According to Zacks, “Matrix Service Company designs, constructs, maintains, and provides specialized repair services and products for aboveground storage tanks, provides general industrial construction and in-plant routine maintenance, process unit turnarounds and construction services principally for petroleum refineries, bulk storage terminals, pipelines, power plants and chemical plants. Matrix Service Company is a top-tier engineering, procurement and construction company providing these services, as well as fabrication, maintenance and repair, to the energy, power and industrial markets . The Company provides services through four subsidiaries: Matrix PDM Engineering, Matrix North American Construction (its direct hire union subsidiary), Matrix Service Inc., and Matrix Applied Technologies. “
NASDAQ MTRX opened at $8.11 on Wednesday. The company’s 50 day moving average is $8.53 and its 200-day moving average is $9.91. Matrix Service has a 12-month low of $6.18 and a 12-month high of $16.32.
In other Matrix Service news, CEO John R. Hewitt purchased 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 22nd. The stock was bought at an average cost of $6.97 per share, for a total transaction of $69,700.00. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director John D. Chandler acquired 7,000 shares of the business’s stock in a transaction that occurred on Tuesday, December 21st. The shares were purchased at an average cost of $6.79 per share, for a total transaction of $47,530.00. The disclosure for this purchase can be found here. Corporate insiders own 2.80% of the company’s stock.
Several large investors have recently modified their holdings of the company. Charles Schwab Investment Management Inc. boosted its position in shares of Matrix Service by 8.1% during the second quarter. Charles Schwab Investment Management Inc. now owns 537,324 shares of the oil and gas company’s stock worth $5,642,000 after acquiring an additional 40,487 shares during the last quarter. Invesco Ltd. grew its holdings in Matrix Service by 8.3% during the 2nd quarter. Invesco Ltd. now owns 430,090 shares of the oil and gas company’s stock valued at $4,516,000 after buying an additional 32,780 shares in the last quarter. State of Alaska Department of Revenue boosted its position in shares of Matrix Service by 7.1% during the 3rd quarter. State of Alaska Department of Revenue now owns 19,654 shares of the oil and gas company’s stock valued at $205,000 after acquiring an additional 1,300 shares during the last quarter. Principal Financial Group Inc. grew its holdings in shares of Matrix Service by 0.6% in the second quarter. Principal Financial Group Inc. now owns 183,387 shares of the oil and gas company’s stock valued at $1,926,000 after purchasing an additional 1,181 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its position in Matrix Service by 7.0% in the second quarter. The Manufacturers Life Insurance Company now owns 18,970 shares of the oil and gas company’s stock worth $199,000 after purchasing an additional 1,249 shares during the last quarter. Hedge funds and other institutional investors own 85.30% of the company’s stock.
Matrix Service Company Profile
Matrix Service Co engages in the provision of engineering, fabrication, infrastructure, construction, and maintenance services. It operates through the following segments: Utility & Power Infrastructure, Process & Industrial Facilities, and Storage & Terminal Solutions. The Utility & Power Infrastructure segment consists of power delivery services provided to investor-owned utilities, including construction of new substations, upgrades of existing substations, transmission and distribution line installations, upgrades and maintenance, as well as emergency and storm restoration services.
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