap of about $289M, and analysts' consensus is a "Moderate Buy" with an average price target of $20.50.

Harvey Partners LLC decreased its holdings in Matrix Service Company (NASDAQ:MTRX - Free Report) by 30.2% in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 852,381 shares of the company's stock after selling 369,381 shares during the period. Harvey Partners LLC owned approximately 3.03% of Matrix Service worth $11,149,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in MTRX. BNP Paribas Financial Markets lifted its stake in Matrix Service by 68.9% in the second quarter. BNP Paribas Financial Markets now owns 2,530 shares of the company's stock worth $34,000 after purchasing an additional 1,032 shares during the last quarter. Tower Research Capital LLC TRC boosted its position in Matrix Service by 133.9% during the second quarter. Tower Research Capital LLC TRC now owns 3,307 shares of the company's stock valued at $45,000 after buying an additional 1,893 shares during the period. Aquatic Capital Management LLC bought a new position in shares of Matrix Service during the third quarter valued at about $67,000. Raymond James Financial Inc. bought a new position in shares of Matrix Service during the second quarter valued at about $101,000. Finally, The Manufacturers Life Insurance Company purchased a new position in shares of Matrix Service in the second quarter worth about $137,000. Institutional investors own 78.38% of the company's stock.

Matrix Service Stock Down 0.5%

Shares of Matrix Service stock opened at $10.27 on Monday. The company's fifty day simple moving average is $12.19 and its two-hundred day simple moving average is $12.59. Matrix Service Company has a 12-month low of $9.33 and a 12-month high of $16.10. The firm has a market cap of $288.90 million, a PE ratio of -15.10, a price-to-earnings-growth ratio of 2.38 and a beta of 0.98.

Matrix Service (NASDAQ:MTRX - Get Free Report) last issued its quarterly earnings data on Wednesday, February 4th. The company reported ($0.02) EPS for the quarter, missing the consensus estimate of $0.04 by ($0.06). The firm had revenue of $210.51 million for the quarter, compared to the consensus estimate of $215.42 million. Matrix Service had a negative net margin of 2.30% and a negative return on equity of 8.56%. As a group, sell-side analysts expect that Matrix Service Company will post -0.26 earnings per share for the current fiscal year.

Insider Transactions at Matrix Service

In other Matrix Service news, VP Nancy E. Austin sold 4,193 shares of the company's stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $11.29, for a total transaction of $47,338.97. Following the completion of the transaction, the vice president owned 106,138 shares of the company's stock, valued at $1,198,298.02. This represents a 3.80% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 4.40% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Weiss Ratings reissued a "sell (d-)" rating on shares of Matrix Service in a research note on Thursday, January 22nd. DA Davidson restated a "buy" rating and set a $17.00 price target on shares of Matrix Service in a research report on Friday, February 6th. Finally, Northland Securities set a $24.00 price target on Matrix Service in a research note on Wednesday, February 11th. One equities 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. According to data from MarketBeat, Matrix Service has an average rating of "Moderate Buy" and an average 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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