StockNews.com Upgrades Matrix Service (NASDAQ:MTRX) to Buy

Matrix Service (NASDAQ:MTRX) was upgraded by research analysts at StockNews.com from a “hold” rating to a “buy” rating in a report issued on Wednesday.

Separately, DA Davidson restated a “buy” rating and set a $18.00 price target on shares of Matrix Service in a research report on Thursday, September 26th.

Matrix Service Stock Performance

NASDAQ:MTRX opened at $13.30 on Wednesday. The company has a 50-day moving average price of $11.97 and a 200-day moving average price of $10.80. The stock has a market cap of $366.55 million, a price-to-earnings ratio of -11.87 and a beta of 1.25. Matrix Service has a 12 month low of $8.61 and a 12 month high of $13.90.

Matrix Service (NASDAQ:MTRX) last issued its quarterly earnings data on Wednesday, November 6th. The company reported ($0.33) EPS for the quarter, missing the consensus estimate of ($0.32) by ($0.01). The company had revenue of $165.58 million during the quarter, compared to analysts’ expectations of $183.90 million. Matrix Service had a negative return on equity of 19.56% and a negative net margin of 4.46%. During the same quarter last year, the business earned ($0.21) earnings per share. Equities analysts forecast that Matrix Service will post -0.04 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Jane Street Group LLC grew its holdings in Matrix Service by 92.0% in the first quarter. Jane Street Group LLC now owns 308,743 shares of the company’s stock worth $4,023,000 after purchasing an additional 147,942 shares during the period. Bank of New York Mellon Corp grew its stake in shares of Matrix Service by 12.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 575,428 shares of the company’s stock worth $5,714,000 after buying an additional 65,902 shares during the last quarter. Azarias Capital Management L.P. increased its position in 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 valued at $12,643,000 after buying an additional 282,086 shares in the last quarter. Assenagon Asset Management S.A. purchased a new position in Matrix Service during the second quarter valued at $830,000. Finally, Royce & Associates LP raised its stake in Matrix Service by 14.3% during the third quarter. Royce & Associates LP now owns 863,262 shares of the company’s stock valued at $9,953,000 after buying an additional 107,820 shares during the last quarter. 78.38% of the stock is currently owned by institutional investors.

Matrix Service Company 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.