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

Matrix Service (NASDAQ:MTRX - Get Free Report) was upgraded by research analysts at StockNews.com from a "hold" rating to a "buy" rating in a research report issued to clients and investors on Tuesday.

Separately, DA Davidson restated a "buy" rating and set a $18.00 price objective on shares of Matrix Service in a research note on Thursday, September 26th.

Matrix Service Price Performance

MTRX stock traded up $0.09 during mid-day trading on Tuesday, reaching $12.71. The company had a trading volume of 158,144 shares, compared to its average volume of 211,172. The company has a market capitalization of $350.29 million, a price-to-earnings ratio of -11.35 and a beta of 1.27. Matrix Service has a 52 week low of $8.61 and a 52 week high of $13.90. The stock has a 50 day simple moving average of $12.23 and a two-hundred day simple moving average of $10.90.

Matrix Service (NASDAQ:MTRX - Get Free Report) last released its earnings results on Wednesday, November 6th. The company reported ($0.33) earnings per share for the quarter, missing the consensus estimate of ($0.32) by ($0.01). Matrix Service had a negative net margin of 4.46% and a negative return on equity of 19.56%. The firm had revenue of $165.58 million during the quarter, compared to the consensus estimate of $183.90 million. During the same period in the prior year, the business posted ($0.21) earnings per share. On average, equities analysts predict that Matrix Service will post -0.04 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Needham Investment Management LLC lifted its holdings 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 valued at $16,373,000 after purchasing an additional 395,000 shares during the last quarter. Azarias Capital Management L.P. raised its position in shares of Matrix Service by 28.5% in the second quarter. Azarias Capital Management L.P. now owns 1,273,193 shares of the company's stock valued at $12,643,000 after purchasing an additional 282,086 shares during the period. Portolan Capital Management LLC lifted its stake in shares of Matrix Service by 34.3% during the 3rd quarter. Portolan Capital Management LLC now owns 509,059 shares of the company's stock worth $5,869,000 after buying an additional 129,989 shares during the last quarter. Harvey Partners LLC boosted its holdings in shares of 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. Finally, Royce & Associates LP grew its stake in Matrix Service by 14.3% in the 3rd quarter. Royce & Associates LP now owns 863,262 shares of the company's stock valued at $9,953,000 after buying an additional 107,820 shares during the last quarter. 78.38% of the stock is currently owned by institutional investors.

About Matrix Service

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.