Matrix Service Company (NASDAQ:MTRX) Sees Significant Decline in Short Interest

Key Points

• Short interest fell 17.8% in April to 382,088 shares (about 1.4% of shares sold short), leaving a days-to-cover ratio of roughly 2.7 based on average volume.
• VP Nancy E. Austin sold 4,193 shares in February (a 3.8% reduction in her stake); insiders own 4.40% of the stock while institutional investors hold a sizable 78.38% after large recent purchases by funds like AQR, Westerly, CenterBook, Millennium and GSA.
• Analyst views are mixed but the consensus is a Moderate Buy with an average price target of $20.50, even as the shares trade near $13.52 and the company recently missed quarterly EPS estimates and reported negative margins.

Matrix Service Company (NASDAQ:MTRX - Get Free Report) saw a significant decrease in short interest during the month of April. As of April 15th, there was short interest totaling 382,088 shares, a decrease of 17.8% from the March 31st total of 464,850 shares. Currently, 1.4% of the company's shares are sold short. Based on an average trading volume of 142,199 shares, the days-to-cover ratio is currently 2.7 days.

Insider Buying and Selling

In other Matrix Service news, VP Nancy E. Austin sold 4,193 shares of the company's stock in a transaction dated 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 sale, the vice president directly owned 106,138 shares in the company, valued at $1,198,298.02. This represents a 3.80% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 4.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of MTRX. Westerly Capital Management LLC boosted its holdings in Matrix Service by 34.1% in 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 during the last quarter. AQR Capital Management LLC boosted its holdings in Matrix Service by 601.5% in the first 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 boosted its holdings in Matrix Service by 55.5% in the fourth 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 during the last quarter. Millennium Management LLC boosted its holdings in Matrix Service by 46.5% in the third 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 during the last quarter. Finally, GSA Capital Partners LLP boosted its holdings in Matrix Service by 482.6% in the fourth quarter. GSA Capital Partners LLP now owns 212,213 shares of the company's stock valued at $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.

Analyst Ratings Changes

Several equities research analysts have commented on the company. Northland Securities set a $24.00 price target on Matrix Service in a research note on Wednesday, February 11th. DA Davidson reaffirmed a "buy" rating and issued a $17.00 target price on shares of Matrix Service in a research report on Friday, February 6th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Matrix Service in a research report on Tuesday, April 21st. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Matrix Service currently has a consensus rating of "Moderate Buy" and an average price target of $20.50.

Matrix Service Price Performance

Shares of NASDAQ MTRX traded up $0.62 on Thursday, hitting $13.52. The company had a trading volume of 315,705 shares, compared to its average volume of 143,561. Matrix Service has a 12-month low of $9.88 and a 12-month high of $16.10. The business has a 50 day moving average of $11.51 and a two-hundred day moving average of $12.22.

Matrix Service (NASDAQ:MTRX - Get Free Report) last issued its earnings results on Wednesday, February 4th. The company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.06). Matrix Service had a negative return on equity of 8.56% and a negative net margin of 2.30%.The company had revenue of $210.51 million during the quarter, compared to analysts' expectations of $215.42 million. On average, equities analysts anticipate that Matrix Service will post 0.24 EPS for the current fiscal year.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.