Matrix Service (NASDAQ:MTRX) Upgraded by Northland Securities to Strong-Buy Rating

Matrix Service (NASDAQ:MTRX) was upgraded by research analysts at Northland Securities to a “strong-buy” rating in a research report issued to clients and investors on Wednesday,Zacks.com reports.

A number of other equities analysts have also commented on the company. DA Davidson reaffirmed a “buy” rating and issued a $17.00 price target on shares of Matrix Service in a report on Friday, February 6th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Matrix Service in a research note on Thursday, January 22nd. One 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.com, the company has an average rating of “Moderate Buy” and a consensus price target of $20.50.

Matrix Service Price Performance

NASDAQ:MTRX opened at $11.63 on Wednesday. Matrix Service has a 1 year low of $9.33 and a 1 year high of $16.10. The business has a fifty day simple moving average of $12.58 and a two-hundred day simple moving average of $13.20. The company has a market capitalization of $327.15 million, a P/E ratio of -17.10, a P/E/G ratio of 2.49 and a beta of 0.95.

Matrix Service (NASDAQ:MTRX) last announced its quarterly earnings data on Wednesday, February 4th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.06). The firm had revenue of $210.51 million during 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, analysts anticipate that Matrix Service will post -0.26 earnings per share for the current year.

Insiders Place Their Bets

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

Institutional Trading of Matrix Service

Several large investors have recently modified their holdings of the business. Boston Partners raised its position in Matrix Service by 71.5% during the 2nd quarter. Boston Partners now owns 844,966 shares of the company’s stock valued at $11,417,000 after purchasing an additional 352,194 shares during the last quarter. Westerly Capital Management LLC boosted its holdings in Matrix Service by 34.1% in the third quarter. Westerly Capital Management LLC now owns 1,100,000 shares of the company’s stock valued at $14,388,000 after acquiring an additional 280,000 shares in the last quarter. AQR Capital Management LLC increased its position 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 during the period. CenterBook Partners LP raised its holdings in Matrix Service by 55.5% in the 4th quarter. CenterBook Partners LP now owns 634,046 shares of the company’s stock worth $7,418,000 after purchasing an additional 226,325 shares in the last quarter. Finally, Millennium Management LLC lifted its position in shares of Matrix Service by 46.5% in the 3rd quarter. Millennium Management LLC now owns 630,396 shares of the company’s stock worth $8,246,000 after purchasing an additional 200,189 shares during the period. 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.