Matrix Service (NASDAQ:MTRX) Issues Earnings Results

Matrix Service (NASDAQ:MTRX) released its quarterly earnings results on Wednesday. The company reported ($0.02) EPS for the quarter, missing the consensus estimate of $0.04 by ($0.06), FiscalAI reports. Matrix Service had a negative net margin of 2.93% and a negative return on equity of 11.68%. The firm had revenue of $210.51 million for the quarter, compared to analysts’ expectations of $215.42 million.

Matrix Service Price Performance

MTRX traded down $0.82 on Wednesday, reaching $13.50. 341,149 shares of the stock were exchanged, compared to its average volume of 228,600. The company’s 50-day moving average price is $12.57 and its 200 day moving average price is $13.33. The firm has a market capitalization of $379.69 million, a PE ratio of -15.88, a PEG ratio of 2.43 and a beta of 0.95. Matrix Service has a fifty-two week low of $9.33 and a fifty-two week high of $16.10.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on MTRX. DA Davidson reissued a “buy” rating and set a $17.00 target price on shares of Matrix Service in a research report on Tuesday, November 11th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Matrix Service in a report on Thursday, January 22nd. One analyst has rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $17.00.

Insider Activity

In related news, insider Shawn P. Payne sold 8,250 shares of Matrix Service stock in a transaction dated Tuesday, November 11th. The stock was sold at an average price of $12.58, for a total transaction of $103,785.00. Following the completion of the sale, the insider owned 110,429 shares of the company’s stock, valued at $1,389,196.82. The trade was a 6.95% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders sold 16,500 shares of company stock valued at $198,000 in the last three months. Company insiders own 4.40% of the company’s stock.

Institutional Trading of Matrix Service

Several institutional investors and hedge funds have recently bought and sold shares of MTRX. AQR Capital Management LLC raised its holdings in shares of Matrix Service by 601.5% during the first quarter. AQR Capital Management LLC now owns 291,804 shares of the company’s stock worth $3,627,000 after purchasing an additional 250,206 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in Matrix Service by 53.5% in the first quarter. Goldman Sachs Group Inc. now owns 175,736 shares of the company’s stock valued at $2,184,000 after purchasing an additional 61,246 shares during the last quarter. Jane Street Group LLC grew its position in Matrix Service by 89.8% during the 1st quarter. Jane Street Group LLC now owns 34,542 shares of the company’s stock worth $429,000 after purchasing an additional 16,343 shares during the period. Creative Planning purchased a new position in shares of Matrix Service during the 2nd quarter valued at about $176,000. Finally, JPMorgan Chase & Co. raised its stake in shares of Matrix Service by 288.4% during the 2nd quarter. JPMorgan Chase & Co. now owns 212,921 shares of the company’s stock valued at $2,877,000 after buying an additional 158,104 shares during the last quarter. 78.38% of the stock is currently owned by institutional investors and hedge funds.

Matrix Service Company Profile

Matrix Service Company (NASDAQ: MTRX) is a provider of engineered construction, fabrication and maintenance services to the energy, industrial and power markets. The firm offers a full suite of engineering, procurement and construction (EPC) solutions for clients in the oil and gas, petrochemical, refining, mining, fertilizer and power generation industries. Its capabilities span from front-end engineering design through plant commissioning, with specializations in modular process skid fabrication, structural steel erection and complex piping systems.

The company’s service portfolio includes onshore and offshore pipe fabrication, equipment setting, industrial maintenance and shutdown services, electrical and instrumentation installation, and skid-mount and modular construction.