Matrix Service (NASDAQ:MTRX) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research note issued on Saturday, September 15th.
According to Zacks, “Matrix Service Company designs, constructs, maintains, and provides specialized repair services and products for aboveground storage tanks, provides general industrial construction and in-plant routine maintenance, process unit turnarounds and construction services principally for petroleum refineries, bulk storage terminals, pipelines, power plants and chemical plants. Matrix Service Company is a top-tier engineering, procurement and construction company providing these services, as well as fabrication, maintenance and repair, to the energy, power and industrial markets . The Company provides services through four subsidiaries: Matrix PDM Engineering, Matrix North American Construction (its direct hire union subsidiary), Matrix Service Inc., and Matrix Applied Technologies. “
A number of other equities analysts have also commented on MTRX. BidaskClub upgraded shares of Matrix Service from a “buy” rating to a “strong-buy” rating in a report on Thursday, May 31st. ValuEngine upgraded shares of Matrix Service from a “buy” rating to a “strong-buy” rating in a report on Saturday, June 2nd. Finally, Citigroup lifted their price target on shares of Matrix Service from $37.00 to $64.00 and gave the stock a “buy” rating in a report on Thursday, July 5th. One equities research analyst has rated the stock with a sell rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $41.00.
Matrix Service stock traded up $0.05 during mid-day trading on Friday, reaching $23.78. The company had a trading volume of 216,100 shares, compared to its average volume of 182,764. Matrix Service has a fifty-two week low of $12.76 and a fifty-two week high of $25.75. The firm has a market capitalization of $665.78 million, a P/E ratio of 158.43 and a beta of 0.82.
Matrix Service (NASDAQ:MTRX) last issued its earnings results on Monday, September 10th. The oil and gas company reported $0.03 earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.04). Matrix Service had a negative net margin of 1.05% and a positive return on equity of 1.58%. The company had revenue of $293.10 million during the quarter, compared to analyst estimates of $292.69 million. During the same quarter in the prior year, the business earned ($0.04) EPS. The business’s quarterly revenue was up .4% on a year-over-year basis. Research analysts expect that Matrix Service will post 1.01 earnings per share for the current year.
In other Matrix Service news, COO Joseph F. Montalbano sold 34,785 shares of Matrix Service stock in a transaction on Wednesday, September 12th. The shares were sold at an average price of $22.66, for a total value of $788,228.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Kevin S. Cavanah sold 21,450 shares of Matrix Service stock in a transaction on Friday, September 14th. The shares were sold at an average price of $25.40, for a total transaction of $544,830.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 98,266 shares of company stock worth $2,369,773. 1.90% of the stock is owned by company insiders.
Several large investors have recently bought and sold shares of MTRX. Legal & General Group Plc boosted its stake in Matrix Service by 5.1% in the second quarter. Legal & General Group Plc now owns 52,545 shares of the oil and gas company’s stock valued at $971,000 after acquiring an additional 2,542 shares during the last quarter. Global X Management Co LLC boosted its stake in Matrix Service by 17.2% in the second quarter. Global X Management Co LLC now owns 18,158 shares of the oil and gas company’s stock valued at $333,000 after acquiring an additional 2,660 shares during the last quarter. Public Employees Retirement System of Ohio boosted its stake in Matrix Service by 78.5% in the second quarter. Public Employees Retirement System of Ohio now owns 7,303 shares of the oil and gas company’s stock valued at $134,000 after acquiring an additional 3,211 shares during the last quarter. Meeder Asset Management Inc. boosted its stake in Matrix Service by 83.0% in the second quarter. Meeder Asset Management Inc. now owns 8,436 shares of the oil and gas company’s stock valued at $155,000 after acquiring an additional 3,825 shares during the last quarter. Finally, Northern Trust Corp boosted its stake in Matrix Service by 0.6% in the first quarter. Northern Trust Corp now owns 777,631 shares of the oil and gas company’s stock valued at $10,654,000 after acquiring an additional 4,600 shares during the last quarter. 92.48% of the stock is owned by institutional investors.
About Matrix Service
Matrix Service Company provides engineering, fabrication, infrastructure, construction, and maintenance services primarily to the oil, gas, power, petrochemical, industrial, agricultural, and mining and minerals markets in the United States, Canada, and internationally. The company's Electrical Infrastructure segment offers construction and maintenance services to various power generation facilities, such as combined cycle plants, natural gas fired power stations, and renewable energy installations; and high voltage services comprising the construction of new substations, upgrading existing substations, short-run transmission line installations, distribution upgrades and maintenance, and storm restoration services to investor owned utilities.
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