Matrix Service (NASDAQ:MTRX) Stock Rating Upgraded by Northland Securities

Matrix Service (NASDAQ:MTRX) was upgraded by equities researchers at Northland Securities to a “strong-buy” rating in a note issued to investors on Wednesday,Zacks.com reports.

Several other research firms have also issued reports on MTRX. DA Davidson restated a “buy” rating and set a $17.00 price target on shares of Matrix Service in a research report on Friday, February 6th. Weiss Ratings restated a “sell (d-)” rating on shares of Matrix Service in a report on Thursday, January 22nd. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $20.50.

Matrix Service Price Performance

NASDAQ:MTRX opened at $11.34 on Wednesday. The business has a 50 day moving average of $12.57 and a 200 day moving average of $13.19. The company has a market capitalization of $318.99 million, a price-to-earnings ratio of -16.68, a PEG ratio of 2.53 and a beta of 0.95. Matrix Service has a 1-year low of $9.33 and a 1-year high of $16.10.

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

Insider Buying and Selling at Matrix Service

In related news, insider Shawn P. Payne sold 5,231 shares of the company’s stock in a transaction that occurred on Tuesday, November 25th. The stock was sold at an average price of $11.42, for a total transaction of $59,738.02. Following the completion of the transaction, the insider owned 102,179 shares in the company, valued at $1,166,884.18. This represents a 4.87% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 4.40% of the company’s stock.

Institutional Investors Weigh In On Matrix Service

Several institutional investors and hedge funds have recently modified their holdings of MTRX. Quarry LP bought a new stake in shares of Matrix Service during the 3rd quarter valued at about $28,000. BNP Paribas Financial Markets lifted its holdings in Matrix Service by 68.9% in the second quarter. BNP Paribas Financial Markets now owns 2,530 shares of the company’s stock worth $34,000 after buying an additional 1,032 shares during the period. Tower Research Capital LLC TRC boosted its position in Matrix Service by 133.9% during the 2nd quarter. Tower Research Capital LLC TRC now owns 3,307 shares of the company’s stock valued at $45,000 after acquiring an additional 1,893 shares in the last quarter. Aquatic Capital Management LLC purchased a new position in shares of Matrix Service during the 3rd quarter worth approximately $67,000. Finally, Daytona Street Capital LLC bought a new position in shares of Matrix Service in the 4th quarter worth approximately $78,000. 78.38% of the stock is owned by hedge funds and other institutional investors.

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.