Matrix Service Company $MTRX Stake Cut by Azarias Capital Management L.P.

Key Points

• Azarias Capital Management cut its Matrix Service stake by 17.5% in the second quarter, selling 143,329 shares and retaining 673,692 shares, valued at about $9.23 million.
• Other institutional investors increased their positions, and hedge funds and other institutions collectively own 78.38% of MTRX.
• MTRX recently traded at $11.74, below its $15.97 52-week high. Analyst views are mixed, but MarketBeat reports a “Moderate Buy” consensus and an average price target of $20.50.

Azarias Capital Management L.P. lessened its stake in shares of Matrix Service Company (NASDAQ:MTRX - Free Report) by 17.5% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 673,692 shares of the company's stock after selling 143,329 shares during the quarter. Matrix Service comprises about 4.0% of Azarias Capital Management L.P.'s investment portfolio, making the stock its 4th biggest position. Azarias Capital Management L.P. owned about 2.39% of Matrix Service worth $9,230,000 as of its most recent filing with the SEC.

Several other hedge funds also recently bought and sold shares of MTRX. Westerly Capital Management LLC increased its position in Matrix Service by 34.1% during the 3rd quarter. Westerly Capital Management LLC now owns 1,100,000 shares of the company's stock worth $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 1st quarter. AQR Capital Management LLC now owns 291,804 shares of the company's stock valued at $3,627,000 after purchasing an additional 250,206 shares during the last quarter. CenterBook Partners LP lifted its holdings in Matrix Service by 55.5% in the 4th quarter. CenterBook Partners LP now owns 634,046 shares of the company's stock valued at $7,418,000 after purchasing an additional 226,325 shares in the last quarter. Millennium Management LLC lifted its holdings in Matrix Service by 46.5% in the 3rd quarter. Millennium Management LLC now owns 630,396 shares of the company's stock valued at $8,246,000 after purchasing an additional 200,189 shares in the last quarter. Finally, GSA Capital Partners LLP boosted its stake in shares of Matrix Service by 482.6% during the 4th quarter. GSA Capital Partners LLP now owns 212,213 shares of the company's stock worth $2,483,000 after purchasing an additional 175,788 shares during the last quarter. Hedge funds and other institutional investors own 78.38% of the company's stock.

Matrix Service Price Performance

MTRX stock opened at $11.74 on Thursday. The stock has a market capitalization of $330.29 million, a price-to-earnings ratio of -22.15, a price-to-earnings-growth ratio of 0.94 and a beta of 1.00. Matrix Service Company has a 52-week low of $9.88 and a 52-week high of $15.97. The stock's fifty day simple moving average is $12.76 and its 200-day simple moving average is $12.29.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reiterated a "sell (d-)" rating on shares of Matrix Service in a report 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 company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $20.50.

Matrix Service 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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