Connor Clark & Lunn Investment Management Ltd. Grows Stock Position in Matrix Service (NASDAQ:MTRX)

Connor Clark & Lunn Investment Management Ltd. increased its position in Matrix Service (NASDAQ:MTRX - Free Report) by 44.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 166,302 shares of the company's stock after purchasing an additional 51,433 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.60% of Matrix Service worth $1,917,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in MTRX. Keene & Associates Inc. raised its holdings in Matrix Service by 4.3% during the second quarter. Keene & Associates Inc. now owns 54,055 shares of the company's stock valued at $537,000 after acquiring an additional 2,206 shares during the period. Victory Capital Management Inc. grew its holdings in Matrix Service by 4.3% during the second quarter. Victory Capital Management Inc. now owns 69,600 shares of the company's stock worth $691,000 after acquiring an additional 2,900 shares during the period. Dimensional Fund Advisors LP lifted its position in Matrix Service by 0.3% during the second quarter. Dimensional Fund Advisors LP now owns 1,172,616 shares of the company's stock worth $11,644,000 after buying an additional 3,215 shares during the period. American Century Companies Inc. increased its stake in Matrix Service by 13.4% during the 2nd quarter. American Century Companies Inc. now owns 37,714 shares of the company's stock worth $374,000 after buying an additional 4,452 shares during the period. Finally, XTX Topco Ltd raised its stake in Matrix Service by 66.3% during the 2nd quarter. XTX Topco Ltd now owns 20,932 shares of the company's stock valued at $208,000 after acquiring an additional 8,344 shares in the last quarter. 78.38% of the stock is currently owned by institutional investors and hedge funds.

Matrix Service Stock Down 1.1 %

Shares of NASDAQ:MTRX traded down $0.15 during midday trading on Tuesday, reaching $13.30. The company's stock had a trading volume of 152,053 shares, compared to its average volume of 215,217. Matrix Service has a 1 year low of $8.61 and a 1 year high of $13.90. The firm has a market cap of $366.48 million, a price-to-earnings ratio of -12.01 and a beta of 1.25. The business has a 50 day moving average price of $11.81 and a 200 day moving average price of $10.75.

Matrix Service (NASDAQ:MTRX - Get Free Report) last announced its earnings results on Wednesday, November 6th. The company reported ($0.33) earnings per share for the quarter, missing analysts' consensus estimates of ($0.32) by ($0.01). The business had revenue of $165.58 million during the quarter, compared to analyst estimates of $183.90 million. Matrix Service had a negative net margin of 4.46% and a negative return on equity of 19.56%. During the same quarter last year, the business posted ($0.21) earnings per share. Sell-side analysts anticipate that Matrix Service will post -0.04 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. DA Davidson reaffirmed a "buy" rating and issued a $18.00 target price on shares of Matrix Service in a research note on Thursday, September 26th. StockNews.com cut Matrix Service from a "buy" rating to a "hold" rating in a report on Friday, November 8th.

Matrix Service Profile

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.