Matrix Service (NASDAQ:MTRX) Stock Price Passes Above 200 Day Moving Average – Here’s Why

Matrix Service Company (NASDAQ:MTRX)’s stock price crossed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $13.32 and traded as high as $14.32. Matrix Service shares last traded at $13.95, with a volume of 142,302 shares.

Analysts Set New Price Targets

A number of analysts recently weighed in on the company. DA Davidson reaffirmed a “buy” rating and set a $17.00 target price on shares of Matrix Service in a research report on Tuesday, November 11th. Weiss Ratings reissued a “sell (d-)” rating on shares of Matrix Service in a research note on Thursday. One equities research analyst has rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $17.00.

Matrix Service Stock Down 0.8%

The stock has a market capitalization of $392.27 million, a price-to-earnings ratio of -16.41, a price-to-earnings-growth ratio of 2.40 and a beta of 0.93. The company has a 50 day simple moving average of $12.22 and a 200-day simple moving average of $13.32.

Matrix Service (NASDAQ:MTRX) last announced its quarterly earnings data on Wednesday, November 5th. The company reported ($0.01) EPS for the quarter, topping the consensus estimate of ($0.03) by $0.02. Matrix Service had a negative net margin of 2.93% and a negative return on equity of 11.68%. The company had revenue of $211.88 million during the quarter, compared to the consensus estimate of $206.66 million. As a group, sell-side analysts anticipate that Matrix Service Company will post -0.26 earnings per share for the current fiscal year.

Insider Buying and Selling at Matrix Service

In other news, insider Shawn P. Payne sold 8,250 shares of the company’s stock in a transaction dated Tuesday, November 11th. The shares were sold at an average price of $12.58, for a total transaction of $103,785.00. Following the transaction, the insider owned 110,429 shares in the company, valued at approximately $1,389,196.82. This represents a 6.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold a total of 16,500 shares of company stock worth $198,000 in the last quarter. 4.40% of the stock is currently owned by corporate insiders.

Institutional Trading of Matrix Service

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in Matrix Service by 4.2% in the third quarter. Vanguard Group Inc. now owns 1,522,943 shares of the company’s stock worth $19,920,000 after acquiring an additional 60,955 shares in the last quarter. Westerly Capital Management LLC increased its holdings in shares of Matrix Service by 34.1% during the third quarter. Westerly Capital Management LLC now owns 1,100,000 shares of the company’s stock valued at $14,388,000 after acquiring an additional 280,000 shares in the last quarter. Boston Partners raised its position in shares of Matrix Service by 71.5% during the second quarter. Boston Partners now owns 844,966 shares of the company’s stock worth $11,417,000 after purchasing an additional 352,194 shares during the period. Azarias Capital Management L.P. lifted its holdings in shares of Matrix Service by 15.1% in the 4th quarter. Azarias Capital Management L.P. now owns 730,767 shares of the company’s stock worth $8,550,000 after purchasing an additional 95,924 shares in the last quarter. Finally, American Century Companies Inc. grew its position in Matrix Service by 24.1% in the 2nd quarter. American Century Companies Inc. now owns 671,398 shares of the company’s stock valued at $9,071,000 after purchasing an additional 130,489 shares during the period. 78.38% of the stock is owned by institutional investors.

Matrix Service Company Profile

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.