Zacks Investment Research Lowers Matrix Service (NASDAQ:MTRX) to Hold

Zacks Investment Research lowered shares of Matrix Service (NASDAQ:MTRX) from a strong-buy rating to a hold rating in a research report report published on Friday, Zacks.com reports.

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. “

A number of other brokerages have also commented on MTRX. DA Davidson initiated coverage on shares of Matrix Service in a report on Wednesday, March 13th. They set a neutral rating and a $22.00 price objective on the stock. BidaskClub lowered shares of Matrix Service from a buy rating to a hold rating in a research note on Saturday, March 30th. Finally, ValuEngine downgraded shares of Matrix Service from a buy rating to a hold rating in a research report on Thursday, May 23rd. Four investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and a consensus price target of $36.00.

Shares of NASDAQ:MTRX opened at $19.49 on Friday. Matrix Service has a 12 month low of $15.43 and a 12 month high of $25.75. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.40 and a current ratio of 1.43. The stock has a market cap of $522.47 million, a price-to-earnings ratio of 129.93 and a beta of 1.06.

Matrix Service (NASDAQ:MTRX) last issued its quarterly earnings data on Wednesday, May 8th. The oil and gas company reported $0.33 EPS for the quarter, topping analysts’ consensus estimates of $0.26 by $0.07. Matrix Service had a net margin of 0.04% and a return on equity of 4.93%. The firm had revenue of $358.89 million for the quarter, compared to analyst estimates of $347.85 million. During the same quarter in the prior year, the firm earned ($0.19) EPS. The company’s revenue was up 46.1% on a year-over-year basis. Analysts expect that Matrix Service will post 0.97 earnings per share for the current fiscal year.

In other Matrix Service news, VP Kevin S. Cavanah sold 14,505 shares of the firm’s stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $21.15, for a total transaction of $306,780.75. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director James Harry Miller sold 1,825 shares of the firm’s stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $22.25, for a total transaction of $40,606.25. The disclosure for this sale can be found here. Company insiders own 1.90% of the company’s stock.

A number of hedge funds have recently made changes to their positions in the business. Arizona State Retirement System raised its stake in Matrix Service by 7.0% in the fourth quarter. Arizona State Retirement System now owns 41,691 shares of the oil and gas company’s stock valued at $748,000 after buying an additional 2,736 shares in the last quarter. Advisors Asset Management Inc. raised its stake in Matrix Service by 2,694.8% in the fourth quarter. Advisors Asset Management Inc. now owns 1,621 shares of the oil and gas company’s stock valued at $29,000 after buying an additional 1,563 shares in the last quarter. Rhumbline Advisers raised its stake in Matrix Service by 21.4% in the fourth quarter. Rhumbline Advisers now owns 79,632 shares of the oil and gas company’s stock valued at $1,429,000 after buying an additional 14,038 shares in the last quarter. Victory Capital Management Inc. raised its stake in Matrix Service by 1.0% in the fourth quarter. Victory Capital Management Inc. now owns 65,249 shares of the oil and gas company’s stock valued at $1,171,000 after buying an additional 651 shares in the last quarter. Finally, WINTON GROUP Ltd acquired a new stake in Matrix Service in the fourth quarter valued at $225,000. Hedge funds and other institutional investors own 93.62% of the company’s stock.

About Matrix Service

Matrix Service Company provides engineering, fabrication, infrastructure, construction, and maintenance services primarily to the oil, gas, power, petrochemical, industrial, agricultural, and mining and minerals markets in the United States, Canada, and internationally. The company's Electrical Infrastructure segment offers construction and maintenance services to various power generation facilities, such as combined cycle plants and natural gas fired power stations; and high voltage services comprising the construction of new substations, upgrading existing substations, short-run transmission line installations, distribution upgrades and maintenance, and emergency and storm restoration services to investor owned utilities.

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