Panagora Asset Management Inc. boosted its stake in Matrix Service Co (NASDAQ:MTRX) by 4.1% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 253,737 shares of the oil and gas company’s stock after buying an additional 9,933 shares during the quarter. Panagora Asset Management Inc.’s holdings in Matrix Service were worth $6,254,000 as of its most recent filing with the SEC.

Other hedge funds also recently bought and sold shares of the company. Piedmont Investment Advisors LLC purchased a new stake in Matrix Service in the 2nd quarter valued at approximately $115,000. Public Employees Retirement System of Ohio lifted its stake in Matrix Service by 78.5% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 7,303 shares of the oil and gas company’s stock valued at $134,000 after buying an additional 3,211 shares in the last quarter. Sun Life Financial INC purchased a new stake in Matrix Service in the 2nd quarter valued at approximately $189,000. Engineers Gate Manager LP purchased a new stake in Matrix Service in the 3rd quarter valued at approximately $227,000. Finally, Palouse Capital Management Inc. purchased a new stake in Matrix Service in the 3rd quarter valued at approximately $234,000. 92.24% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Matrix Service stock opened at $19.95 on Thursday. Matrix Service Co has a fifty-two week low of $13.00 and a fifty-two week high of $25.75. The firm has a market cap of $540.08 million, a price-to-earnings ratio of 133.00 and a beta of 0.99.

Matrix Service (NASDAQ:MTRX) last issued its quarterly earnings results on Wednesday, November 7th. The oil and gas company reported $0.08 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.08. Matrix Service had a positive return on equity of 1.12% and a negative net margin of 1.14%. The company had revenue of $318.50 million for the quarter, compared to analyst estimates of $294.82 million. During the same quarter in the prior year, the company posted $0.14 EPS. The business’s revenue for the quarter was up 18.0% compared to the same quarter last year. As a group, sell-side analysts expect that Matrix Service Co will post 1.01 earnings per share for the current year.

A number of research firms recently issued reports on MTRX. Zacks Investment Research raised Matrix Service from a “sell” rating to a “hold” rating in a research note on Wednesday, November 14th. BidaskClub lowered Matrix Service from a “strong-buy” rating to a “buy” rating in a research note on Saturday, November 3rd. Finally, ValuEngine raised Matrix Service from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, October 2nd.

In related news, VP Kevin S. Cavanah sold 21,450 shares of the stock in a transaction on Friday, September 14th. The stock was sold at an average price of $25.40, for a total value of $544,830.00. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO Joseph F. Montalbano sold 34,785 shares of the stock in a transaction on Wednesday, September 12th. The stock was sold at an average price of $22.66, for a total value of $788,228.10. The disclosure for this sale can be found here. In the last three months, insiders have sold 98,266 shares of company stock worth $2,369,773. Corporate insiders own 1.90% of the company’s stock.

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About Matrix Service

Matrix Service Company provides engineering, fabrication, infrastructure, construction, and maintenance services primarily to the oil, gas, power, petrochemical, industrial, agricultural, and mining and minerals markets in the United States, Canada, and internationally. The company's Electrical Infrastructure segment offers construction and maintenance services to various power generation facilities, such as combined cycle plants and natural gas fired power stations; and high voltage services comprising the construction of new substations, upgrading existing substations, short-run transmission line installations, distribution upgrades and maintenance, and emergency and storm restoration services to investor owned utilities.

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Institutional Ownership by Quarter for Matrix Service (NASDAQ:MTRX)

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