Congruence Capital LLC Takes Position in Matrix Service Company $MTRX

Congruence Capital LLC acquired a new stake in shares of Matrix Service Company (NASDAQ:MTRX) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 93,196 shares of the company’s stock, valued at approximately $1,090,000. Matrix Service comprises approximately 0.4% of Congruence Capital LLC’s investment portfolio, making the stock its 29th largest position. Congruence Capital LLC owned approximately 0.33% of Matrix Service as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Quarry LP purchased a new stake in Matrix Service during the third quarter valued at approximately $28,000. BNP Paribas Financial Markets increased its stake in shares of Matrix Service by 68.9% in the second quarter. BNP Paribas Financial Markets now owns 2,530 shares of the company’s stock worth $34,000 after purchasing an additional 1,032 shares in the last quarter. Tower Research Capital LLC TRC increased its stake in shares of Matrix Service by 133.9% in the second quarter. Tower Research Capital LLC TRC now owns 3,307 shares of the company’s stock worth $45,000 after purchasing an additional 1,893 shares in the last quarter. Aquatic Capital Management LLC purchased a new stake in shares of Matrix Service in the third quarter worth $67,000. Finally, Daytona Street Capital LLC purchased a new stake in shares of Matrix Service in the fourth quarter worth $78,000. 78.38% of the stock is owned by hedge funds and other institutional investors.

Matrix Service Price Performance

Shares of NASDAQ MTRX opened at $13.71 on Friday. The firm has a fifty day moving average price of $12.66 and a 200-day moving average price of $12.17. The stock has a market cap of $385.66 million, a PE ratio of -25.87, a price-to-earnings-growth ratio of 3.05 and a beta of 0.99. Matrix Service Company has a 1 year low of $9.88 and a 1 year high of $16.10.

Matrix Service (NASDAQ:MTRX) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $0.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.07 by $0.06. Matrix Service had a negative net margin of 1.77% and a negative return on equity of 3.60%. The firm had revenue of $206.71 million during the quarter, compared to analysts’ expectations of $231.52 million. On average, research analysts expect that Matrix Service Company will post 0.25 EPS for the current year.

Insider Buying and Selling at Matrix Service

In related news, CEO John R. Hewitt sold 36,000 shares of the company’s stock in a transaction on Friday, May 8th. The shares were sold at an average price of $12.50, for a total transaction of $450,000.00. Following the completion of the transaction, the chief executive officer owned 581,806 shares in the company, valued at approximately $7,272,575. This represents a 5.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 4.40% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reissued a “sell (d-)” rating on shares of Matrix Service in a research note on Tuesday, April 21st. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Matrix Service has an average rating of “Moderate Buy” and an average price target of $20.50.

Matrix Service Company 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.