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 research note issued on Friday.

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

Matrix Service Stock Up 2.0 %

Shares of Matrix Service stock traded up $0.26 during mid-day trading on Friday, hitting $13.01. The stock had a trading volume of 169,735 shares, compared to its average volume of 103,223. The firm has a 50-day moving average of $11.15 and a two-hundred day moving average of $10.65. Matrix Service has a 12-month low of $8.61 and a 12-month high of $13.90. The firm has a market cap of $358.43 million, a P/E ratio of -11.62 and a beta of 1.25.

Matrix Service (NASDAQ:MTRX) last posted its quarterly earnings results on Monday, September 9th. The company reported ($0.14) earnings per share for the quarter, beating the consensus estimate of ($0.21) by $0.07. Matrix Service had a negative net margin of 4.46% and a negative return on equity of 19.18%. The business had revenue of $189.50 million during the quarter, compared to analysts’ expectations of $215.61 million. Sell-side analysts expect that Matrix Service will post -0.05 earnings per share for the current year.

Institutional Investors Weigh In On Matrix Service

Hedge funds have recently added to or reduced their stakes in the business. Jane Street Group LLC lifted its holdings in Matrix Service by 92.0% during 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. Ancora Advisors LLC lifted its holdings in 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 in the last quarter. Bank of New York Mellon Corp lifted its holdings in 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 in the last quarter. Azarias Capital Management L.P. lifted its holdings in 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 worth $12,643,000 after buying an additional 282,086 shares in the last quarter. Finally, Assenagon Asset Management S.A. acquired a new stake in shares of Matrix Service in the 2nd quarter valued at $830,000. 78.38% of the stock is currently owned by institutional investors and hedge funds.

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.