Short Interest in Matrix Service Company (NASDAQ:MTRX) Increases By 20.5%

Matrix Service Company (NASDAQ:MTRX) was the recipient of a large increase in short interest in the month of December. As of December 31st, there was short interest totaling 587,675 shares, an increase of 20.5% from the December 15th total of 487,756 shares. Based on an average trading volume of 231,026 shares, the short-interest ratio is presently 2.5 days. Currently, 2.2% of the shares of the company are short sold. Currently, 2.2% of the shares of the company are short sold. Based on an average trading volume of 231,026 shares, the short-interest ratio is presently 2.5 days.

Insider Activity at Matrix Service

In other Matrix Service news, insider Shawn P. Payne sold 5,231 shares of the company’s stock in a transaction dated Tuesday, November 25th. The stock was sold at an average price of $11.42, for a total value of $59,738.02. Following the completion of the sale, the insider owned 102,179 shares in the company, valued at $1,166,884.18. This represents a 4.87% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In the last ninety days, insiders sold 16,500 shares of company stock valued at $198,000. Corporate insiders own 4.40% of the company’s stock.

Hedge Funds Weigh In On Matrix Service

Institutional investors have recently made changes to their positions in the company. Boston Partners boosted its holdings in Matrix Service by 71.5% in the second quarter. Boston Partners now owns 844,966 shares of the company’s stock valued at $11,417,000 after purchasing an additional 352,194 shares during the period. Westerly Capital Management LLC raised its position in Matrix Service by 34.1% in the 3rd 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 in the last quarter. AQR Capital Management LLC boosted its stake in shares of 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 buying an additional 250,206 shares during the period. Millennium Management LLC grew its position in shares of Matrix Service by 46.5% during the third quarter. Millennium Management LLC now owns 630,396 shares of the company’s stock worth $8,246,000 after buying an additional 200,189 shares in the last quarter. Finally, First Eagle Investment Management LLC increased its stake in shares of Matrix Service by 60.5% during the second quarter. First Eagle Investment Management LLC now owns 509,194 shares of the company’s stock worth $6,879,000 after buying an additional 192,000 shares during the period. Hedge funds and other institutional investors own 78.38% of the company’s stock.

Wall Street Analysts Forecast Growth

MTRX has been the subject of a number of research analyst reports. DA Davidson reaffirmed a “buy” rating and set a $17.00 price objective on shares of Matrix Service in a report on Tuesday, November 11th. Weiss Ratings restated a “sell (d-)” rating on shares of Matrix Service in a research report on Wednesday, October 8th. One investment analyst has rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, Matrix Service presently has a consensus rating of “Hold” and a consensus price target of $17.00.

Matrix Service Price Performance

NASDAQ:MTRX opened at $13.56 on Wednesday. The company has a market cap of $381.31 million, a price-to-earnings ratio of -15.95, a PEG ratio of 2.34 and a beta of 0.93. Matrix Service has a 1 year low of $9.33 and a 1 year high of $16.10. The stock’s 50 day simple moving average is $12.03 and its two-hundred day simple moving average is $13.30.

Matrix Service (NASDAQ:MTRX) last announced its earnings results on Wednesday, November 5th. The company reported ($0.01) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.03) by $0.02. Matrix Service had a negative net margin of 2.93% and a negative return on equity of 11.68%. The firm had revenue of $211.88 million for the quarter, compared to analysts’ expectations of $206.66 million. As a group, analysts anticipate that Matrix Service will post -0.26 EPS for the current 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.