Matrix Service (NASDAQ:MTRX) Posts Earnings Results, Beats Estimates By $0.06 EPS

Matrix Service (NASDAQ:MTRX) announced its quarterly earnings results on Wednesday. The company reported $0.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.07 by $0.06, Zacks reports. Matrix Service had a negative net margin of 2.30% and a negative return on equity of 8.56%.

Matrix Service Trading Down 0.9%

Shares of MTRX stock traded down $0.13 on Wednesday, hitting $13.80. 424,200 shares of the stock were exchanged, compared to its average volume of 274,757. The firm has a market capitalization of $388.19 million, a P/E ratio of -20.29, a price-to-earnings-growth ratio of 4.14 and a beta of 1.02. Matrix Service has a fifty-two week low of $9.88 and a fifty-two week high of $16.10. The business has a 50-day moving average of $11.56 and a 200 day moving average of $12.21.

Insider Buying and Selling

In other Matrix Service news, VP Nancy E. Austin sold 4,193 shares of the company’s stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $11.29, for a total transaction of $47,338.97. Following the completion of the transaction, the vice president owned 106,138 shares of the company’s stock, valued at $1,198,298.02. This represents a 3.80% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 4.40% of the company’s stock.

Institutional Trading of Matrix Service

A number of institutional investors have recently made changes to their positions in MTRX. AQR Capital Management LLC boosted its holdings in Matrix Service by 601.5% during the first quarter. AQR Capital Management LLC now owns 291,804 shares of the company’s stock worth $3,627,000 after purchasing an additional 250,206 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in Matrix Service by 53.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 175,736 shares of the company’s stock valued at $2,184,000 after buying an additional 61,246 shares during the last quarter. Jane Street Group LLC lifted its position in Matrix Service by 89.8% during the 1st quarter. Jane Street Group LLC now owns 34,542 shares of the company’s stock worth $429,000 after buying an additional 16,343 shares in the last quarter. Creative Planning acquired a new position in shares of Matrix Service during the 2nd quarter worth about $176,000. Finally, JPMorgan Chase & Co. boosted its stake in shares of Matrix Service by 288.4% during the 2nd quarter. JPMorgan Chase & Co. now owns 212,921 shares of the company’s stock worth $2,877,000 after buying an additional 158,104 shares during the last quarter. Institutional investors own 78.38% of the company’s stock.

Wall Street Analyst Weigh In

MTRX has been the topic of several recent analyst reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Matrix Service in a report on Tuesday, April 21st. DA Davidson restated a “buy” rating and issued a $17.00 price target on shares of Matrix Service in a report on Friday, February 6th. Finally, Northland Securities set a $24.00 price target on Matrix Service in a research report on Wednesday, February 11th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $20.50.

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.