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

Key Points

• Azarias Capital Management cut its Matrix Service stake by 36.8% in the third quarter, selling 247,929 shares and retaining 425,763 shares valued at approximately $4.1 million. Institutional investors collectively own 78.38% of MTRX.
• Matrix Service shares fell 5.4% to $9.99, near the lower end of their 52-week range of $9.38 to $15.97. The company recently reported quarterly EPS of $0.16, slightly below the $0.17 consensus, while revenue also missed estimates.
• Analyst sentiment remains mixed, with ratings ranging from Strong Buy to Sell; however, the consensus rating is Moderate Buy with a $16.50 price target.

Azarias Capital Management L.P. reduced its position in shares of Matrix Service Company (NASDAQ:MTRX - Free Report) by 36.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 425,763 shares of the company's stock after selling 247,929 shares during the period. Matrix Service accounts for about 3.8% of Azarias Capital Management L.P.'s portfolio, making the stock its 8th largest holding. Azarias Capital Management L.P. owned 1.50% of Matrix Service worth $4,075,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. WINTON GROUP Ltd raised its position in shares of Matrix Service by 30.4% in the second quarter. WINTON GROUP Ltd now owns 56,121 shares of the company's stock valued at $769,000 after buying an additional 13,092 shares during the last quarter. Engineers Gate Manager LP acquired a new position in Matrix Service during the second quarter worth about $246,000. Susquehanna Fundamental Investments LLC boosted its position in Matrix Service by 14.7% during the second quarter. Susquehanna Fundamental Investments LLC now owns 29,351 shares of the company's stock worth $402,000 after acquiring an additional 3,760 shares during the last quarter. Public Employees Retirement System of Ohio acquired a new position in Matrix Service during the second quarter worth about $495,000. Finally, Bank of America Corp DE purchased a new stake in Matrix Service during the 2nd quarter valued at about $790,000. Institutional investors and hedge funds own 78.38% of the company's stock.

Matrix Service Trading Down 5.4%

NASDAQ:MTRX traded down $0.57 during trading hours on Wednesday, hitting $9.99. The company had a trading volume of 694,871 shares, compared to its average volume of 299,988. The company has a 50-day moving average of $10.68 and a 200 day moving average of $11.95. The company has a market cap of $282.62 million, a P/E ratio of -111.00, a P/E/G ratio of 0.98 and a beta of 0.98. Matrix Service Company has a 1 year low of $9.38 and a 1 year high of $15.97.

Matrix Service (NASDAQ:MTRX - Get Free Report) last posted its quarterly earnings results on Wednesday, September 2nd. The company reported $0.16 EPS for the quarter, missing the consensus estimate of $0.17 by ($0.01). The company had revenue of $244.53 million for the quarter, compared to analysts' expectations of $247.04 million. Matrix Service had a positive return on equity of 5.32% and a negative net margin of 0.30%. On average, analysts forecast that Matrix Service Company will post 0.60 earnings per share for the current year.

Analyst Ratings Changes

MTRX has been the subject of a number of recent research 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 shares of Matrix Service in a research note on Friday, September 4th. One 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. According to MarketBeat.com, Matrix Service has a consensus rating of "Moderate Buy" and a consensus price target of $16.50.

Matrix Service Company Profile

Matrix Service Company NASDAQ: MTRX provides engineering, procurement, construction, maintenance and industrial services for energy and industrial infrastructure. The company works with customers across the energy, power, utilities, process and industrial markets, supporting projects from initial design and fabrication through construction, commissioning, maintenance and repair.

Its capabilities include the construction and maintenance of aboveground storage tanks, terminals, pipelines, processing facilities, power-generation infrastructure and other industrial assets.

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