JPMorgan Chase & Co. Increases Stock Position in Matrix Service (NASDAQ:MTRX)

JPMorgan Chase & Co. raised its holdings in shares of Matrix Service (NASDAQ:MTRX) by 204.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 90,663 shares of the company’s stock after acquiring an additional 60,838 shares during the quarter. JPMorgan Chase & Co. owned about 0.33% of Matrix Service worth $1,045,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the stock. Quarry LP purchased a new position in shares of Matrix Service during the third quarter worth about $53,000. BNP Paribas Financial Markets grew its stake in Matrix Service by 112.9% in the 3rd quarter. BNP Paribas Financial Markets now owns 9,165 shares of the company’s stock worth $106,000 after buying an additional 4,860 shares in the last quarter. SG Americas Securities LLC purchased a new position in Matrix Service in the 3rd quarter worth approximately $108,000. The Manufacturers Life Insurance Company bought a new position in shares of Matrix Service in the 2nd quarter worth $110,000. Finally, Net Worth Advisory Group bought a new stake in shares of Matrix Service during the 3rd quarter worth $125,000. Hedge funds and other institutional investors own 78.38% of the company’s stock.

Matrix Service Stock Performance

Shares of MTRX opened at $15.05 on Friday. Matrix Service has a fifty-two week low of $8.61 and a fifty-two week high of $15.45. The company’s fifty day moving average is $13.05 and its 200 day moving average is $11.49. The stock has a market capitalization of $414.78 million, a PE ratio of -13.44 and a beta of 1.28.

Matrix Service (NASDAQ:MTRX) last issued its quarterly 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). The business had revenue of $165.58 million during the quarter, compared to analysts’ expectations of $183.90 million. Matrix Service had a negative return on equity of 19.56% and a negative net margin of 4.46%. During the same quarter in the previous year, the company posted ($0.21) earnings per share. As a group, research analysts forecast that Matrix Service will post -0.04 earnings per share for the current year.

Analysts Set New Price Targets

Separately, StockNews.com upgraded Matrix Service from a “hold” rating to a “buy” rating in a report on Tuesday, December 10th.

About Matrix Service

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.