Matthews International Corporation (NASDAQ:MATW – Get Free Report)’s stock price hit a new 52-week low during mid-day trading on Monday . The stock traded as low as $20.69 and last traded at $20.6910, with a volume of 27264 shares. The stock had previously closed at $20.93.
Analyst Ratings Changes
MATW has been the topic of a number of recent research reports. Zacks Research lowered Matthews International from a “hold” rating to a “strong sell” rating in a research report on Monday, August 10th. Truist Financial began coverage on shares of Matthews International in a report on Friday, August 21st. They set a “hold” rating and a $24.00 target price for the company. Weiss Ratings cut Matthews International from a “sell (d+)” rating to a “sell (d)” rating in a report on Monday, August 17th. Finally, Wall Street Zen cut shares of Matthews International from a “hold” rating to a “sell” rating in a research report on Saturday, August 8th. One analyst has rated the stock with a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, Matthews International has a consensus rating of “Sell” and a consensus price target of $24.00.
View Our Latest Stock Analysis on MATW
Matthews International Price Performance
Matthews International (NASDAQ:MATW – Get Free Report) last released its quarterly earnings results on Friday, August 7th. The company reported $0.06 EPS for the quarter, missing the consensus estimate of $0.41 by ($0.35). The firm had revenue of $246.02 million for the quarter, compared to analysts’ expectations of $264.54 million. Matthews International had a negative net margin of 2.65% and a positive return on equity of 4.51%. As a group, equities analysts anticipate that Matthews International Corporation will post 0.53 EPS for the current year.
Matthews International Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Monday, August 24th. Shareholders of record on Monday, August 10th were given a dividend of $0.255 per share. The ex-dividend date was Monday, August 10th. This represents a $1.02 dividend on an annualized basis and a dividend yield of 4.9%. Matthews International’s dividend payout ratio (DPR) is currently -109.68%.
Insider Activity at Matthews International
In other news, Director Aleta W. Richards purchased 3,000 shares of the firm’s stock in a transaction on Friday, August 14th. The shares were bought at an average cost of $23.06 per share, for a total transaction of $69,180.00. Following the completion of the purchase, the director directly owned 12,535 shares of the company’s stock, valued at approximately $289,057.10. This trade represents a 31.46% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director J Michael Nauman purchased 1,900 shares of the stock in a transaction dated Thursday, August 20th. The shares were purchased at an average price of $21.96 per share, with a total value of $41,724.00. Following the completion of the transaction, the director owned 9,081 shares of the company’s stock, valued at approximately $199,418.76. This trade represents a 26.46% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders purchased a total of 7,900 shares of company stock valued at $177,924 in the last quarter. 4.70% of the stock is owned by insiders.
Institutional Investors Weigh In On Matthews International
Institutional investors and hedge funds have recently modified their holdings of the company. Ameriprise Financial Inc. boosted its holdings in Matthews International by 9.0% during the 2nd quarter. Ameriprise Financial Inc. now owns 1,664,426 shares of the company’s stock valued at $39,796,000 after acquiring an additional 137,015 shares during the period. Dimensional Fund Advisors LP increased its stake in Matthews International by 5.5% during the first quarter. Dimensional Fund Advisors LP now owns 1,614,201 shares of the company’s stock worth $41,677,000 after purchasing an additional 83,860 shares during the period. Gamco Investors INC. ET AL increased its stake in Matthews International by 9.7% during the fourth quarter. Gamco Investors INC. ET AL now owns 1,554,105 shares of the company’s stock worth $40,593,000 after purchasing an additional 136,794 shares during the period. Allspring Global Investments Holdings LLC lifted its position in shares of Matthews International by 2.4% during the first quarter. Allspring Global Investments Holdings LLC now owns 1,100,957 shares of the company’s stock worth $27,832,000 after purchasing an additional 25,478 shares in the last quarter. Finally, Private Capital Management LLC boosted its position in Matthews International by 201.1% in the 4th quarter. Private Capital Management LLC now owns 1,018,587 shares of the company’s stock valued at $26,605,000 after buying an additional 680,256 shares during the period. Hedge funds and other institutional investors own 83.08% of the company’s stock.
Matthews International Company Profile
Matthews International Corporation (NASDAQ:MATW) is a diversified industrial company headquartered in Pittsburgh, Pennsylvania. The company operates through two primary business segments—Brand Solutions and Memorialization—offering a broad range of products and services designed to meet the needs of industrial manufacturers, brand marketers and the funeral industry worldwide.
In its Brand Solutions segment, Matthews International provides engraving and digital printing systems, automated finishing equipment, thermal management products and electronics assembly solutions.
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