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

Matrix Service (NASDAQ:MTRX)‘s stock had its “buy” rating reiterated by analysts at DA Davidson in a research note issued on Friday,Benzinga reports. They currently have a $17.00 price objective on the stock. DA Davidson’s target price would suggest a potential upside of 53.71% from the stock’s current price.

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 given a Sell rating to the stock. According to MarketBeat, Matrix Service currently has an average rating of “Hold” and a consensus target price of $17.00.

Matrix Service Stock Down 1.7%

Shares of Matrix Service stock opened at $11.06 on Friday. The firm has a market cap of $311.01 million, a PE ratio of -16.26, a price-to-earnings-growth ratio of 1.89 and a beta of 0.95. Matrix Service has a 52 week low of $9.33 and a 52 week high of $16.10. The business’s fifty day simple moving average is $12.59 and its 200-day simple moving average is $13.28.

Matrix Service (NASDAQ:MTRX) last issued its quarterly earnings data on Wednesday, February 4th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.06). Matrix Service had a negative net margin of 2.30% and a negative return on equity of 8.56%. The company had revenue of $210.51 million during the quarter, compared to analysts’ expectations of $215.42 million. As a group, equities analysts expect that Matrix Service will post -0.26 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Shawn P. Payne sold 8,250 shares of the business’s stock in a transaction on 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 transaction, the insider directly owned 110,429 shares of the company’s stock, valued at $1,389,196.82. The trade was a 6.95% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Over the last ninety days, insiders sold 16,500 shares of company stock worth $198,000. Insiders own 4.40% of the company’s stock.

Hedge Funds Weigh In On Matrix Service

Institutional investors and hedge funds have recently made changes to their positions in the stock. Quarry LP acquired a new stake in Matrix Service in the third quarter valued at approximately $28,000. BNP Paribas Financial Markets grew its holdings in Matrix Service by 68.9% during the 2nd quarter. BNP Paribas Financial Markets now owns 2,530 shares of the company’s stock worth $34,000 after acquiring an additional 1,032 shares in the last quarter. Tower Research Capital LLC TRC increased its position in shares of Matrix Service by 133.9% in the 2nd quarter. Tower Research Capital LLC TRC now owns 3,307 shares of the company’s stock valued at $45,000 after purchasing an additional 1,893 shares during the last quarter. Aquatic Capital Management LLC acquired a new stake in shares of Matrix Service in the 3rd quarter valued at $67,000. Finally, Daytona Street Capital LLC purchased a new stake in shares of Matrix Service during the 4th quarter worth $78,000. 78.38% of the stock is owned by institutional investors and hedge funds.

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.