Matrix Service (NASDAQ:MTRX) Upgraded at StockNews.com

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

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

Matrix Service Stock Performance

NASDAQ MTRX opened at $13.30 on Wednesday. Matrix Service has a 52-week low of $8.61 and a 52-week high of $13.90. The company has a market capitalization of $366.55 million, a P/E ratio of -11.87 and a beta of 1.25. The company has a fifty day moving average of $11.92 and a 200-day moving average of $10.79.

Matrix Service (NASDAQ:MTRX) last posted its quarterly earnings data on Wednesday, November 6th. The company reported ($0.33) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.32) by ($0.01). Matrix Service had a negative return on equity of 19.56% and a negative net margin of 4.46%. The company had revenue of $165.58 million for the quarter, compared to the consensus estimate of $183.90 million. During the same period in the prior year, the firm posted ($0.21) earnings per share. As a group, analysts forecast that Matrix Service will post -0.04 EPS for the current fiscal year.

Hedge Funds Weigh In On Matrix Service

Large investors have recently added to or reduced their stakes in the business. Jane Street Group LLC raised its position in Matrix Service by 92.0% in the 1st 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. Bank of New York Mellon Corp raised its position 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 worth $5,714,000 after purchasing an additional 65,902 shares during the period. Azarias Capital Management L.P. raised its position 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 worth $12,643,000 after purchasing an additional 282,086 shares during the period. Assenagon Asset Management S.A. purchased a new position in shares of Matrix Service in the second quarter valued at about $830,000. Finally, Royce & Associates LP increased its position in shares of Matrix Service by 14.3% in the third 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 during the period. Hedge funds and other institutional investors own 78.38% of the company’s stock.

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.