Matrix Service (NASDAQ:MTRX) Releases Quarterly Earnings Results, Misses Estimates By $0.06 EPS

Matrix Service (NASDAQ:MTRX) posted its earnings results on Wednesday. The company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.06), FiscalAI reports. The business had revenue of $210.51 million for the quarter, compared to the consensus estimate of $215.42 million. Matrix Service had a negative return on equity of 11.68% and a negative net margin of 2.93%.

Matrix Service Stock Performance

NASDAQ:MTRX traded down $0.82 during mid-day trading on Wednesday, hitting $13.50. The stock had a trading volume of 341,149 shares, compared to its average volume of 228,600. The company’s 50 day simple moving average is $12.57 and its 200 day simple moving average is $13.33. The stock has a market cap of $379.69 million, a price-to-earnings ratio of -15.88, a PEG ratio of 2.43 and a beta of 0.95. Matrix Service has a twelve month low of $9.33 and a twelve month high of $16.10.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on MTRX. DA Davidson reaffirmed a “buy” rating and issued a $17.00 target price on shares of Matrix Service in a research note on Tuesday, November 11th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Matrix Service in a research note on Thursday, January 22nd. One research analyst has rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Matrix Service has a consensus rating of “Hold” and a consensus target price of $17.00.

Insider Buying and Selling at Matrix Service

In related news, insider Shawn P. Payne sold 8,250 shares of the stock in a transaction on Tuesday, November 11th. The stock was sold at an average price of $12.58, for a total value of $103,785.00. Following the sale, the insider owned 110,429 shares in the company, valued at approximately $1,389,196.82. This represents a 6.95% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last quarter, insiders sold 16,500 shares of company stock worth $198,000. 4.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Matrix Service

Large investors have recently modified their holdings of the stock. Quarry LP acquired a new stake in shares of Matrix Service during the 3rd quarter worth about $28,000. BNP Paribas Financial Markets grew its stake in Matrix Service by 68.9% in the 2nd quarter. BNP Paribas Financial Markets now owns 2,530 shares of the company’s stock valued at $34,000 after buying an additional 1,032 shares during the last quarter. Tower Research Capital LLC TRC raised its holdings in Matrix Service by 133.9% in the 2nd quarter. Tower Research Capital LLC TRC now owns 3,307 shares of the company’s stock valued at $45,000 after acquiring an additional 1,893 shares during the period. Aquatic Capital Management LLC acquired a new stake in Matrix Service during the third quarter worth approximately $67,000. Finally, Raymond James Financial Inc. acquired a new position in shares of Matrix Service in the second quarter valued at approximately $101,000. 78.38% of the stock is owned by institutional investors.

About Matrix Service

Matrix Service Company (NASDAQ: MTRX) is a provider of engineered construction, fabrication and maintenance services to the energy, industrial and power markets. The firm offers a full suite of engineering, procurement and construction (EPC) solutions for clients in the oil and gas, petrochemical, refining, mining, fertilizer and power generation industries. Its capabilities span from front-end engineering design through plant commissioning, with specializations in modular process skid fabrication, structural steel erection and complex piping systems.

The company’s service portfolio includes onshore and offshore pipe fabrication, equipment setting, industrial maintenance and shutdown services, electrical and instrumentation installation, and skid-mount and modular construction.