Matrix Service (NASDAQ:MTRX) Posts Earnings Results, Misses Estimates By $0.01 EPS

Key Points

• Matrix Service reported quarterly EPS of $0.16, falling $0.01 short of analysts’ $0.17 consensus estimate. The company posted a negative 3.60% return on equity and a negative 1.77% net margin.
• The stock rose $0.16 to $10.86 in midday trading, but remained below its 50-day and 200-day moving averages of roughly $12.06 and $12.10. Matrix Service has a market capitalization of approximately $305.5 million.
• Institutional investors own 78.38% of the company, with several hedge funds increasing their positions. Analysts’ consensus rating is “Moderate Buy”, with an average price target of $20.50, despite one analyst maintaining a “Sell” rating.

Matrix Service (NASDAQ:MTRX - Get Free Report) posted its earnings results on Wednesday. The company reported $0.16 earnings per share for the quarter, missing analysts' consensus estimates of $0.17 by ($0.01), Zacks reports. Matrix Service had a negative return on equity of 3.60% and a negative net margin of 1.77%.

Matrix Service Price Performance

Matrix Service stock traded up $0.16 during midday trading on Wednesday, hitting $10.86. The company's stock had a trading volume of 444,406 shares, compared to its average volume of 259,111. Matrix Service has a 1-year low of $9.88 and a 1-year high of $15.97. The company has a 50-day moving average price of $12.06 and a two-hundred day moving average price of $12.10. The company has a market cap of $305.49 million, a price-to-earnings ratio of -20.49, a PEG ratio of 0.86 and a beta of 0.98.

Hedge Funds Weigh In On Matrix Service

A number of hedge funds have recently added to or reduced their stakes in the stock. Westerly Capital Management LLC raised its holdings in Matrix Service by 34.1% in the 3rd 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. AQR Capital Management LLC increased its position in shares of Matrix Service by 601.5% in 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 period. Millennium Management LLC raised its stake in Matrix Service by 46.5% in the third quarter. Millennium Management LLC now owns 630,396 shares of the company's stock valued at $8,246,000 after purchasing an additional 200,189 shares in the last quarter. JPMorgan Chase & Co. raised its stake in Matrix Service by 288.4% in the second quarter. JPMorgan Chase & Co. now owns 212,921 shares of the company's stock valued at $2,877,000 after purchasing an additional 158,104 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its position in Matrix Service by 653.7% during the third quarter. Arrowstreet Capital Limited Partnership now owns 177,321 shares of the company's stock worth $2,319,000 after purchasing an additional 153,795 shares during the period. Institutional investors own 78.38% of the company's stock.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Matrix Service in a research report on Friday, July 17th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $20.50.

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.

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