Matrix Service (NASDAQ:MTRX) Announces Quarterly Earnings Results, Beats Expectations By $0.06 EPS

Matrix Service (NASDAQ:MTRX) announced its quarterly earnings data on Wednesday. The company reported $0.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.07 by $0.06, Zacks reports. The company had revenue of $206.71 million for the quarter, compared to analysts’ expectations of $231.52 million. Matrix Service had a negative return on equity of 8.56% and a negative net margin of 2.30%.

Matrix Service Stock Down 11.9%

Shares of Matrix Service stock traded down $1.64 during trading on Thursday, reaching $12.16. The company’s stock had a trading volume of 498,103 shares, compared to its average volume of 277,395. The business’s 50-day moving average price is $11.62 and its 200-day moving average price is $12.22. Matrix Service has a 52 week low of $9.88 and a 52 week high of $16.10. The firm has a market cap of $342.04 million, a PE ratio of -17.88, a P/E/G ratio of 4.30 and a beta of 1.02.

Insiders Place Their Bets

In other Matrix Service news, VP Nancy E. Austin sold 4,193 shares of the business’s stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $11.29, for a total value of $47,338.97. Following the completion of the sale, the vice president owned 106,138 shares of the company’s stock, valued at $1,198,298.02. The trade was a 3.80% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 4.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Matrix Service

Several institutional investors have recently made changes to their positions in MTRX. Sei Investments Co. increased its holdings in shares of Matrix Service by 7.2% during the second quarter. Sei Investments Co. now owns 15,170 shares of the company’s stock worth $205,000 after buying an additional 1,025 shares in the last quarter. BNP Paribas Financial Markets grew its position 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 during the last quarter. Tower Research Capital LLC TRC increased its holdings in Matrix Service by 133.9% in the 2nd quarter. Tower Research Capital LLC TRC now owns 3,307 shares of the company’s stock worth $45,000 after purchasing an additional 1,893 shares in the last quarter. Quarry LP acquired a new position in Matrix Service in the 3rd quarter worth about $28,000. Finally, State Street Corp raised its position in Matrix Service by 0.5% in the fourth quarter. State Street Corp now owns 533,485 shares of the company’s stock valued at $6,242,000 after purchasing an additional 2,517 shares during the last quarter. 78.38% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on MTRX. DA Davidson reissued 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 reaffirmed a “sell (d-)” rating on shares of Matrix Service in a report on Tuesday, April 21st. Finally, Northland Securities set a $24.00 price objective on shares of Matrix Service in a report on Wednesday, February 11th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $20.50.

Matrix Service Company Profile

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.