Matrix Service (NASDAQ:MTRX) Cut to Hold at StockNews.com

Matrix Service (NASDAQ:MTRX) was downgraded by StockNews.com from a “buy” rating to a “hold” rating in a report issued on Wednesday.

Separately, DA Davidson reaffirmed a “buy” rating and issued a $18.00 price target on shares of Matrix Service in a research note on Tuesday, September 10th.

Matrix Service Trading Down 2.6 %

Shares of NASDAQ MTRX traded down $0.28 during mid-day trading on Wednesday, reaching $10.35. 188,558 shares of the company’s stock were exchanged, compared to its average volume of 228,331. Matrix Service has a twelve month low of $8.61 and a twelve month high of $13.90. The firm has a market capitalization of $282.65 million, a price-to-earnings ratio of -13.62, a PEG ratio of 3.19 and a beta of 1.24. The business has a fifty day simple moving average of $9.84 and a 200 day simple moving average of $10.95.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Azarias Capital Management L.P. raised 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 acquiring an additional 282,086 shares during the period. Vanguard Group Inc. raised its position in shares of Matrix Service by 1.0% in the first quarter. Vanguard Group Inc. now owns 1,223,781 shares of the company’s stock valued at $15,946,000 after purchasing an additional 11,587 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Matrix Service by 0.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,172,616 shares of the company’s stock worth $11,644,000 after buying an additional 3,215 shares during the last quarter. Gendell Jeffrey L boosted its holdings in shares of Matrix Service by 5.8% during the 1st quarter. Gendell Jeffrey L now owns 870,556 shares of the company’s stock worth $11,343,000 after buying an additional 48,000 shares during the period. Finally, 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 buying an additional 65,902 shares during the last quarter. 78.38% of the stock is currently 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.