The Manufacturers Life Insurance Company Acquires Shares of 11,029 Matrix Service (NASDAQ:MTRX)

The Manufacturers Life Insurance Company bought a new position in shares of Matrix Service (NASDAQ:MTRX) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 11,029 shares of the company’s stock, valued at approximately $110,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Azarias Capital Management L.P. lifted its holdings in Matrix Service by 28.5% in the second quarter. Azarias Capital Management L.P. now owns 1,273,193 shares of the company’s stock valued at $12,643,000 after buying an additional 282,086 shares during the period. Vanguard Group Inc. raised its position in shares of Matrix Service by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 1,223,781 shares of the company’s stock valued at $15,946,000 after acquiring an additional 11,587 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Matrix Service by 0.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,172,616 shares of the company’s stock valued at $11,644,000 after purchasing an additional 3,215 shares during the period. Gendell Jeffrey L boosted its position in shares of Matrix Service by 5.8% in the 1st quarter. Gendell Jeffrey L now owns 870,556 shares of the company’s stock worth $11,343,000 after purchasing an additional 48,000 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its stake in shares of Matrix Service by 12.9% during the second quarter. Bank of New York Mellon Corp now owns 575,428 shares of the company’s stock worth $5,714,000 after purchasing an additional 65,902 shares during the period. Institutional investors and hedge funds own 78.38% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on MTRX. StockNews.com upgraded shares of Matrix Service from a “hold” rating to a “buy” rating in a report on Friday. DA Davidson reissued a “buy” rating and set a $18.00 price target on shares of Matrix Service in a research report on Thursday, September 26th.

Matrix Service Stock Performance

Shares of MTRX opened at $11.69 on Monday. The firm has a market capitalization of $319.24 million, a PE ratio of -15.38 and a beta of 1.26. The stock has a 50 day simple moving average of $10.54 and a 200 day simple moving average of $10.70. Matrix Service has a 52-week low of $8.61 and a 52-week high of $13.90.

Matrix Service (NASDAQ:MTRX) last issued its quarterly earnings data on Monday, September 9th. The company reported ($0.14) EPS for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.07. The business had revenue of $189.50 million for the quarter, compared to analyst estimates of $215.61 million. Matrix Service had a negative net margin of 3.43% and a negative return on equity of 16.87%. Equities research analysts predict that Matrix Service will post -0.05 EPS for the current fiscal year.

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.