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

Matrix Service (NASDAQ:MTRX) was upgraded by research analysts at StockNews.com from a “hold” rating to a “buy” rating in a research report issued on Tuesday.

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

Matrix Service Stock Down 1.8 %

Shares of NASDAQ MTRX traded down $0.20 during trading on Tuesday, hitting $11.14. 127,686 shares of the company traded hands, compared to its average volume of 231,622. Matrix Service has a 1 year low of $8.61 and a 1 year high of $13.90. The company has a 50-day moving average price of $10.18 and a 200-day moving average price of $10.78. The firm has a market capitalization of $304.22 million, a P/E ratio of -14.66 and a beta of 1.26.

Matrix Service (NASDAQ:MTRX) last announced its quarterly earnings data on Monday, September 9th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.21) by $0.07. Matrix Service had a negative net margin of 3.43% and a negative return on equity of 16.87%. The company had revenue of $189.50 million during the quarter, compared to analysts’ expectations of $215.61 million. Research analysts predict that Matrix Service will post -0.03 EPS for the current fiscal year.

Hedge Funds Weigh In On Matrix Service

Several hedge funds and other institutional investors have recently made changes to their positions in MTRX. Azarias Capital Management L.P. lifted its holdings in shares of Matrix Service by 28.5% during 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 in the last quarter. Jane Street Group LLC lifted its holdings 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 buying an additional 147,942 shares in the last quarter. Assenagon Asset Management S.A. acquired a new position in Matrix Service in the 2nd quarter worth $830,000. Bank of New York Mellon Corp lifted its holdings 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 buying an additional 65,902 shares in the last quarter. Finally, Ancora Advisors LLC lifted 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 buying an additional 50,940 shares in the last quarter. Institutional investors and hedge funds 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.