Citadel Advisors LLC cut its position in shares of Matrix Service Co (NASDAQ:MTRX) by 14.1% in the second quarter, HoldingsChannel reports. The institutional investor owned 129,991 shares of the oil and gas company’s stock after selling 21,396 shares during the period. Citadel Advisors LLC’s holdings in Matrix Service were worth $2,385,000 at the end of the most recent quarter.
Other hedge funds have also recently bought and sold shares of the company. Piedmont Investment Advisors LLC purchased a new stake in Matrix Service during the second quarter valued at about $115,000. Meeder Asset Management Inc. lifted its stake in Matrix Service by 83.0% during the second quarter. Meeder Asset Management Inc. now owns 8,436 shares of the oil and gas company’s stock valued at $155,000 after buying an additional 3,825 shares in the last quarter. Sun Life Financial INC purchased a new stake in Matrix Service during the second quarter valued at about $189,000. Global X Management Co. LLC purchased a new stake in Matrix Service during the first quarter valued at about $212,000. Finally, Trexquant Investment LP purchased a new stake in Matrix Service during the first quarter valued at about $224,000. 93.19% of the stock is owned by institutional investors.
NASDAQ MTRX opened at $21.00 on Friday. The company has a quick ratio of 1.62, a current ratio of 1.65 and a debt-to-equity ratio of 0.03. The company has a market capitalization of $557.79 million, a PE ratio of -2,070.00 and a beta of 0.95. Matrix Service Co has a 52-week low of $12.76 and a 52-week high of $21.95.
A number of analysts have recently issued reports on MTRX shares. BidaskClub lowered shares of Matrix Service from a “strong-buy” rating to a “buy” rating in a research report on Thursday, July 19th. Citigroup increased their price target on shares of Matrix Service from $37.00 to $64.00 and gave the stock a “buy” rating in a research report on Thursday, July 5th. Zacks Investment Research raised shares of Matrix Service from a “strong sell” rating to a “hold” rating in a research report on Wednesday, July 4th. Finally, ValuEngine raised shares of Matrix Service from a “buy” rating to a “strong-buy” rating in a research report on Saturday, June 2nd. One research analyst has rated the stock with a hold rating and three have issued a buy rating to the company. The stock has an average rating of “Buy” and an average price target of $41.00.
In other news, CEO John R. Hewitt sold 62,500 shares of the stock in a transaction that occurred on Friday, June 15th. The shares were sold at an average price of $19.28, for a total value of $1,205,000.00. Following the completion of the sale, the chief executive officer now directly owns 261,213 shares of the company’s stock, valued at $5,036,186.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO John R. Hewitt sold 17,816 shares of the stock in a transaction that occurred on Wednesday, June 13th. The stock was sold at an average price of $19.25, for a total transaction of $342,958.00. Following the completion of the sale, the chief executive officer now directly owns 261,213 shares of the company’s stock, valued at $5,028,350.25. The disclosure for this sale can be found here. Insiders sold 87,192 shares of company stock valued at $1,679,038 over the last three months. 2.50% of the stock is owned by insiders.
Matrix Service Company Profile
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, natural gas fired power stations, and renewable energy installations; and high voltage services comprising the construction of new substations, upgrading existing substations, short-run transmission line installations, distribution upgrades and maintenance, and storm restoration services to investor owned utilities.
Further Reading: Growth Stocks
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