DA Davidson Reiterates Buy Rating for Matrix Service (NASDAQ:MTRX)

Matrix Service (NASDAQ:MTRX)‘s stock had its “buy” rating reaffirmed by stock analysts at DA Davidson in a report released on Friday,Benzinga reports. They currently have a $17.00 target price on the stock. DA Davidson’s price objective would indicate a potential upside of 52.73% from the company’s previous close.

Separately, Weiss Ratings restated a “sell (d-)” rating on shares of Matrix Service in a report on Thursday, January 22nd. One research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $17.00.

Matrix Service Stock Performance

Matrix Service stock traded down $0.12 during midday trading on Friday, reaching $11.13. The stock had a trading volume of 351,184 shares, compared to its average volume of 252,742. The stock’s 50-day simple moving average is $12.60 and its 200 day simple moving average is $13.32. Matrix Service has a twelve month low of $9.33 and a twelve month high of $16.10. The stock has a market capitalization of $313.00 million, a PE ratio of -16.46, a price-to-earnings-growth ratio of 2.31 and a beta of 0.95.

Matrix Service (NASDAQ:MTRX) last announced its quarterly earnings results on Wednesday, February 4th. The company reported ($0.02) EPS for the quarter, missing the consensus estimate of $0.04 by ($0.06). The firm had revenue of $210.51 million for the quarter, compared to analyst estimates of $215.42 million. Matrix Service had a negative return on equity of 8.48% and a negative net margin of 2.30%. Equities analysts predict that Matrix Service will post -0.26 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Matrix Service news, insider Shawn P. Payne sold 8,250 shares of the company’s stock in a transaction dated Tuesday, November 11th. The shares were sold at an average price of $12.58, for a total value of $103,785.00. Following the completion of the transaction, the insider directly owned 110,429 shares of the company’s stock, valued at $1,389,196.82. This represents a 6.95% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Over the last three months, insiders have sold 16,500 shares of company stock valued at $198,000. Corporate insiders own 4.40% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of MTRX. Vanguard Group Inc. grew its stake in Matrix Service by 4.2% during the 3rd quarter. Vanguard Group Inc. now owns 1,522,943 shares of the company’s stock valued at $19,920,000 after purchasing an additional 60,955 shares in the last quarter. Westerly Capital Management LLC grew its position in shares of Matrix Service by 34.1% during the third quarter. Westerly Capital Management LLC now owns 1,100,000 shares of the company’s stock worth $14,388,000 after buying an additional 280,000 shares in the last quarter. Boston Partners increased its stake in shares of Matrix Service by 71.5% in the second quarter. Boston Partners now owns 844,966 shares of the company’s stock worth $11,417,000 after buying an additional 352,194 shares during the last quarter. Azarias Capital Management L.P. increased its position in shares of Matrix Service by 15.1% in the 4th quarter. Azarias Capital Management L.P. now owns 730,767 shares of the company’s stock worth $8,550,000 after purchasing an additional 95,924 shares during the last quarter. Finally, American Century Companies Inc. raised its stake in shares of Matrix Service by 24.1% in the 2nd quarter. American Century Companies Inc. now owns 671,398 shares of the company’s stock valued at $9,071,000 after purchasing an additional 130,489 shares in the last quarter. Hedge funds and other institutional investors own 78.38% of the company’s stock.

About Matrix Service

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.