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

Matrix Service (NASDAQ:MTRX) announced its quarterly earnings results on Wednesday. The company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.06), FiscalAI reports. Matrix Service had a negative net margin of 2.93% and a negative return on equity of 11.68%. The company had revenue of $210.51 million during the quarter, compared to analyst estimates of $215.42 million.

Matrix Service Stock Down 5.7%

Shares of Matrix Service stock traded down $0.82 during mid-day trading on Wednesday, reaching $13.50. 341,149 shares of the stock traded hands, compared to its average volume of 228,600. The stock has a market capitalization of $379.69 million, a PE ratio of -15.88, a PEG ratio of 2.43 and a beta of 0.95. The business has a 50-day moving average of $12.57 and a 200 day moving average of $13.33. Matrix Service has a fifty-two week low of $9.33 and a fifty-two week high of $16.10.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on MTRX. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Matrix Service in a report on Thursday, January 22nd. DA Davidson reaffirmed a “buy” rating and issued a $17.00 price objective on shares of Matrix Service in a report on Tuesday, November 11th. One research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $17.00.

Insider Activity

In other news, insider Shawn P. Payne sold 5,231 shares of the firm’s stock in a transaction dated 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 directly owned 102,179 shares of the company’s stock, valued at approximately $1,166,884.18. This trade represents a 4.87% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders have sold a total of 16,500 shares of company stock worth $198,000 over the last ninety days. 4.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Quarry LP acquired a new position in shares of Matrix Service during the 3rd quarter worth approximately $28,000. BNP Paribas Financial Markets lifted its position in Matrix Service by 68.9% during 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 in the last quarter. Tower Research Capital LLC TRC boosted its stake in Matrix Service by 133.9% during the second quarter. Tower Research Capital LLC TRC now owns 3,307 shares of the company’s stock worth $45,000 after buying an additional 1,893 shares during the last quarter. Aquatic Capital Management LLC purchased a new stake in Matrix Service in the 3rd quarter valued at $67,000. Finally, Raymond James Financial Inc. acquired a new stake in shares of Matrix Service in the 2nd quarter worth $101,000. 78.38% of the stock is owned by hedge funds and other institutional investors.

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.