Harvey Partners LLC Purchases 115,000 Shares of Matrix Service (NASDAQ:MTRX)

Harvey Partners LLC raised its stake in shares of Matrix Service (NASDAQ:MTRX) by 8.2% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 1,515,000 shares of the company’s stock after acquiring an additional 115,000 shares during the period. Matrix Service comprises about 2.0% of Harvey Partners LLC’s investment portfolio, making the stock its 23rd biggest position. Harvey Partners LLC owned 0.05% of Matrix Service worth $17,468,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Azarias Capital Management L.P. lifted its position in shares of Matrix Service by 28.5% during the 2nd quarter. Azarias Capital Management L.P. now owns 1,273,193 shares of the company’s stock worth $12,643,000 after buying an additional 282,086 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Matrix Service by 1.0% in the first quarter. Vanguard Group Inc. now owns 1,223,781 shares of the company’s stock worth $15,946,000 after buying an additional 11,587 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Matrix Service by 0.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,172,616 shares of the company’s stock worth $11,644,000 after purchasing an additional 3,215 shares during the last quarter. Royce & Associates LP boosted its holdings in shares of Matrix Service by 14.3% in the third quarter. Royce & Associates LP now owns 863,262 shares of the company’s stock valued at $9,953,000 after acquiring an additional 107,820 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in Matrix Service by 12.9% during the second quarter. Bank of New York Mellon Corp now owns 575,428 shares of the company’s stock valued at $5,714,000 after buying an additional 65,902 shares in the last quarter. 78.38% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. StockNews.com raised shares of Matrix Service from a “hold” rating to a “buy” rating in a research report on Wednesday, November 27th. DA Davidson reaffirmed a “buy” rating and set a $18.00 price target on shares of Matrix Service in a report on Thursday, September 26th.

Matrix Service Stock Performance

Shares of NASDAQ MTRX opened at $13.40 on Tuesday. Matrix Service has a twelve month low of $8.61 and a twelve month high of $13.90. The company has a 50 day moving average of $12.05 and a 200 day moving average of $10.83.

Matrix Service (NASDAQ:MTRX) last issued its quarterly earnings data on Wednesday, November 6th. The company reported ($0.33) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $165.58 million during the quarter, compared to analysts’ expectations of $183.90 million. During the same period in the previous year, the firm earned ($0.21) EPS. On average, sell-side analysts forecast that Matrix Service will post -0.04 EPS for the current fiscal year.

About Matrix Service

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.