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

StockNews.com upgraded shares of Matrix Service (NASDAQ:MTRX) from a hold rating to a buy rating in a research note published on Friday.

Separately, DA Davidson reissued 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 Down 0.4 %

Shares of MTRX opened at $11.69 on Friday. The stock has a market capitalization of $319.24 million, a P/E ratio of -15.38 and a beta of 1.26. The firm has a fifty day simple moving average of $10.54 and a two-hundred day simple moving average of $10.73. Matrix Service has a twelve month low of $8.61 and a twelve month high of $13.90.

Matrix Service (NASDAQ:MTRX) last announced its quarterly earnings results on Monday, September 9th. The company reported ($0.14) earnings per share for the quarter, beating the consensus estimate of ($0.21) by $0.07. The business had revenue of $189.50 million during the quarter, compared to analysts’ expectations of $215.61 million. Matrix Service had a negative net margin of 3.43% and a negative return on equity of 16.87%. Sell-side analysts expect that Matrix Service will post -0.05 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in MTRX. Quadrature Capital Ltd raised its holdings in Matrix Service by 38.8% in the 4th quarter. Quadrature Capital Ltd now owns 28,807 shares of the company’s stock worth $281,000 after purchasing an additional 8,059 shares in the last quarter. Essex Investment Management Co. LLC increased its stake in shares of Matrix Service by 1.6% in the 1st quarter. Essex Investment Management Co. LLC now owns 205,561 shares of the company’s stock worth $2,678,000 after acquiring an additional 3,157 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Matrix Service by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 1,223,781 shares of the company’s stock worth $15,946,000 after acquiring an additional 11,587 shares in the last quarter. Acadian Asset Management LLC increased its stake in shares of Matrix Service by 11.8% in the 1st quarter. Acadian Asset Management LLC now owns 421,808 shares of the company’s stock worth $5,494,000 after acquiring an additional 44,419 shares in the last quarter. Finally, Gendell Jeffrey L increased its stake in shares of Matrix Service by 5.8% in the 1st quarter. Gendell Jeffrey L now owns 870,556 shares of the company’s stock worth $11,343,000 after acquiring an additional 48,000 shares in 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.