Matrix Service (NASDAQ:MTRX) Upgraded at StockNews.com

StockNews.com upgraded shares of Matrix Service (NASDAQ:MTRX) from a hold rating to a buy rating in a research report released on Tuesday.

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

Matrix Service Price Performance

MTRX opened at $12.90 on Tuesday. Matrix Service has a one year low of $8.61 and a one year high of $13.90. The company has a fifty day moving average price of $12.29 and a 200-day moving average price of $10.93. The firm has a market capitalization of $355.46 million, a P/E ratio of -11.52 and a beta of 1.27.

Matrix Service (NASDAQ:MTRX) last posted its quarterly earnings data on Wednesday, November 6th. The company reported ($0.33) earnings per share for the quarter, missing the consensus estimate of ($0.32) by ($0.01). Matrix Service had a negative return on equity of 19.56% and a negative net margin of 4.46%. The company had revenue of $165.58 million during the quarter, compared to the consensus estimate of $183.90 million. During the same quarter last year, the company posted ($0.21) earnings per share. On average, analysts expect that Matrix Service will post -0.04 earnings per share for the current year.

Hedge Funds Weigh In On Matrix Service

Several hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. increased its position in Matrix Service by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 1,223,781 shares of the company’s stock valued at $15,946,000 after purchasing an additional 11,587 shares during the period. Assenagon Asset Management S.A. purchased a new position in shares of Matrix Service during the 2nd quarter worth approximately $830,000. Stanley Laman Group Ltd. raised its position in shares of Matrix Service by 4.2% in the 2nd quarter. Stanley Laman Group Ltd. now owns 326,621 shares of the company’s stock worth $3,243,000 after acquiring an additional 13,071 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Matrix Service by 12.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 575,428 shares of the company’s stock valued at $5,714,000 after purchasing an additional 65,902 shares during the period. Finally, Azarias Capital Management L.P. boosted its position in shares of Matrix Service by 28.5% during the second quarter. Azarias Capital Management L.P. now owns 1,273,193 shares of the company’s stock valued at $12,643,000 after purchasing an additional 282,086 shares in the last quarter. 78.38% of the stock is owned by hedge funds and other institutional investors.

About Matrix Service

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.