35,400 Matthews International Corporation $MATW Shares Sold by Skylands Capital LLC

Skylands Capital LLC trimmed its stake in shares of Matthews International Corporation (NASDAQ:MATW) by 84.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 6,600 shares of the company’s stock after selling 35,400 shares during the period. Skylands Capital LLC’s holdings in Matthews International were worth $127,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the stock. SummerHaven Investment Management LLC acquired a new stake in shares of Matthews International in the third quarter valued at approximately $617,000. Versant Capital Management Inc raised its position in Matthews International by 232.6% in the 3rd quarter. Versant Capital Management Inc now owns 1,756 shares of the company’s stock worth $34,000 after purchasing an additional 1,228 shares during the last quarter. Tidal Investments LLC acquired a new position in Matthews International during the 2nd quarter worth $786,000. Squarepoint Ops LLC acquired a new position in Matthews International during the 2nd quarter worth $616,000. Finally, Public Employees Retirement System of Ohio bought a new position in Matthews International in the 2nd quarter valued at $38,000. 83.08% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have commented on MATW shares. 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 research report on Friday, August 21st. They set a “hold” rating and a $24.00 price target on the stock. 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 lowered Matthews International from a “hold” rating to a “sell” rating in a research report on Saturday, August 8th. Two analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Matthews International has an average rating of “Reduce” and a consensus target price of $24.00.

Matthews International Stock Up 0.5%

Shares of MATW stock opened at $19.23 on Friday. Matthews International Corporation has a 12-month low of $18.42 and a 12-month high of $30.93. The company has a quick ratio of 1.02, a current ratio of 1.76 and a debt-to-equity ratio of 1.15. The firm has a fifty day moving average of $20.15 and a 200-day moving average of $24.47. The company has a market capitalization of $600.17 million, a price-to-earnings ratio of 25.86 and a beta of 1.05.

Matthews International (NASDAQ:MATW) last posted its quarterly earnings data on Friday, August 7th. The company reported $0.06 EPS for the quarter, missing the consensus estimate of $0.41 by ($0.35). The company had revenue of $246.02 million during the quarter, compared to the consensus estimate 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 research analysts predict that Matthews International Corporation will post 0.53 earnings per share for the current fiscal year.

Matthews International Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, August 24th. Shareholders of record on Monday, August 10th were paid a $0.2550 dividend. The ex-dividend date of this dividend was Monday, August 10th. This represents a $1.02 annualized dividend and a dividend yield of 5.3%. Matthews International’s dividend payout ratio (DPR) is currently -109.68%.

Insider Activity

In other news, Director J Nauman purchased 1,900 shares of the company’s stock in a transaction on 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 purchase, the director directly owned 9,081 shares of the company’s stock, valued at $199,418.76. This trade represents a 26.46% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Aleta Richards purchased 3,000 shares of the business’s stock in a transaction dated Friday, August 14th. The stock was purchased 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 ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders acquired a total of 8,900 shares of company stock worth $197,914 in the last three months. Company insiders own 4.70% of the company’s stock.

About Matthews International

Matthews International Corporation is a diversified manufacturing and services company headquartered in Pittsburgh, Pennsylvania. Tracing its origins to 1850, the company provides products and solutions for the memorialization, industrial technology, and brand management markets.

Through its Memorialization business, Matthews supplies bronze and granite memorial products, mausoleums, cremation-related equipment and products, caskets, and other goods and services used by cemeteries, funeral homes, and families.