Analysts Expect Matrix Service Co (NASDAQ:MTRX) Will Post Quarterly Sales of $384.05 Million

Wall Street analysts expect Matrix Service Co (NASDAQ:MTRX) to report sales of $384.05 million for the current quarter, Zacks reports. Two analysts have made estimates for Matrix Service’s earnings. The lowest sales estimate is $383.10 million and the highest is $385.00 million. Matrix Service posted sales of $293.09 million in the same quarter last year, which would indicate a positive year over year growth rate of 31%. The firm is expected to issue its next quarterly earnings results on Monday, September 9th.

According to Zacks, analysts expect that Matrix Service will report full-year sales of $1.40 billion for the current fiscal year. For the next year, analysts expect that the business will report sales of $1.50 billion, with estimates ranging from $1.46 billion to $1.53 billion. Zacks’ sales averages are an average based on a survey of sell-side research analysts that cover Matrix Service.

Several equities research analysts have issued reports on the stock. DA Davidson upgraded shares of Matrix Service from a “neutral” rating to a “buy” rating and set a $25.00 price objective for the company in a research note on Wednesday, August 7th. BidaskClub upgraded shares of Matrix Service from a “sell” rating to a “hold” rating in a research note on Wednesday. ValuEngine downgraded shares of Matrix Service from a “hold” rating to a “sell” rating in a research note on Thursday, August 1st. Finally, Zacks Investment Research downgraded shares of Matrix Service from a “hold” rating to a “sell” rating in a research note on Saturday, July 27th.

Several hedge funds have recently made changes to their positions in MTRX. Bank of New York Mellon Corp grew its stake in shares of Matrix Service by 1.0% in the 4th quarter. Bank of New York Mellon Corp now owns 366,972 shares of the oil and gas company’s stock worth $6,583,000 after buying an additional 3,609 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Matrix Service by 9.5% in the 4th quarter. Geode Capital Management LLC now owns 397,054 shares of the oil and gas company’s stock worth $7,123,000 after buying an additional 34,544 shares during the last quarter. Principal Financial Group Inc. grew its stake in shares of Matrix Service by 5.3% in the 4th quarter. Principal Financial Group Inc. now owns 230,151 shares of the oil and gas company’s stock worth $4,129,000 after buying an additional 11,496 shares during the last quarter. Bank of America Corp DE grew its stake in shares of Matrix Service by 109.5% in the 4th quarter. Bank of America Corp DE now owns 45,387 shares of the oil and gas company’s stock worth $814,000 after buying an additional 23,724 shares during the last quarter. Finally, Metropolitan Life Insurance Co. NY grew its stake in shares of Matrix Service by 413.8% in the 4th quarter. Metropolitan Life Insurance Co. NY now owns 10,086 shares of the oil and gas company’s stock worth $181,000 after buying an additional 8,123 shares during the last quarter. Institutional investors and hedge funds own 93.69% of the company’s stock.

MTRX traded down $0.58 during trading on Wednesday, hitting $18.23. 110,812 shares of the company’s stock were exchanged, compared to its average volume of 135,047. The company has a current ratio of 1.43, a quick ratio of 1.40 and a debt-to-equity ratio of 0.01. Matrix Service has a 1 year low of $15.43 and a 1 year high of $25.75. The stock’s 50 day moving average is $19.02. The stock has a market capitalization of $488.69 million, a price-to-earnings ratio of 121.53 and a beta of 1.05.

Matrix Service Company Profile

Matrix Service Company provides engineering, fabrication, infrastructure, construction, and maintenance services primarily to the oil, gas, power, petrochemical, industrial, agricultural, and mining and minerals markets in the United States, Canada, and internationally. The company's Electrical Infrastructure segment offers construction and maintenance services to various power generation facilities, such as combined cycle plants and natural gas fired power stations; and high voltage services comprising the construction of new substations, upgrading existing substations, short-run transmission line installations, distribution upgrades and maintenance, and emergency and storm restoration services to investor owned utilities.

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Earnings History and Estimates for Matrix Service (NASDAQ:MTRX)

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