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 note released on Friday morning.

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

Matrix Service Stock Down 0.4 %

Shares of Matrix Service stock opened at $11.69 on Friday. The stock has a market cap of $319.24 million, a P/E ratio of -15.38 and a beta of 1.26. Matrix Service has a 12-month low of $8.61 and a 12-month high of $13.90. The business’s 50 day moving average is $10.54 and its 200-day moving average is $10.70.

Matrix Service (NASDAQ:MTRX) last posted its quarterly earnings results on Monday, September 9th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.21) by $0.07. The firm had revenue of $189.50 million for the quarter, compared to analyst estimates of $215.61 million. Matrix Service had a negative net margin of 3.43% and a negative return on equity of 16.87%. On average, sell-side analysts expect that Matrix Service will post -0.05 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in MTRX. Jane Street Group LLC boosted its position in Matrix Service by 92.0% during 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. Ancora Advisors LLC lifted its stake in shares of Matrix Service by 71.8% during the 1st quarter. Ancora Advisors LLC now owns 121,863 shares of the company’s stock worth $1,588,000 after buying an additional 50,940 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Matrix Service by 12.9% during 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 period. Azarias Capital Management L.P. grew its stake in Matrix Service by 28.5% in 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 during the last quarter. Finally, Assenagon Asset Management S.A. bought a new position in Matrix Service in the 2nd quarter valued at about $830,000. 78.38% of the stock is owned by institutional investors and hedge funds.

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.