Matthews International (NASDAQ:MATW) Reaches New 52-Week Low – Here’s Why

Matthews International Corporation (NASDAQ:MATW – Get Free Report)’s share price reached a new 52-week low during trading on Monday. The stock traded as low as $18.49 and last traded at $18.5460, with a volume of 26,993 shares changing hands. The stock had previously closed at $18.61.

Analyst Ratings Changes

MATW has been the subject of a number of research reports. Zacks Research upgraded Matthews International from a “strong sell” rating to a “hold” rating in a research report on Tuesday, October 6th. Truist Financial assumed coverage on Matthews International in a report on Friday, August 21st. They set a “hold” rating and a $24.00 price objective on the stock. Wall Street Zen cut Matthews International from a “hold” rating to a “sell” rating in a research report on Saturday, August 8th. Finally, Weiss Ratings lowered Matthews International from a “sell (d+)” rating to a “sell (d)” rating in a research note on Monday, August 17th. Two analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Reduce” and a consensus price target of $24.00.

Get Our Latest Stock Report on Matthews International

Matthews International Stock Up 0.9%

The company has a debt-to-equity ratio of 1.15, a quick ratio of 1.02 and a current ratio of 1.76. The firm’s 50-day moving average is $20.91 and its two-hundred day moving average is $24.78. The stock has a market cap of $586.75 million, a P/E ratio of 25.19 and a beta of 1.05.

Matthews International (NASDAQ:MATW – Get Free Report) last posted its quarterly earnings data on Friday, August 7th. The company reported $0.06 earnings per share (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 analyst estimates of $264.54 million. Matthews International had a positive return on equity of 4.51% and a negative net margin of 2.65%. On average, equities research analysts anticipate that Matthews International Corporation will post 0.53 earnings per share for the current year.

Matthews International Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, August 24th. Stockholders of record on Monday, August 10th were paid a dividend of $0.2550 per share. This represents a $1.02 annualized dividend and a dividend yield of 5.4%. The ex-dividend date of this dividend was Monday, August 10th. Matthews International’s dividend payout ratio is -109.68%.

Insider Activity

In related news, Director J Nauman bought 2,000 shares of the firm’s stock in a transaction dated Monday, August 10th. The stock was bought at an average cost of $22.97 per share, for a total transaction of $45,940.00. Following the transaction, the director owned 7,081 shares of the company’s stock, valued at $162,650.57. This represents a 39.36% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Aleta W. Richards bought 3,000 shares of Matthews International stock in a transaction on Friday, August 14th. The shares were acquired at an average price of $23.06 per share, for a total transaction of $69,180.00. Following the completion of the acquisition, the director owned 12,535 shares of the company’s stock, valued at approximately $289,057.10. This represents a 31.46% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders purchased 8,900 shares of company stock worth $197,914. 4.70% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in MATW. Illinois Municipal Retirement Fund grew its position in Matthews International by 5.2% during the 1st quarter. Illinois Municipal Retirement Fund now owns 15,969 shares of the company’s stock worth $412,000 after acquiring an additional 786 shares during the last quarter. Janney Montgomery Scott LLC raised its position in Matthews International by 9.9% in the first quarter. Janney Montgomery Scott LLC now owns 10,801 shares of the company’s stock valued at $279,000 after purchasing an additional 971 shares during the last quarter. Versant Capital Management Inc raised its position in Matthews International by 232.6% in the third quarter. Versant Capital Management Inc now owns 1,756 shares of the company’s stock valued at $34,000 after purchasing an additional 1,228 shares during the last quarter. Swiss National Bank boosted its stake in shares of Matthews International by 2.3% during the first quarter. Swiss National Bank now owns 58,396 shares of the company’s stock valued at $1,508,000 after purchasing an additional 1,300 shares in the last quarter. Finally, Equitable Trust Co. boosted its stake in shares of Matthews International by 4.8% during the first quarter. Equitable Trust Co. now owns 30,435 shares of the company’s stock valued at $786,000 after purchasing an additional 1,390 shares in the last quarter. Institutional investors own 83.08% of the company’s stock.

Matthews International Company Profile

(Get Free Report)

Matthews International Corporation (NASDAQ: MATW) is a global manufacturer and provider of products, technologies and services for the memorialization, industrial technology and brand experience markets. Founded in 1850 and headquartered in Pittsburgh, Pennsylvania, the company serves customers in North America, Europe, Asia and other international markets.

Through its Memorialization business, Matthews supplies burial and cremation products and services, including caskets, urns, memorials, cemetery products, architectural features and related technologies.

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