Matrix Service (NASDAQ:MTRX) Issues Quarterly Earnings Results

Matrix Service (NASDAQ:MTRX) posted its earnings results on Wednesday. The company reported ($0.02) earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.06), FiscalAI reports. Matrix Service had a negative return on equity of 8.48% and a negative net margin of 2.30%.The firm had revenue of $210.51 million for the quarter, compared to analyst estimates of $215.42 million.

Matrix Service Stock Down 0.4%

Shares of NASDAQ MTRX traded down $0.05 during trading on Friday, reaching $11.20. The company had a trading volume of 79,418 shares, compared to its average volume of 241,260. The stock has a market cap of $314.94 million, a P/E ratio of -16.47, a PEG ratio of 2.31 and a beta of 0.95. The company’s fifty day moving average price is $12.60 and its 200-day moving average price is $13.32. Matrix Service has a 12 month low of $9.33 and a 12 month high of $16.10.

Analyst Ratings Changes

Several analysts recently issued reports on MTRX shares. DA Davidson reiterated a “buy” rating and set a $17.00 price target on shares of Matrix Service in a research report on Tuesday, November 11th. Weiss Ratings reaffirmed 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 data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $17.00.

Insiders Place Their Bets

In other Matrix Service news, insider Shawn P. Payne sold 5,231 shares of the company’s stock in a transaction on Tuesday, November 25th. The shares were sold at an average price of $11.42, for a total transaction of $59,738.02. Following the sale, the insider owned 102,179 shares of the company’s stock, valued at approximately $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 SEC, which can be accessed through this hyperlink. Over the last three months, insiders have sold 16,500 shares of company stock worth $198,000. Corporate insiders own 4.40% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Westerly Capital Management LLC raised its position in shares of Matrix Service by 34.1% during the third quarter. Westerly Capital Management LLC now owns 1,100,000 shares of the company’s stock worth $14,388,000 after purchasing an additional 280,000 shares during the period. AQR Capital Management LLC increased its stake in Matrix Service by 601.5% during the 1st quarter. AQR Capital Management LLC now owns 291,804 shares of the company’s stock valued at $3,627,000 after purchasing an additional 250,206 shares in the last quarter. Millennium Management LLC increased its stake in Matrix Service by 46.5% during the 3rd quarter. Millennium Management LLC now owns 630,396 shares of the company’s stock valued at $8,246,000 after purchasing an additional 200,189 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in Matrix Service by 288.4% during the second quarter. JPMorgan Chase & Co. now owns 212,921 shares of the company’s stock worth $2,877,000 after buying an additional 158,104 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its stake in shares of Matrix Service by 653.7% in the third quarter. Arrowstreet Capital Limited Partnership now owns 177,321 shares of the company’s stock valued at $2,319,000 after buying an additional 153,795 shares in the last quarter. 78.38% of the stock is owned by 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.