Royce & Associates’ Latest Moves: Matrix Service Co (MTRX) and Cache, Inc. (CACH)

Chuck Royce, the manager of Royce & Associates, has recently revealed two of his latest moves. In an amended filing with the Securities and Exchange Commission, Royce has disclosed a reduction in his fund’s ownership of Matrix Service Co (NASDAQ:MTRX) to 1.5 million shares, which account for 5.71% of the company’s common shares, from 3.02 million. In another move, Royce has almost tripled his fund’s stake in Cache, Inc. (NASDAQ:CACH) to 1.51 million share or 7% of the total number of shares outstanding.

Chuck Royce

Matrix Service Co (NASDAQ:MTRX) is also present in the portfolio of the legendary hedge fund manager Joel Greenblatt. His fund, Gotham Asset Management, has increased its stake by 67% to approximately 135,500 shares valued at $3.31 million during the fourth quarter of 2013. Cliff Asness and AQR Capital Management are also betting on this stock, having increased their stake by 71% during the same period. AQR currently holds 207,500 shares reportedly worth a little over $5 million.

A provider of construction and maintenance services for the oil and gas industry, Matrix Service Co (NASDAQ:MTRX) has a market cap of $909 million and does not pay a dividend. The stock has advanced 41% to a current price of $34.53 per share and is currently trading at a trailing Price to Earnings (P/E) ratio of 30.xx, which is a little higher than the industry average of 26.20. Matrix Service has reported revenues of $311 million and earnings per share (EPS) of $0.38 for the 2013 fourth quarter. Analysts estimate $333 million in revenues and EPS of $0.34 for the first quarter of 2014.

Cache, Inc. (NASDAQ:CACH) operates mall-based and online retailers of women’s clothing and accessories. The company has a market cap of $71 million and does not pay a dividend. For the 2013 fourth quarter, Cache posted revenues of $55.8 and a loss per share of $0.17, missing market expectations. 2014 first quarter is expected to bring revenues of $49.5 million and a loss per share of $0.35. So far this year the stock has tumbled 39% to a current price of $3.35  per share. It is touted mainly as a Buy with a mean price target of $7.33 per share.

Charles Davidson of Wexford Capital is also optimistic about the prospects of Cache, Inc. (NASDAQ:CACH), having increased his fund’s stake by 4% during Q4 of 2013. In its latest 13F filing, Wexford reported ownership of 1.08 million shares valued at $5.86 million. Thomas E. Lynch is betting big on this stock as well, as Cache, Inc. (NASDAQ:CACH) occupies 13.37% of the equity portfolio of Mill Road Capital Management. The fund held, at the end of 2013, 2.68 million shares worth approximately $14.5 million.

Disclosure: none.

Recommended reading:

Wexford Capital Ups Stake in Cache, Inc. (CACH) to 5%

Royce & Associates Reveals Moves in MKS Instruments, Inc. (MKSI), NN, Inc. (NNBR) & Others

Royce & Associates’ Latest Moves Also Involve R.G. Barry Corp. (DFZ), Atrion Corporation (ATRI) & Arden Group, Inc. (ARDNA)

blog comments powered by Disqus
Insider Monkey Headlines
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 44 percentage points in 21 months Learn how!

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 47.6% in its first year! Wondering How?

Download a complete edition of our newsletter for free!