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

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

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

Matrix Service Price Performance

MTRX stock traded up $0.26 during midday trading on Friday, hitting $13.01. The stock had a trading volume of 169,735 shares, compared to its average volume of 103,223. The company’s 50-day moving average price is $11.15 and its 200 day moving average price is $10.65. The firm has a market cap of $358.43 million, a PE ratio of -11.62 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 announced its quarterly earnings data on Wednesday, November 6th. The company reported ($0.33) EPS for the quarter, missing analysts’ consensus estimates of ($0.32) by ($0.01). Matrix Service had a negative net margin of 4.46% and a negative return on equity of 19.18%. The business had revenue of $165.58 million during the quarter, compared to analysts’ expectations of $183.90 million. During the same period in the prior year, the firm earned ($0.21) EPS. As a group, sell-side analysts anticipate that Matrix Service will post -0.05 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the company. Quest Partners LLC purchased a new stake in Matrix Service during the second quarter valued at about $83,000. SG Americas Securities LLC acquired a new stake in Matrix Service during the 3rd quarter worth approximately $108,000. The Manufacturers Life Insurance Company purchased a new position in Matrix Service in the second quarter valued at approximately $110,000. Net Worth Advisory Group acquired a new position in Matrix Service during the third quarter valued at approximately $125,000. Finally, XTX Topco Ltd grew its stake in Matrix Service by 66.3% during the second quarter. XTX Topco Ltd now owns 20,932 shares of the company’s stock worth $208,000 after buying an additional 8,344 shares during the period. 78.38% of the stock is owned by hedge funds and other institutional investors.

About Matrix Service

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.