Matrix Service (NASDAQ:MTRX) Cut to Sell at BidaskClub

Matrix Service (NASDAQ:MTRX) was downgraded by investment analysts at BidaskClub from a “hold” rating to a “sell” rating in a report released on Wednesday, BidAskClub reports.

A number of other research analysts also recently commented on the stock. Zacks Investment Research raised shares of Matrix Service from a “sell” rating to a “strong-buy” rating and set a $22.00 target price on the stock in a research report on Thursday, September 5th. ValuEngine downgraded shares of Matrix Service from a “hold” rating to a “sell” rating in a research report on Thursday, August 1st. Finally, DA Davidson raised shares of Matrix Service from a “neutral” rating to a “buy” rating and set a $25.00 target price on the stock in a research report on Wednesday, August 7th. Two analysts have rated the stock with a sell rating, one has issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $23.50.

MTRX stock traded up $0.22 during trading on Wednesday, hitting $19.26. The company had a trading volume of 1,379 shares, compared to its average volume of 182,883. The firm has a market capitalization of $514.14 million, a P/E ratio of 18.96 and a beta of 1.01. Matrix Service has a 52-week low of $15.43 and a 52-week high of $25.75. The company has a 50 day simple moving average of $18.92 and a 200-day simple moving average of $19.64. The company has a quick ratio of 1.49, a current ratio of 1.51 and a debt-to-equity ratio of 0.02.

Matrix Service (NASDAQ:MTRX) last posted its quarterly earnings results on Wednesday, August 28th. The oil and gas company reported $0.47 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.43 by $0.04. The company had revenue of $398.71 million for the quarter, compared to the consensus estimate of $376.60 million. Matrix Service had a net margin of 1.98% and a return on equity of 8.39%. The firm’s revenue was up 36.0% compared to the same quarter last year. During the same quarter last year, the firm posted $0.03 EPS. Sell-side analysts forecast that Matrix Service will post 1.6 earnings per share for the current year.

In other Matrix Service news, COO Joseph F. Montalbano sold 10,275 shares of the firm’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $20.36, for a total transaction of $209,199.00. Following the transaction, the chief operating officer now owns 52,546 shares of the company’s stock, valued at approximately $1,069,836.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 1.90% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of MTRX. GSA Capital Partners LLP boosted its holdings in shares of Matrix Service by 147.3% in the 2nd quarter. GSA Capital Partners LLP now owns 49,041 shares of the oil and gas company’s stock valued at $994,000 after buying an additional 29,213 shares in the last quarter. Bank of America Corp DE boosted its holdings in shares of Matrix Service by 109.5% in the 4th quarter. Bank of America Corp DE now owns 45,387 shares of the oil and gas company’s stock valued at $814,000 after buying an additional 23,724 shares in the last quarter. Alambic Investment Management L.P. bought a new stake in shares of Matrix Service in the 1st quarter valued at about $264,000. Victory Capital Management Inc. boosted its holdings in shares of Matrix Service by 19.3% in the 1st quarter. Victory Capital Management Inc. now owns 77,835 shares of the oil and gas company’s stock valued at $1,524,000 after buying an additional 12,586 shares in the last quarter. Finally, Comerica Bank boosted its holdings in shares of Matrix Service by 3.3% in the 1st quarter. Comerica Bank now owns 26,769 shares of the oil and gas company’s stock valued at $534,000 after buying an additional 853 shares in the last quarter. 95.52% of the stock is currently owned by institutional investors and hedge funds.

Matrix Service Company Profile

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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