Fortress Investment Group LLC Purchases Shares of 88,854 Matrix Service Company $MTRX

Fortress Investment Group LLC acquired a new position in Matrix Service Company (NASDAQ:MTRX) in the third quarter, Holdings Channel.com reports. The institutional investor acquired 88,854 shares of the company’s stock, valued at approximately $1,162,000.

Several other institutional investors also recently modified their holdings of MTRX. Brevan Howard Capital Management LP acquired a new position in shares of Matrix Service in the third quarter valued at $156,000. Aquatic Capital Management LLC bought a new position in Matrix Service in the third quarter worth $67,000. Algert Global LLC boosted its stake in Matrix Service by 704.5% during the third quarter. Algert Global LLC now owns 95,829 shares of the company’s stock worth $1,253,000 after buying an additional 83,917 shares in the last quarter. Alliancebernstein L.P. increased its holdings in Matrix Service by 478.1% in the 3rd quarter. Alliancebernstein L.P. now owns 86,420 shares of the company’s stock valued at $1,130,000 after buying an additional 71,470 shares during the period. Finally, Creative Planning increased its holdings in Matrix Service by 121.1% in the 3rd quarter. Creative Planning now owns 28,754 shares of the company’s stock valued at $376,000 after buying an additional 15,748 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 equities analysts have recently issued reports on the stock. DA Davidson restated a “buy” rating and issued a $17.00 price objective on shares of Matrix Service in a research note on Friday, February 6th. Northland Securities set a $24.00 target price on shares of Matrix Service in a research report on Wednesday, February 11th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Matrix Service in a research note on Thursday, January 22nd. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $20.50.

Insider Activity at Matrix Service

In other news, VP Nancy E. Austin sold 4,193 shares of the company’s stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $11.29, for a total value of $47,338.97. Following the sale, the vice president owned 106,138 shares of the company’s stock, valued at approximately $1,198,298.02. This represents a 3.80% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 4.40% of the company’s stock.

Matrix Service Price Performance

Shares of MTRX stock opened at $10.27 on Monday. The stock’s fifty day simple moving average is $12.19 and its 200 day simple moving average is $12.59. The firm has a market cap of $288.90 million, a price-to-earnings ratio of -15.10, a P/E/G ratio of 2.38 and a beta of 0.98. Matrix Service Company has a one year low of $9.33 and a one year high of $16.10.

Matrix Service (NASDAQ:MTRX) last announced its quarterly earnings results on Wednesday, February 4th. The company reported ($0.02) earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.06). The company had revenue of $210.51 million during the quarter, compared to the consensus estimate of $215.42 million. Matrix Service had a negative net margin of 2.30% and a negative return on equity of 8.56%. On average, research analysts anticipate that Matrix Service Company will post -0.26 earnings per share for the current year.

Matrix Service Profile

Matrix Service Company (NASDAQ: MTRX) is a provider of engineered construction, fabrication and maintenance services to the energy, industrial and power markets. The firm offers a full suite of engineering, procurement and construction (EPC) solutions for clients in the oil and gas, petrochemical, refining, mining, fertilizer and power generation industries. Its capabilities span from front-end engineering design through plant commissioning, with specializations in modular process skid fabrication, structural steel erection and complex piping systems.

The company’s service portfolio includes onshore and offshore pipe fabrication, equipment setting, industrial maintenance and shutdown services, electrical and instrumentation installation, and skid-mount and modular construction.