Matrix Service (NASDAQ:MTRX) Rating Increased to Strong-Buy at Northland Securities

Northland Securities upgraded shares of Matrix Service (NASDAQ:MTRX) to a strong-buy rating in a research note released on Wednesday morning,Zacks.com reports.

Several other research analysts also recently weighed in on the stock. DA Davidson reissued a “buy” rating and issued a $17.00 target price on shares of Matrix Service in a research note on Friday, February 6th. Weiss Ratings reissued 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 issued a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $20.50.

Matrix Service Price Performance

MTRX traded down $0.08 during trading on Wednesday, reaching $11.55. 44,982 shares of the stock were exchanged, compared to its average volume of 261,990. Matrix Service has a 1 year low of $9.33 and a 1 year high of $16.10. The company has a market capitalization of $324.90 million, a price-to-earnings ratio of -16.99, a P/E/G ratio of 2.49 and a beta of 0.95. The business’s 50 day moving average price is $12.58 and its two-hundred day moving average price is $13.20.

Matrix Service (NASDAQ:MTRX) last announced its earnings results 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). Matrix Service had a negative return on equity of 8.56% and a negative net margin of 2.30%.The business had revenue of $210.51 million for the quarter, compared to analyst estimates of $215.42 million. On average, analysts anticipate that Matrix Service will post -0.26 EPS for the current year.

Insider Activity at Matrix Service

In related news, insider Shawn P. Payne sold 5,231 shares of Matrix Service 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 $1,166,884.18. The trade was a 4.87% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 4.40% of the company’s stock.

Hedge Funds Weigh In On Matrix Service

A number of institutional investors have recently made changes to their positions in MTRX. Nuveen LLC grew its holdings in Matrix Service by 38.7% during the 4th quarter. Nuveen LLC now owns 57,576 shares of the company’s stock worth $674,000 after acquiring an additional 16,060 shares in the last quarter. CenterBook Partners LP grew its holdings in shares of Matrix Service by 55.5% during the fourth quarter. CenterBook Partners LP now owns 634,046 shares of the company’s stock valued at $7,418,000 after purchasing an additional 226,325 shares during the last quarter. WINTON GROUP Ltd lifted its stake in Matrix Service by 5.0% in the fourth quarter. WINTON GROUP Ltd now owns 85,911 shares of the company’s stock valued at $1,005,000 after buying an additional 4,125 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Matrix Service by 3.6% in the fourth quarter. Geode Capital Management LLC now owns 667,970 shares of the company’s stock valued at $7,817,000 after purchasing an additional 23,358 shares during the period. Finally, Cary Street Partners Financial LLC grew its stake in shares of Matrix Service by 4.2% in the fourth quarter. Cary Street Partners Financial LLC now owns 74,305 shares of the company’s stock worth $869,000 after purchasing an additional 2,972 shares in the last quarter. 78.38% of the stock is owned by institutional investors and hedge funds.

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.