Matrix Service (MTRX) Downgraded to “Strong Sell” at Zacks Investment Research

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Zacks Investment Research lowered shares of Matrix Service (NASDAQ:MTRX) from a hold rating to a strong sell rating in a report published on Tuesday morning, 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. “

Several other brokerages also recently weighed in on MTRX. DA Davidson started coverage on Matrix Service in a report on Wednesday, March 13th. They set a neutral rating and a $22.00 price target for the company. BidaskClub downgraded Matrix Service from a buy rating to a hold rating in a report on Saturday, March 30th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, one has given a buy rating and one has given a strong buy rating to the company’s stock. Matrix Service has a consensus rating of Hold and an average target price of $36.67.

Shares of NASDAQ MTRX opened at $19.71 on Tuesday. Matrix Service has a 1-year low of $13.75 and a 1-year high of $25.75. The firm has a market cap of $527.91 million, a P/E ratio of 131.40 and a beta of 1.09.

Matrix Service (NASDAQ:MTRX) last issued its quarterly earnings results on Wednesday, February 6th. The oil and gas company reported $0.14 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.16 by ($0.02). Matrix Service had a positive return on equity of 0.94% and a negative net margin of 1.14%. The company had revenue of $340.60 million for the quarter, compared to analyst estimates of $317.23 million. During the same period in the prior year, the business earned $0.17 earnings per share. Matrix Service’s revenue for the quarter was up 20.4% compared to the same quarter last year. Analysts anticipate that Matrix Service will post 0.93 EPS for the current year.

In other Matrix Service news, VP Rick J. Bennett sold 2,300 shares of the stock in a transaction on Wednesday, February 20th. The stock was sold at an average price of $21.00, for a total value of $48,300.00. Following the completion of the transaction, the vice president now owns 16,721 shares in the company, valued at $351,141. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Alan R. Updyke sold 3,000 shares of the stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $21.46, for a total value of $64,380.00. The disclosure for this sale can be found here. Insiders sold 10,104 shares of company stock valued at $213,622 in the last quarter. 1.90% of the stock is currently owned by company insiders.

Large investors have recently added to or reduced their stakes in the business. Macquarie Group Ltd. raised its position in Matrix Service by 167.9% in the fourth quarter. Macquarie Group Ltd. now owns 1,436 shares of the oil and gas company’s stock worth $26,000 after acquiring an additional 900 shares in the last quarter. Advisors Asset Management Inc. raised its position 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 worth $29,000 after acquiring an additional 1,563 shares in the last quarter. Municipal Employees Retirement System of Michigan purchased a new position in Matrix Service in the fourth quarter worth $139,000. Pacer Advisors Inc. raised its position in Matrix Service by 195.3% in the third quarter. Pacer Advisors Inc. now owns 5,936 shares of the oil and gas company’s stock worth $146,000 after acquiring an additional 3,926 shares in the last quarter. Finally, Metropolitan Life Insurance Co. NY raised its position in Matrix Service by 413.8% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 10,086 shares of the oil and gas company’s stock worth $181,000 after acquiring an additional 8,123 shares in the last quarter. Hedge funds and other institutional investors own 92.25% 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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