Geode Capital Management LLC Acquires 4,709 Shares of Matrix Service (NASDAQ:MTRX)

Geode Capital Management LLC lifted its stake in Matrix Service (NASDAQ:MTRX) by 0.8% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 598,103 shares of the company’s stock after purchasing an additional 4,709 shares during the period. Geode Capital Management LLC owned about 2.17% of Matrix Service worth $6,898,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in MTRX. Quarry LP purchased a new position in Matrix Service during the 3rd quarter worth $53,000. Quest Partners LLC purchased a new position in shares of Matrix Service during the second quarter valued at $83,000. BNP Paribas Financial Markets increased its stake in shares of Matrix Service by 112.9% during the third quarter. BNP Paribas Financial Markets now owns 9,165 shares of the company’s stock valued at $106,000 after buying an additional 4,860 shares during the period. SG Americas Securities LLC bought a new stake in shares of Matrix Service in the third quarter valued at about $108,000. Finally, The Manufacturers Life Insurance Company purchased a new stake in Matrix Service in the second quarter worth about $110,000. Hedge funds and other institutional investors own 78.38% of the company’s stock.

Wall Street Analyst Weigh In

MTRX has been the topic of a number of research reports. StockNews.com raised shares of Matrix Service from a “hold” rating to a “buy” rating in a research report on Tuesday, December 10th. DA Davidson reissued a “buy” rating and set a $18.00 price objective on shares of Matrix Service in a report on Thursday, September 26th.

Matrix Service Stock Performance

MTRX stock opened at $12.55 on Friday. Matrix Service has a one year low of $8.61 and a one year high of $13.90. The firm has a market cap of $345.82 million, a price-to-earnings ratio of -11.21 and a beta of 1.28. The firm has a 50-day simple moving average of $12.56 and a two-hundred day simple moving average of $11.05.

Matrix Service (NASDAQ:MTRX) last announced its earnings results on Wednesday, November 6th. The company reported ($0.33) earnings per share for the quarter, missing the consensus estimate of ($0.32) by ($0.01). Matrix Service had a negative return on equity of 19.56% and a negative net margin of 4.46%. The business had revenue of $165.58 million for the quarter, compared to analysts’ expectations of $183.90 million. During the same quarter last year, the firm earned ($0.21) earnings per share. As a group, equities analysts predict that Matrix Service will post -0.04 earnings per share for the current fiscal year.

Matrix Service Profile

Matrix Service Company provides engineering, fabrication, construction, and maintenance services to support critical energy infrastructure and industrial markets in the United States, Canada, and internationally. It operates through three segments: Utility and Power Infrastructure; Process and Industrial Facilities; and Storage and Terminal Solutions.