Matrix Service Co. (NASDAQ:MTRX) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.

According to Zacks, “MATRIX SERVICE CO. provides specialized on-site maintenance and construction services for petroleum refining and storage facilities and water storage tanks and systems for the municipal and private industry sector. Owners of these facilities use the Company’s services in an effort to improve operating efficiencies and to comply with stringent environmental and safety regulations. Through its subsidiaries Matrix Service, Inc., San Luis Tank Piping Construction Co., Inc., and an affiliated company West Coast Industrial Coatings, Inc., Heath Engineering, Ltd. “

Several other research analysts have also recently weighed in on the company. 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. TheStreet upgraded Matrix Service from a “hold” rating to a “buy” rating in a research note on Friday, September 16th. Finally, Avondale Partners cut Matrix Service from a “market outperform” rating to a “market perform” rating in a research report on Friday, November 18th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $23.20.

Matrix Service (NASDAQ:MTRX) opened at 19.95 on Wednesday. Matrix Service has a 52 week low of $14.07 and a 52 week high of $23.55. The firm has a 50-day moving average price of $18.58 and a 200 day moving average price of $17.41. The company has a market cap of $529.33 million, a P/E ratio of 19.02 and a beta of 1.38.

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 firm earned $341 million during the quarter, compared to analysts’ expectations of $345.14 million. During the same quarter in the previous year, the business earned $0.37 earnings per share. The company’s revenue was up 7.0% on a year-over-year basis. Analysts expect that Matrix Service will post $1.22 EPS for the current fiscal year.

In other Matrix Service news, insider James P. Ryan sold 10,000 shares of the company’s stock in a transaction dated Friday, November 18th. The stock was sold at an average price of $19.59, for a total value of $195,900.00. Following the completion of the sale, the insider now owns 77,528 shares in the company, valued at $1,518,773.52. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, COO Joseph F. Montalbano sold 19,447 shares of the company’s stock in a transaction dated Friday, September 23rd. The stock was sold at an average price of $18.12, for a total value of $352,379.64. 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 modified their holdings of the company. Arizona State Retirement System boosted its stake in shares of Matrix Service by 0.7% in the second quarter. Arizona State Retirement System now owns 13,848 shares of the company’s stock worth $228,000 after buying an additional 100 shares during the last quarter. Municipal Employees Retirement System of Michigan boosted its stake in shares of 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. Victory Capital Management Inc. boosted its stake in shares of Matrix Service by 0.4% in the third quarter. Victory Capital Management Inc. now owns 42,075 shares of the company’s stock worth $789,000 after buying an additional 185 shares during the last quarter. Mutual of America Capital Management LLC boosted its stake in shares of Matrix Service by 0.5% in the third quarter. Mutual of America Capital Management LLC now owns 62,596 shares of the company’s stock worth $1,174,000 after buying an additional 284 shares during the last quarter. Finally, Airain ltd boosted its stake in shares of Matrix Service by 1.8% in the second quarter. Airain ltd now owns 17,383 shares of the company’s stock worth $287,000 after buying an additional 305 shares during the last quarter. Institutional investors and hedge funds own 88.88% of the company’s stock.

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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.

5 Day Chart for NASDAQ:MTRX

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