Matrix Service Company (NASDAQ:MTRX) Lowered to “Sell” at BidaskClub

BidaskClub lowered shares of Matrix Service Company (NASDAQ:MTRX) from a hold rating to a sell rating in a research note issued to investors on Saturday morning.

MTRX has been the subject of a number of other reports. Stephens restated a hold rating on shares of Matrix Service in a report on Monday, May 15th. Zacks Investment Research downgraded Matrix Service from a hold rating to a strong sell rating in a report on Wednesday, May 17th. ValuEngine downgraded Matrix Service from a buy rating to a hold rating in a report on Friday, June 2nd. Finally, TheStreet downgraded Matrix Service from a c- rating to a d+ rating in a report on Wednesday, May 24th. Two analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company’s stock. The stock currently has an average rating of Hold and a consensus target price of $20.00.

Matrix Service (NASDAQ MTRX) opened at 10.00 on Friday. The company has a market capitalization of $266.00 million, a price-to-earnings ratio of 26.95 and a beta of 0.75. Matrix Service has a 12-month low of $7.80 and a 12-month high of $23.45. The firm’s 50-day moving average price is $9.73 and its 200 day moving average price is $12.95.

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A number of hedge funds have recently modified their holdings of MTRX. KAMES CAPITAL plc increased its stake in shares of Matrix Service by 57.9% in the first quarter. KAMES CAPITAL plc now owns 49,964 shares of the oil and gas company’s stock worth $822,000 after buying an additional 18,315 shares during the last quarter. Palouse Capital Management Inc. acquired a new stake in shares of Matrix Service during the first quarter worth $183,000. Foundry Partners LLC increased its stake in shares of Matrix Service by 41.0% in the first quarter. Foundry Partners LLC now owns 16,665 shares of the oil and gas company’s stock worth $275,000 after buying an additional 4,845 shares during the last quarter. Arizona State Retirement System increased its stake in shares of Matrix Service by 1.5% in the first quarter. Arizona State Retirement System now owns 13,848 shares of the oil and gas company’s stock worth $228,000 after buying an additional 200 shares during the last quarter. Finally, Norges Bank acquired a new stake in shares of Matrix Service during the fourth quarter worth $11,799,000. Hedge funds and other institutional investors own 84.95% of the company’s stock.

About Matrix Service

Matrix Service Company provides engineering, fabrication, infrastructure, construction and maintenance services primarily to the oil, gas, power, petrochemical, industrial, mining and minerals markets. The Company’s segments include Electrical Infrastructure, Oil Gas & Chemical, Storage Solutions and Industrial.

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