Needham Investment Management LLC Purchases 395,000 Shares of Matrix Service (NASDAQ:MTRX)

Needham Investment Management LLC lifted its stake in Matrix Service (NASDAQ:MTRX) by 38.5% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,420,000 shares of the company’s stock after buying an additional 395,000 shares during the period. Matrix Service makes up approximately 1.3% of Needham Investment Management LLC’s investment portfolio, making the stock its 26th biggest position. Needham Investment Management LLC owned about 5.15% of Matrix Service worth $16,373,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of MTRX. Quest Partners LLC bought a new position in 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 3rd quarter. BNP Paribas Financial Markets now owns 9,165 shares of the company’s stock worth $106,000 after purchasing an additional 4,860 shares during the last quarter. SG Americas Securities LLC acquired a new position in Matrix Service during the 3rd quarter worth about $108,000. Net Worth Advisory Group bought a new stake in shares of Matrix Service in the 3rd quarter valued at about $125,000. Finally, The Manufacturers Life Insurance Company acquired a new stake in shares of Matrix Service in the second quarter valued at about $110,000. Institutional investors own 78.38% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on MTRX shares. DA Davidson reissued a “buy” rating and issued a $18.00 price objective on shares of Matrix Service in a research note on Thursday, September 26th. StockNews.com upgraded shares of Matrix Service from a “hold” rating to a “buy” rating in a report on Wednesday, November 27th.

Matrix Service Trading Down 0.6 %

Shares of MTRX traded down $0.08 during trading hours on Tuesday, reaching $13.32. The stock had a trading volume of 7,892 shares, compared to its average volume of 212,657. The company has a market capitalization of $367.10 million, a price-to-earnings ratio of -11.96 and a beta of 1.27. The firm has a 50-day simple moving average of $12.05 and a 200 day simple moving average of $10.83. Matrix Service has a 12 month low of $8.61 and a 12 month high of $13.90.

Matrix Service (NASDAQ:MTRX) last posted its earnings results on Wednesday, November 6th. The company reported ($0.33) EPS for the quarter, missing the consensus estimate of ($0.32) by ($0.01). Matrix Service had a negative return on equity of 19.56% and a negative net margin of 4.46%. The business had revenue of $165.58 million for the quarter, compared to the consensus estimate of $183.90 million. During the same period in the previous year, the firm earned ($0.21) earnings per share. On average, equities analysts forecast that Matrix Service will post -0.04 EPS for the current year.

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.