Matrix Service (NASDAQ:MTRX) Rating Increased to Buy at StockNews.com

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

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

Matrix Service Stock Performance

Shares of MTRX stock opened at $11.52 on Friday. Matrix Service has a fifty-two week low of $8.61 and a fifty-two week high of $13.90. The firm has a market capitalization of $314.60 million, a price-to-earnings ratio of -15.16 and a beta of 1.26. The stock’s 50-day simple moving average is $10.59 and its 200-day simple moving average is $10.69.

Matrix Service (NASDAQ:MTRX) last announced its quarterly earnings data on Monday, September 9th. The company reported ($0.14) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.07. Matrix Service had a negative return on equity of 16.87% and a negative net margin of 3.43%. The business had revenue of $189.50 million for the quarter, compared to analyst estimates of $215.61 million. As a group, equities analysts forecast that Matrix Service will post -0.05 earnings per share for the current year.

Hedge Funds Weigh In On Matrix Service

Several institutional investors and hedge funds have recently modified their holdings of the business. Azarias Capital Management L.P. grew its holdings in Matrix Service by 28.5% in the second quarter. Azarias Capital Management L.P. now owns 1,273,193 shares of the company’s stock valued at $12,643,000 after purchasing an additional 282,086 shares during the period. Jane Street Group LLC lifted its position in shares of Matrix Service by 92.0% during the 1st quarter. Jane Street Group LLC now owns 308,743 shares of the company’s stock valued at $4,023,000 after buying an additional 147,942 shares in the last quarter. Assenagon Asset Management S.A. acquired a new stake in Matrix Service in the 2nd quarter valued at $830,000. Bank of New York Mellon Corp grew its stake in 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 valued at $5,714,000 after acquiring an additional 65,902 shares during the period. Finally, Ancora Advisors LLC increased its holdings in Matrix Service by 71.8% in the 1st quarter. Ancora Advisors LLC now owns 121,863 shares of the company’s stock worth $1,588,000 after acquiring an additional 50,940 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.