Zacks Investment Research cut shares of Matrix Service (NASDAQ:MTRX) from a hold rating to a sell rating in a research report sent to investors on Saturday morning.
According to Zacks, “Matrix Service Company designs, constructs, maintains, and provides specialized repair services and products for aboveground storage tanks, provides general industrial construction and in-plant routine maintenance, process unit turnarounds and construction services principally for petroleum refineries, bulk storage terminals, pipelines, power plants and chemical plants. Matrix Service Company is a top-tier engineering, procurement and construction company providing these services, as well as fabrication, maintenance and repair, to the energy, power and industrial markets . The Company provides services through four subsidiaries: Matrix PDM Engineering, Matrix North American Construction (its direct hire union subsidiary), Matrix Service Inc., and Matrix Applied Technologies. “
Separately, BidaskClub downgraded shares of Matrix Service from a buy rating to a hold rating in a report on Wednesday, January 24th. Two equities research analysts have rated the stock with a sell rating and three have given a hold rating to the company. The company currently has a consensus rating of Hold and a consensus price target of $18.00.
Matrix Service (NASDAQ:MTRX) last released its earnings results on Wednesday, February 7th. The oil and gas company reported $0.17 earnings per share for the quarter, topping the consensus estimate of $0.16 by $0.01. Matrix Service had a negative return on equity of 1.97% and a negative net margin of 0.59%. The firm had revenue of $282.90 million during the quarter, compared to analysts’ expectations of $298.43 million. During the same period in the prior year, the company earned $0.20 earnings per share. The company’s quarterly revenue was down 9.5% on a year-over-year basis. equities analysts anticipate that Matrix Service will post 0.67 EPS for the current fiscal year.
In other news, CEO John R. Hewitt sold 5,000 shares of the company’s stock in a transaction on Friday, December 15th. The shares were sold at an average price of $17.66, for a total transaction of $88,300.00. Following the completion of the transaction, the chief executive officer now directly owns 283,529 shares in the company, valued at $5,007,122.14. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 2.50% of the stock is currently owned by corporate insiders.
Several large investors have recently made changes to their positions in the company. The Manufacturers Life Insurance Company increased its holdings in shares of Matrix Service by 8.6% during the second quarter. The Manufacturers Life Insurance Company now owns 23,408 shares of the oil and gas company’s stock worth $219,000 after buying an additional 1,847 shares in the last quarter. Alliancebernstein L.P. increased its holdings in shares of Matrix Service by 5.6% during the second quarter. Alliancebernstein L.P. now owns 39,800 shares of the oil and gas company’s stock worth $372,000 after buying an additional 2,100 shares in the last quarter. Voya Investment Management LLC increased its holdings in shares of Matrix Service by 22.5% during the second quarter. Voya Investment Management LLC now owns 16,344 shares of the oil and gas company’s stock worth $153,000 after buying an additional 2,997 shares in the last quarter. Municipal Employees Retirement System of Michigan increased its holdings in shares of Matrix Service by 23.6% during the third quarter. Municipal Employees Retirement System of Michigan now owns 20,310 shares of the oil and gas company’s stock worth $309,000 after buying an additional 3,880 shares in the last quarter. Finally, Crossmark Global Holdings Inc. increased its holdings in shares of Matrix Service by 30.2% during the fourth quarter. Crossmark Global Holdings Inc. now owns 19,266 shares of the oil and gas company’s stock worth $343,000 after buying an additional 4,473 shares in the last quarter. Institutional investors own 91.23% of the company’s stock.
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Matrix Service Company Profile
Matrix Service Company provides engineering, fabrication, infrastructure, construction and maintenance services primarily to the oil, gas, power, petrochemical, industrial, mining and minerals markets. The Company’s segments include Electrical Infrastructure, Oil Gas & Chemical, Storage Solutions and Industrial.
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