JPMorgan Chase & Co. Has $657,000 Position in Matrix Service Co (MTRX)
JPMorgan Chase & Co. cut its stake in Matrix Service Co (NASDAQ:MTRX) by 38.0% in the third quarter, Holdings Channel reports. The fund owned 43,063 shares of the oil and gas company’s stock after selling 26,377 shares during the quarter. JPMorgan Chase & Co.’s holdings in Matrix Service were worth $657,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors and hedge funds also recently made changes to their positions in the company. SG Americas Securities LLC purchased a new stake in Matrix Service in the third quarter valued at $138,000. BNP Paribas Arbitrage SA lifted its position in Matrix Service by 69.5% in the third quarter. BNP Paribas Arbitrage SA now owns 13,590 shares of the oil and gas company’s stock valued at $207,000 after acquiring an additional 5,571 shares during the last quarter. Crossmark Global Holdings Inc. purchased a new stake in Matrix Service in the third quarter valued at $225,000. Voya Investment Management LLC lifted its position in Matrix Service by 22.5% in the second quarter. Voya Investment Management LLC now owns 16,344 shares of the oil and gas company’s stock valued at $153,000 after acquiring an additional 2,997 shares during the last quarter. Finally, Cullen Capital Management LLC purchased a new stake in Matrix Service in the second quarter valued at $157,000. 88.28% of the stock is owned by hedge funds and other institutional investors.
In other news, CEO John R. Hewitt sold 5,000 shares of the company’s stock in a transaction dated Friday, December 15th. The shares were sold at an average price of $17.66, for a total value of $88,300.00. Following the completion of the sale, the chief executive officer now directly owns 283,529 shares of the company’s stock, valued at $5,007,122.14. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 2.50% of the stock is currently owned by corporate insiders.
Matrix Service (NASDAQ:MTRX) last announced its earnings results on Tuesday, November 7th. The oil and gas company reported $0.14 EPS for the quarter, beating analysts’ consensus estimates of $0.06 by $0.08. Matrix Service had a negative net margin of 0.51% and a negative return on equity of 1.75%. The business had revenue of $269.91 million during the quarter, compared to analysts’ expectations of $290.56 million. During the same period in the prior year, the company earned $0.35 earnings per share. The business’s revenue was down 21.0% compared to the same quarter last year. sell-side analysts anticipate that Matrix Service Co will post 0.69 EPS for the current fiscal year.
A number of equities research analysts recently weighed in on MTRX shares. Zacks Investment Research raised shares of Matrix Service from a “sell” rating to a “hold” rating and set a $18.00 price target for the company in a research report on Tuesday, November 14th. TheStreet raised shares of Matrix Service from a “d+” rating to a “c-” rating in a report on Monday, October 9th. Finally, BidaskClub raised shares of Matrix Service from a “buy” rating to a “strong-buy” rating in a report on Thursday, December 21st. One investment analyst has rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $18.00.
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Matrix Service Company Profile
Matrix Service Company provides engineering, fabrication, infrastructure, construction and maintenance services primarily to the oil, gas, power, petrochemical, industrial, mining and minerals markets. The Company’s segments include Electrical Infrastructure, Oil Gas & Chemical, Storage Solutions and Industrial.
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