Matrix Service (NASDAQ:MTRX) Cut to Buy at StockNews.com

Matrix Service (NASDAQ:MTRX) was downgraded by investment analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a research note issued on Friday.

Separately, DA Davidson raised their target price on shares of Matrix Service from $18.00 to $20.00 and gave the company a “buy” rating in a research note on Tuesday.

Matrix Service Stock Down 0.1 %

NASDAQ:MTRX opened at $15.36 on Friday. The company has a market cap of $424.04 million, a P/E ratio of -12.59 and a beta of 1.28. Matrix Service has a fifty-two week low of $8.61 and a fifty-two week high of $15.75. The firm’s 50 day moving average is $13.32 and its two-hundred day moving average is $11.88.

Matrix Service (NASDAQ:MTRX) last posted its quarterly earnings results on Wednesday, February 5th. The company reported ($0.20) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.02. Matrix Service had a negative net margin of 4.76% and a negative return on equity of 20.81%. Research analysts forecast that Matrix Service will post -0.04 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Matrix Service

Hedge funds have recently made changes to their positions in the business. Harvey Partners LLC increased its stake in Matrix Service by 8.2% during the 3rd quarter. Harvey Partners LLC now owns 1,515,000 shares of the company’s stock worth $17,468,000 after buying an additional 115,000 shares during the period. Needham Investment Management LLC increased its stake in Matrix Service by 38.5% during the 3rd quarter. Needham Investment Management LLC now owns 1,420,000 shares of the company’s stock worth $16,373,000 after buying an additional 395,000 shares during the period. ACK Asset Management LLC increased its stake in Matrix Service by 47.3% during the 4th quarter. ACK Asset Management LLC now owns 1,179,901 shares of the company’s stock worth $14,123,000 after buying an additional 378,901 shares during the period. Royce & Associates LP increased its stake in Matrix Service by 4.0% during the 4th quarter. Royce & Associates LP now owns 898,122 shares of the company’s stock worth $10,751,000 after buying an additional 34,860 shares during the period. Finally, Geode Capital Management LLC increased its stake in Matrix Service by 0.8% during the 3rd quarter. Geode Capital Management LLC now owns 598,103 shares of the company’s stock worth $6,898,000 after buying an additional 4,709 shares during the period. Hedge funds and other institutional investors own 78.38% of the company’s stock.

Matrix Service Company Profile

Matrix Service Company provides engineering, fabrication, construction, and maintenance services to support critical energy infrastructure and industrial markets in the United States, Canada, and internationally. It operates through three segments: Utility and Power Infrastructure; Process and Industrial Facilities; and Storage and Terminal Solutions.