Verition Fund Management LLC Buys 1,239 Shares of Matrix Service (NASDAQ:MTRX)

Verition Fund Management LLC raised its stake in Matrix Service (NASDAQ:MTRX) by 5.8% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 22,639 shares of the company’s stock after purchasing an additional 1,239 shares during the quarter. Verition Fund Management LLC’s holdings in Matrix Service were worth $261,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the stock. Quest Partners LLC acquired a new stake in shares of Matrix Service in the 2nd quarter valued at approximately $83,000. BNP Paribas Financial Markets raised its position in Matrix Service by 112.9% during the third quarter. BNP Paribas Financial Markets now owns 9,165 shares of the company’s stock worth $106,000 after acquiring an additional 4,860 shares in the last quarter. SG Americas Securities LLC acquired a new stake in Matrix Service in the third quarter valued at $108,000. The Manufacturers Life Insurance Company bought a new position in shares of Matrix Service in the 2nd quarter valued at about $110,000. Finally, Net Worth Advisory Group acquired a new position in shares of Matrix Service during the 3rd quarter worth about $125,000. Institutional investors and hedge funds own 78.38% of the company’s stock.

Matrix Service Price Performance

Shares of MTRX opened at $13.04 on Friday. The company’s 50-day moving average is $12.32 and its 200-day moving average is $10.94. The firm has a market capitalization of $359.32 million, a PE ratio of -11.64 and a beta of 1.27. Matrix Service has a fifty-two week low of $8.61 and a fifty-two week high of $13.90.

Matrix Service (NASDAQ:MTRX) last released 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). Matrix Service had a negative net margin of 4.46% and a negative return on equity of 19.56%. The company had revenue of $165.58 million during the quarter, compared to the consensus estimate of $183.90 million. During the same period in the prior year, the company earned ($0.21) earnings per share. Analysts predict that Matrix Service will post -0.04 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

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

Matrix Service Company 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.