Matrix Service (NASDAQ:MTRX) Downgraded by StockNews.com to “Hold”

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

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

Matrix Service Trading Up 2.0 %

Shares of Matrix Service stock traded up $0.26 on Friday, reaching $13.01. 169,735 shares of the stock were exchanged, compared to its average volume of 103,223. The firm has a market capitalization of $358.43 million, a PE ratio of -11.62 and a beta of 1.25. Matrix Service has a 1-year low of $8.61 and a 1-year high of $13.90. The business has a fifty day moving average price of $11.15 and a two-hundred day moving average price of $10.65.

Matrix Service (NASDAQ:MTRX) last released its earnings results on Wednesday, November 6th. The company reported ($0.33) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.32) by ($0.01). The business had revenue of $165.58 million for the quarter, compared to analyst estimates of $183.90 million. Matrix Service had a negative return on equity of 19.18% and a negative net margin of 4.46%. During the same quarter in the previous year, the firm posted ($0.21) EPS. Research analysts expect that Matrix Service will post -0.05 EPS for the current year.

Institutional Investors Weigh In On Matrix Service

Several institutional investors have recently modified their holdings of the company. Azarias Capital Management L.P. raised its holdings in Matrix Service by 28.5% during the second quarter. Azarias Capital Management L.P. now owns 1,273,193 shares of the company’s stock worth $12,643,000 after purchasing an additional 282,086 shares during the last quarter. Jane Street Group LLC grew its stake in Matrix Service by 92.0% in the 1st quarter. Jane Street Group LLC now owns 308,743 shares of the company’s stock valued at $4,023,000 after acquiring an additional 147,942 shares during the last quarter. Royce & Associates LP increased its holdings in Matrix Service by 14.3% during the 3rd quarter. Royce & Associates LP now owns 863,262 shares of the company’s stock valued at $9,953,000 after acquiring an additional 107,820 shares in the last quarter. Assenagon Asset Management S.A. acquired a new position in Matrix Service during the second quarter worth about $830,000. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Matrix Service by 12.9% in the second quarter. Bank of New York Mellon Corp now owns 575,428 shares of the company’s stock valued at $5,714,000 after purchasing an additional 65,902 shares in the last quarter. Hedge funds and other institutional investors own 78.38% of the company’s stock.

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.