Matrix Service Co. (MTRX) Lowered to Market Perform at Avondale Partners
Several other research firms also recently weighed in on MTRX. TheStreet upgraded Matrix Service from a hold rating to a buy rating in a research note on Friday, September 16th. Zacks Investment Research downgraded Matrix Service from a hold rating to a strong sell rating in a research note on Thursday, November 3rd. Finally, DA Davidson restated a buy rating and issued a $20.00 price target on shares of Matrix Service in a research note on Friday, August 26th. One analyst has rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the stock. The stock presently has an average rating of Hold and a consensus price target of $23.20.
Matrix Service (NASDAQ:MTRX) traded up 1.399% during mid-day trading on Friday, reaching $19.925. 29,934 shares of the company traded hands. The firm has a market capitalization of $528.67 million, a P/E ratio of 18.994 and a beta of 1.38. The company’s 50 day moving average price is $18.48 and its 200 day moving average price is $17.33. Matrix Service has a 12-month low of $14.07 and a 12-month high of $23.55.
Matrix Service (NASDAQ:MTRX) last posted its quarterly earnings results on Monday, November 7th. The company reported $0.35 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.33 by $0.02. Matrix Service had a return on equity of 10.09% and a net margin of 2.12%. The business earned $341 million during the quarter, compared to the consensus estimate of $345.14 million. During the same period in the prior year, the company posted $0.37 EPS. The firm’s revenue for the quarter was up 7.0% compared to the same quarter last year. Equities research analysts predict that Matrix Service will post $1.22 EPS for the current year.
In related news, CEO John R. Hewitt sold 15,957 shares of the stock in a transaction on Monday, September 12th. The stock was sold at an average price of $19.02, for a total transaction of $303,502.14. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Kevin S. Cavanah sold 2,600 shares of the stock in a transaction on Monday, September 12th. The shares were sold at an average price of $18.97, for a total value of $49,322.00. The disclosure for this sale can be found here. Corporate insiders own 2.50% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in the stock. SG Americas Securities LLC bought a new stake in Matrix Service during the third quarter valued at $105,000. Municipal Employees Retirement System of Michigan raised its stake in Matrix Service by 1.9% in the third quarter. Municipal Employees Retirement System of Michigan now owns 5,920 shares of the company’s stock worth $111,000 after buying an additional 110 shares during the last quarter. BNP Paribas Arbitrage SA raised its stake in Matrix Service by 93.2% in the second quarter. BNP Paribas Arbitrage SA now owns 8,641 shares of the company’s stock worth $142,000 after buying an additional 4,168 shares during the last quarter. Virginia Retirement Systems ET AL acquired a new stake in Matrix Service during the second quarter worth $180,000. Finally, Springbank Value Partners LP raised its stake in Matrix Service by 900.0% in the third quarter. Springbank Value Partners LP now owns 10,000 shares of the company’s stock worth $188,000 after buying an additional 9,000 shares during the last quarter. Institutional investors own 88.88% of the company’s stock.
Matrix Service Company Profile
Matrix Service Company provides engineering, fabrication, infrastructure, construction and maintenance services primarily to the oil, gas, power, petrochemical, industrial, mining and minerals markets. The Company’s Electrical Infrastructure segment primarily provides construction and maintenance services to a range of power generation facilities, such as combined cycle plants and renewable energy installations.
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