Matrix Service Receives a Hold Rating from StockNews.com

In the sphere of investment analysis, MTRX, known as Matrix Service Company, experienced a change in its stock rating. The investment analysts at StockNews.com have revised their stance on the company, downgrading its rating from a "buy" to a "hold". This alteration in rating was disseminated to investors through a research note last Friday.

Matrix Service Analyst Reports

MTRX has garnered attention in several other investigative reports. DA Davidson, one of the financial institutions issuing reports, increased their target price on MTRX from $11.00 to $15.00, maintaining a "buy" rating. This update was provided in a research report dated September 13th. In a similar vein, TheStreet upgraded its rating for MTRX from "d+" to "c-" in a note published on September 6th.

Performance Indicators of MTRX

The trading for MTRX commenced at $11.55 on the noted Friday. Observing the stock's movement over time, the 50-day moving average stands at $10.86, while the 200-day moving average is registered at $7.77. Matrix Service boasts a 52-week low of $4.58 and a high of $12.98. Financial metrics reveal a debt-to-equity ratio of 0.06, a quick ratio of 1.36, and a current ratio of 1.43. The market cap is estimated at $314.28 million, with the stock's price-to-earnings ratio at -6.35, a PEG ratio of 2.29, and a beta of 1.33.

MTRX last disclosed its quarterly earnings results on September 11th, reporting earnings per share of ($0.11), which surpassed the consensus estimate of ($0.29) by $0.18. The negative net margin stood at 6.25% with a return on equity also in the negative at 17.48%. The company's quarterly revenue amounted to $205.85 million. Analysts project that Matrix Service will post earnings of $0.28 per share for the current fiscal year.

Institutional and Insider Activity

JPMorgan Chase & Co. JPM, increased their stake in MTRX by 3.2% during the first quarter, now owning 586,959 shares valued at roughly $4,824,000 after purchasing an extra 18,170 shares. Similarly, Bank of New York Mellon Corp BK, raised its holding by 3.8%, now controlling 2,387,827 shares valued at approximately $19,627,000. Acadian Asset Management LLC and MetLife Investment Management LLC initiated new positions in MTRX during the same period. Notably, BlackRock Inc. BLK, augmented its MTRX shareholdings by 15.9%, now possessing 2,423,133 shares. Collectively, institutional investors and hedge funds own 76.75% of the company's stock.

In the context of insider transactions, CEO John R. Hewitt sold 7,500 shares at an average price of $12.00. Post-transaction, the CEO retains 487,891 shares in the company, collectively valued at $5,854,692. This sale is documented in the Securities & Exchange Commission filings.

About Matrix Service

Headquartered in Tulsa, Oklahoma, MTRX, also recognized as Matrix Service Company, is a provider of engineering, manufacturing, infrastructure, construction, and maintenance services. The firm chiefly caters to the oil, gas, energy, petrochemical, industrial, agricultural, mining, and mineral sectors across the United States, Canada, South Korea, Australia, and other international locales.

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